Product Information Management (PIM) is a centralized system that can manage all processes related to product information. The central repository of product data can be used to effectively distribute and integrate the most current and accurate product information across multiple channels. Omnichannel retailing uses a variety of channels in a customer’s shopping experience. These channels include online stores, brick and mortar stores, mobile app stores, mobile stores, telephone sales, etc. It can provide a collaborative solution for sales, marketing, engineering, e-commerce teams, etc. to publish data for customers and channel partners.
Some of the ways in which PIM contributes to omnichannel success are:
Catering to omnichannel assortments with a vast range of products becomes possible with PIM. An equal and more complicated number of product details can be handled easily. The product details include quantity, price, pictures, location etc. It manages the continuous flow of information all through the product information lifecycle. A PIM can handle diverse data formats from diverse sources, thus giving the user high flexibility. Retailers, in order to differentiate themselves from the competition, need to offer detailed data to their consumers. This can help in offering a seamless consumer experience.
2.Faster Time to Market
You can handle all product related data management needs and workflows with a PIM solution. Including a PIM that enables all stakeholders such as manufacturers, suppliers, distributors, and marketers etc. to collaborate. This gives an opportunity for all participants to contribute to the completeness of the product information system. This in turn leads to faster product launches and time to market cycles.
All the processes from the supply side vendors to selling side customers can be handled automatically with PIM. This is essential to meet the product information demands of customers. It also reduces the overheads and lets employees concentrate on more complex issues of the business. The PIM system can assign completion of tasks to designated contributors in the workflow automatically. Automated PIM processes help in data validation by highlighting errors and inconsistencies. Increased order accuracy and enriched customer experience can thus be achieved. This helps drive competitive success.
PIM software facilitates the implementation of strategies for retailers. It makes it easier to plan growth of product assortment. It provides a centralized repository so that the product information is consistent regardless of the channel. PIM simplifies and streamlines the onboarding process for all the stakeholders. At the same time it gives robust control over the all the product information. This enables you to sell more effectively. Thus successful omnichannel marketing can be set up with PIM.
Integration of PIM with an organization’s enterprise system delivers a single view of product information. It manages the product information in different contexts and applications. Retailers can thus syndicate and maintain the product information across all channels quickly. It can help to distribute catalogs to different locations in appropriate languages quickly. All this is possible with aligned production and business processes.