Product information management (PIM) is an end-to-end solution for merging and centralizing product information. The centralized product information can be sent across multiple distribution channels. This data is consistent, accurate and up-to-date because of the centralized solution. PIM gives a consistent and single view of all the products. This gives improved business performance and operational efficiencies to an organization.
Every online retailer must know some essential points about PIM. These aspects include:
Why is PIM important?
Many a time retailers get lost in the mire of marketers in the online space. There is also a risk of losing customers from one’s website because of the unorganized product list. The key component to successful selling of products online is managing products. PIM makes data searchable and organized to make shopping easier for the buyers. It helps in getting products to market with great accuracy and completeness. It acts as a tool to effectively manage, import or consolidate the product details. It can handle high volume and complexity of product attributes. This in turn gives the ability to handle large product catalogs.
What is a PIM platform?
PIM solutions helps businesses do multifold activities with data. It helps in collecting, storing, formatting, organizing, managing, enhancing, sharing product data. PIM centrally manages product information so that one can market and sell effectively. With increase in product assortment, grows the complexity in managing and optimizing data. PIM helps in many features that include data governance, data modeling, data security and data governance. Multichannel firms can adopt PIM to simplify the process of managing complicated data across multiple sales channels. Thus PIM helps in maximizing the profits online.
What are the PIM capabilities?
PIM can offer numerous abilities in a multi-channel selling environment.
1. Cloud Based
Cloud based PIM lets an organization access, view, manage and merchandise products from a source from anywhere and at any time. This allows one to gain control over the product information without a large cost and at one’s own pace.
PIM solution can integrate well with other systems such as e-commerce packages, ERP, CRM, accounting systems, point of sale systems etc.
3. Control Publishing
PIM lets one preview the layout and look of the products and its collection before going live. It can validate the data, export the product information for catalog printing and designate specific collections for specific channels.
4. Data normalization
PIM integrates data from various types of systems and intelligently maps sales data to view it in a normalized format.
5. Enriched product data
PIM can help to improve product marketing with creation of attractive and personalized product catalogs. One can highlight attributes, have enhanced images and have a provision for flexible pricing.
6. Create and manage product collection
One can create collection of products for shopper’s ease of shopping and convenience. This can be done by creating collections or groupings of products and normalized product information.
What are PIM benefits?
One can thus use the PIM data for future business analysis, merchandising strategies, add or remove products from product listings. With PIM, one can attract shoppers to their website and the updated product catalogs. PIM can help win over competition with a boost to the market and profit margins. It reduces the time spent on manually preparing product and marketplace listings.
Schedule a live demo to discover what Questudio’s PIM software can do for your business.