Product Information Management (PIM) is a solution that grants you to conduct all of the information about your products or services in one place. It normally includes tasks such as product data collection, enrichment, integration, and distribution.
Product or service data is collected and integrated within internal systems such as ERP or Supplier Portals, with some cases still relying on excel import. The primary goal is to improve overall data quality and reliability, as well as to bring relevant and pertinent data to the customer (B2c, B2B or D2C model).
WHAT DOES IT BRING TO THE OMNICHANNEL IT ECOSYSTEM ENVIRONMENT?
The enhanced overall data quality has a direct impact on sales, operations management, and logistics. For example, a company can see that their product data is largely incomplete and inaccurate, with only a portion of the product information filled out. They would also have to manually integrate all of the information from other systems and create a new dataset for their e-commerce website. A PIM system can help with this. As a result, the data integration process became mechanized, and you no longer have to deal with incomplete data sets or combine multiple datasets to create one for your e-commerce website.
The Importance of PIM in Omnichannel E-Commerce
PIM systems are remarkably beneficial for omnichannel e-commerce because they assist businesses in eliminating costly data errors and inconsistencies that may arise with the improvement of complex multi-channel commerce scenarios.
Some of the advantages of PIM include:
Increased product knowledge
With a PIM system in place, you can assemble product information from multiple channels and integrate it with your existing systems for better data integration. You will have all of the company’s product data in one place, allowing you to provide enhanced services to your customers such as advanced search, targeted product, and product substitution to further employ them.
Increased sales opportunities
Once you’ve established that your product data is as accurate as possible, you’ll be able to make more learned market decisions. A PIM system will aid your backlog management by keeping data up to date and providing a clear overview of your products. You will be able to offer upsell and cross-sell assistance from a mix of physical and service offerings, generating additional revenue.
Improved customer service
Because you’ll have all of the product data in one place, the customer service experience will improve as well. You can use it for customer service analysis and to send out automated messages directly from the system for specific products or queries. You will erase manual processes that waste time and money, allowing you to provide higher-quality service to your customers.
A PIM system will allow you to save time. You won’t have to manually enter inventory data or create new product information for each channel, which will help you cut operational costs and improve operational speed.
What is the ROI of e-Commerce Omnichannel?
Let us begin with a well-known fact in the business community: the cost of doing business with incorrect product data is prohibitively costly. The cost of poor data – for example, being out of stock, delivering incorrect or incomplete information, or offering offers that are not differentiated enough – will result in losses greater than the investment in a PIM system.
The ROI of a PIM system is far greater than simply being able to solve data-related challenges. From an IT standpoint, it is demanding for the long-term success of your business and can be viewed as an investment in your customers as well.
Because the PIM system is designed to be used across all channels, it can also increase traffic to your website through revised organic search results and increased brand visibility. This means not only an improved customer experience, but also increased bottom-line profits.
We can all agree that data is everywhere and that it is critical to the growth and success of a business. In the IT industry, the demand for PIM is increasing rapidly. It is not only about providing a better customer experience, but also about having efficient and streamlined data processes across all channels.