A company succeeds when its customer base grows. When the company’s products fulfill and exceed the customers’ needs, there is an increase in sales. Product Information Management is therefore crucial for any business. ERP and inventory management systems are used by many businesses to manage their products but these do not help when there is a high volume of products.
Product information management (PIM) software, on the other hand, is vital for a business as it handles every aspect of every product manufactured by the company. It is an all-encompassing tool that helps managers improve business strategies as well as finished products.
With e-Commerce businesses springing up like never before, it is important to understand what is PIM and how it makes a difference to a business?
Importance of PIM Software
Most businesses now have a presence online and smart marketing of products is paramount to customer acquisition. Websites are now a much-needed tool in the business world. The need to impress potential clients and convert them is greater as competition increases.
How do we manage to achieve all this? The product information management software comes into play here. PIM software is important to a business if it falls into any one of these categories:
- If the company regularly updates its products or launches new products, the product information must be consistent across channels. E-commerce businesses rely completely on precise product information management. It is this information that is sent across the world through websites and social media. With up-to-date and consistent data, a business can turn a potential customer into a loyal one.
- If the company has multiple channels of distributors for various markets in the world. Managing all the data is easy with PIM software.
- If there are considerable increases in sales during certain seasons. PIM software is designed to be adaptable to such situations.
As the name suggests, Product Information Management (PIM) software deals with the products exclusively. With the help of in-depth information, it becomes easy to handle the life-cycle of the products. Using PIM is the right thing to do for any business that wants to grow exponentially. It is the best in end-to-end solutions and uses processes and tools to manage data consistently. PIM includes content management, catalog publisher, workflow manager, reporting, import-export tools, white-boarding as well as security. E-commerce businesses have greatly benefited from using the PIM software and have seen an increase in their customer base.
There are several PIM software available online and choosing the right one can be difficult. Questudio is a premier software and service provider that provides the best tools to e-Commerce businesses going digital. Questudio’s PIM solution, MarketStudio is a Saas based software that has helped several businesses grow to greater heights. It includes PIM, Online Product Catalogs, eCommerce websites, Catalog Automation, and InDesign print publishing.
What makes MarketStudio stand out from the rest is its central repository. This feature is not found in many of the PIM software available in the market today. The key detail here is the word ‘central’.
With companies having offices in geographically different regions, it becomes difficult to keep data consistent. Having a central repository means data is always up-to-date and normalized. All product data is routed to the central repository and it is from here that information is passed on to various channels. Information used by one section of the business is the same as that used by any other section at any given time. This consistency in the data means that employees are always using the most current information. They can update information with ease and this is instantly reflected on the company website.
When new products are added, their detailed information is stored in the system. This includes the product name, size, color, weight, dimensions, images, etc. Since websites are now crucial to the growth of a business, high-quality images of products from all angles and rich content are required. This gives the customer a better understanding of the product and helps in purchasing decisions.
MarketStudio also helps with publishing products to multiple channels. Websites, social media, notifications, pop-ups, instant messaging, emails, etc are all ways to attract new customers. With the help of MarketStudio, publishing catalogs and product launches to customers and dealers worldwide is easy. It also gives you the benefit of creating custom catalogs for products, product categories, etc at the click of a button. Online catalogs are effective in increasing the customer base and getting new subscribers.
‘If you are not taking care of your customer, your competitor will.’ – Bob Hooey.