Over the last few years, the amount of product data that eCommerce stores hold has exponentially increased. With customers demands growing more complex and personalized, organized and accessible product information becomes more and more important. In fact, overall brand impressions drop by 19% on average due to limited product information. To solve this, many companies implement a product information management system.
Product information management (PIM) is an application that acts as a central hub for all product data. It allows you to create dynamic groupings of products, add and edit product information and pricing, make bulk updates, and much more. The benefits are abundant, but how do you know when your business needs a product information management system?
Here are a few key signs that your business could benefit from a product information management system.
- You have a large number of products
With a small amount of product SKUs, keeping everything under control is fairly simple. However, as your catalog increases it becomes difficult to retain all the correct information for every product. Handling a large number of SKUs can turn to chaos very quickly. Errors are easily introduced and the amount of time and effort to maintain everything is extremely high without a comprehensive system. You know your process is inefficient and error-prone, but you don’t seem to have the time to correct it. This is a major sign you need PIM.
- You have highly personalized products
People want to know everything they can about a particular product before purchasing. Customers need to easily be able to access all information about a product and be aware of any updates and changes in real time. Many products come in customizable sizes, shapes, colors etc. as well. If your products are highly personalized and have many details, a PIM solution can help manage the abundance data.
- Your data is held in a multitude of sources
Data spread out across sources is extremely error prone and counterproductive. If your data is held in multiple databases, applications, and spreadsheets, it’s a major warning sign that your business needs a product information management system.
- Your product catalog changes frequently
While new products are exciting, updates can be extremely timely and frustrating without the proper system to make those additions. If you’re constantly introducing new products, or making frequent updates to existing products, this is an infallible sign you need a PIM system.
- You have inefficient data and business processes
If your business has no established product data process and experiences low efficiency and wasted time, PIM can be extremely beneficial. Product information management can help manage internal and external product practices.
- Your user base is globally dispersed
If you have customers across the world, you know how challenging and time consuming it can be to customize product languages and images across them all. With a large number of products it can be even harder to keep track of content needed for global customers. PIM can be extraordinarily helpful with managing global customer product information.
Implementing a PIM solution can be an efficient choice or an absolute necessity for your business. If your business resonates with many of the above signs, chances are a product information management system can be extremely beneficial for you. Not only will you see tremendous improvement in efficiency, but also your customer count and overall brand experience.