PIM is an abbreviation for product information management system, which most of you are already familiar with. Within a commerce business, it is not just an application, but it is also a facilitator of a wonderful event to connect the dots between people, processes, and technology.
We wrote an article a few years ago outlining how product information management (PIM) is the backbone of Ecommerce, which spread not only to B2C commerce but also to B2B commerce to a serious extent.
B2B online ecommerce sales have already eclipsed B2C online ecommerce sales, and while B2B business models are still in their infancy and inexperienced compared to B2C business models, this has had no influence on buyer expectations in the marketplace. Buyers expect a similar experience to that of a B2C transaction, yet B2B transactions are complex and have various nuances that vary depending on the respective business models of each organisation.
Importance of PIM for B2B Market Strategy
B2B internet sales, on the other hand, are expected to continue to expand in the future. For B2B ecommerce proceeds development, it is vital to include not only major web stores but also numerous other e-channels such as point-of-sale, EDI, dealer portals, and — of course — marketplaces when developing a go-to-market strategy and revenue growth plan.
In the existing markets, there are some well-known brands to choose from. In the beginning, Amazon was a business-to-consumer company, but it has recently grown into the business-to-business industry. Alibaba, the world’s largest B2B marketplace, has lately made its platform available to operators operating in the United States.
When growing your marketplace medium plan, it is advantageous to sell products through current markets; nevertheless, this is not a one-size-fits-all solution. A corporation may find it advantageous to consider building its own marketplace for a array of reasons.
What is the relationship between PIM and B2B?
Selling through marketplaces prove the company’s product assortments to a much larger number of buyers, and a greater number of buyers equals a greater number of orders. This exponential growth constrains the establishment of a firm foundation of correct product information as well as the expediting of the broadcast of information.
As the B2B business model becomes more complicated, companies may be asked to achieve more product bundles, combine supporting information about SKUs or items, such as spec sheets or schematics, or give extra digital assets. The capability to harness a PIM platform and design specific processes that are tailored to your company’s unique business model makes all of these possibilities a reality.
Product Information Management (PIM) enables Product Managers to design important, channel-specific product assortments, as well as govern and distribute accurate product information. In addition to helping businesses stay current, making this type of information possible to marketplaces on a regular basis speeds shoppers from browsing to checkout, and minimises the likelihood of returns in general, improving brand value and certainty with channel partners.
Do you think PIM or the marketplace comes first, or both?
The solution to the “chicken or the egg” problem is far more straightforward. The most practical approach to think about this is to imagine that you are laying an authority before you are constructing a structure. PIM is the building block. If a corporation is involved in product information management, it will spend time cleaning up, assembling and disseminating product data.
It is simply superior to do so through a platform that has been built to increase the efficiency of these business operations in the first place. Any commerce approach that relies on the ability to build a product catalogue in such a way that it can serve various channels is doomed to failure.
It is also feasible to run two parallel tracks, one for the PIM and another for the marketplace. A wealthy marketplace integration lacks clean and accurate product information as well as streamlined processes, which may demand the implementation of a new product information management system or the concentrated effort to simplify current internal product information management processes.
Companies that choose to develop their own marketplace platforms may include a catalogue management module as part of their overall product offering. It will still be useful to determine whether or not this fulfils the business objective, or whether or not contemplating a separate PIM can support numerous business units, multiple integrations, and other critical issues.
Product Information Management and Online Marketplaces: The Ideal Combination
It is possible that integrating PIM into your marketplace channel strategy will catapult your firm to new heights of success. Contact us to determine whether your company needs PIM, how it would best integrate with your marketplace strategy, or what form of marketplace integration would be most helpful for your company.
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