PIM system is vital to business growth in 2022: No one can deny that the pandemic has had a significant impact on the rate of change in the world over the past several decades. A reality has emerged as a result of the digital revolution that has occurred over the last decade or so. A pandemic will almost certainly result in a significant increase in e-commerce, and there is no indication that this fast car will slow down. Businesses must adapt to changing conditions to remain competitive.
One of the most challenging aspects of the transformation has revealed itself to be a scarcity or poor quality of product data, which makes it impossible to provide customers with a satisfactory shopping experience. The expansion of e-commerce has resulted in an increase in market participants as well as an increase in the amount of data to manage. The need for a tool that serves as a centralized source of data for the organization across all business channels is also implied as a result of the above. It turns out that enterprise resource planning (ERP) systems are a critical piece of the puzzle for businesses looking to expand in 2022.
Consequently, e-commerce has grown much more quickly than expected – and not just in the most developed markets, but also in developing and emerging markets. Additionally, a completely new group of consumers, who were previously accustomed to traditional shopping, have entered the picture. User onboarding results in the creation of new data that must be processed and aggregated.
Today, data is everything – both the data we collect about our customers and the data we provide to them through various channels. It takes a long time to analyze such a large amount of data and extract the appropriate conclusions and insights for a specific segment – collecting and editing data can be a full-time job in and of themselves. Wouldn’t it be great if you could find all of the product information in one convenient location?
We’ve got something you’ll like:
PIM is a platform that allows you to store all of your information in one convenient location. Data management and matching of product information to the appropriate channel or market are also made easier as a result of this. PIM is a system that, in our opinion, will have a significant impact on the e-commerce market in the coming years.
Many people believe that a company can function properly without the use of a product information management system. Of course, the size of your company has an impact on this decision. If you only have a few hundred products that you sell through a single channel, you can get away without using product information management (PIM). A tool like this is necessary for larger organizations.
What exactly is the big deal about PIM?
Nobody runs a business just for the sake of running a business; everyone does it to make money – I believe everyone agrees on that point. Consider the possibility that, in addition to making product data management easier and ensuring greater consumer satisfaction (a well-described product is a must for customers), product information management software also ensures a higher return on investment. Isn’t this a win-win situation for everyone involved?
On the other hand, the truth is that there are numerous sales support tools available on the market. We can imagine that deciding which tool will be the most beneficial to us can be a difficult decision.
The research firm Ventana Research found that more than half of organizations (52 percent) struggle with mismatched and non-complementary tools, and 48 percent struggle with a disparate collection of data sources. PIM provides a solution to the problem.
Having a business information management system (PIM) is critical when growing your company; it works well with an omnichannel strategy. Our reality is that we must provide an exceptional customer experience across all of our communication channels.
With a single set of product data, your entire organization will be able to operate more efficiently, and you will be able to respond to the demands of dynamic omnichannel shopping more quickly and with less effort. Doing so positions your company not only to meet current challenges but also to capitalize on long-term opportunities.
Allow us to take a moment to consider some of the weakest points (including some that are less obvious) in today’s e-commerce market before moving on.
On the market, there is a great deal of competition. Customers do not overlook flaws such as a poor product card, a poor photograph of the goods, or incomplete information when several other shops offer similar or identical products to theirs on the market.
The Foreo miscalculation on Black Friday in 2019 is an example of how human error can lead to significant financial loss. Briefly summarised, Foreo surprised customers by offering discounts of up to 96 percent on electronic facial cleansing brushes at the time of purchase. It was a simple case of human error, not a deliberate business strategy.
The law on consumer protection is unambiguous: the customer has the right to purchase the goods at the price that appears on the tag or the website of the retailer. What happens next is pretty obvious: by the time that mistake was discovered, brushes were selling out at an alarming rate, causing the company to suffer significant financial losses. The two-hour site failure resulted in a loss of more than $10 million for the company.
Manually filling in data is a time-consuming task because the product range is expanding, companies are going global, and there are more language versions. Completing product data by hand is becoming increasingly difficult as the product range grows and companies go global.
Data that is inconsistent across all distribution channels.
Issues with communication among members of the team, as well as an inefficient flow of information between departments, were identified. It is especially important to have a clear understanding of the workflow when working on collaborative data projects because each member needs to be aware of which elements still need to be supplemented or corrected and which elements are complete and ready to be implemented on the website.
The need to enter hundreds of thousands of records in a short period combined with a fast work pace
Because employees are overburdened with repetitive tasks, their productivity has suffered as a result.
To be sure, this is only a small part of the problems that e-commerce is currently dealing with. In this environment, changes in the global economy have a significant impact on the environment’s dynamic nature. We won’t be able to save the entire world, but we do have a solution for each of the issues listed above – the PIM system is capable of dealing with any of these issues.
Managing an ever-increasing amount of data and digital sources is necessary today, as is keeping up with the growing consumer demand for quality and consistency of this data at all points where the customer comes into contact with it.
The presence of a hazy photo or a different price in one digital catalog versus another in another app is now a situation that can effectively discourage purchases. A system that not only efficiently handles all product information but also allows for the processing and frequent updating of that information is required to meet all of these requirements.
Will you be able to function properly if you don’t have access to PIM?
No doubt, you’ll make it through, but you’re not going to get any better. In the long run, you may incur financial losses, expose your company to content inconsistencies across sales channels, and force your team to work long hours manually entering data.
We must also warn you that if you do not implement a PIM system, you will fall behind your competitors who have already implemented one. Of course, the final decision is completely up to you. But if you don’t want to be left behind, please let us know and we’ll arrange for you to see a demonstration. We’ll show you how a modern open-source project management system (PIM) can assist you in growing your business.