The year 2021 is geared up to be a boost for many businesses going online. With the Covid pandemic affecting brick-and-mortar stores, companies have realized the tremendous power of the digital world. Apart from websites, social media like Facebook, Instagram, Twitter, etc all help to promote a business and its products. So, it is a wise decision to make the most of this digital platform (PIM Software).
Taking a business online may seem like an arduous task, but with the help of premium software, it becomes an easy one. Questudio is one such premier software and services company that builds tools to help businesses thrive in the digital world.
Questudio has MarketStudio, which is a web-based software-as-a-service offering for small and medium enterprises. It includes Product Information Management (PIM), a versatile tool in building a dynamic website. MarketStudio is available on both a subscription basis as well as on-premise for product manufacturers, distributors, and representatives worldwide.
PIM Solutions / PIM Software
The PIM tool has a Central Repository that plays a vital part in the successful implementation of the software. This central repository holds every minute detail of every product the company deals in. PIM data that is stored centrally makes it easy to publish across multiple channels with a click of a button.
The data stored in the central repository can be rich content like high-quality images, videos, PDFs, etc along with product literature and other information. These attributes can be managed by employees with ease from any point. As the information is retained in a central location, the updates to it are instantly reflected everywhere. This ensures consistent data that is crucial to the success of the business. Customers/employees can browse, manage, and publish the information to print, web, and dealer portals from anywhere/anytime.
Benefits for B2B business
MarketStudio also uses a premier Catalog Management software that is a boon for B2B companies. In the case of B2B, we see a huge volume of products and product categories. The information related to these products must be sent across to dealers and other businesses in an attractive manner. Using multiple channels like social media, print, PDF, etc a company can showcase its products dynamically.
Using the Catalog automation software, hundreds of catalogs can be generated quickly. Custom catalogs and flyers are also possible which makes it easy to deliver specific content to various business partners.
There is also a considerable reduction in the publishing time. This enables businesses to be competitive especially during peak seasons.
Benefits for B2C business – PIM Software
In the case of B2C business, the customer is treated as the king. So, providing every information available at the click of a button is crucial to increasing a customer base.
The PIM application, with its central repository, helps achieve this goal with ease. Information that is sent to the websites from the central repository is always current and consistent. This means that a customer from any part of the world sees the latest data regarding a product. The rich content helps customers make the right choice too. Websites created through MarketStudio are dynamic with in-built payment gateways that are secure. It is easy to up-sell and cross-sell products using the software.
Social media plays a huge part in the success of a B2C company. Using social media platforms effectively means gaining loyal customers. Making the most of catalog creation software, dynamic catalogs can be sent across multiple channels. Customers pass on information through word-of-mouth and this increases the customer base.
Impact on Sales and ROI – PIM Software
Increase in sales
In terms of B2B, when dealers and other businesses receive attractive catalogs with detailed information much before the competition does, it helps to seal the deal and increases sales.
For B2C, the benefit of PIM comes from online sales. Customers search for products across platforms. Multi-channel marketing with the help of MarketStudio shows an increase in online conversion and sales.
Maintenance cost reduction
The central repository of the PIM application lowers the maintenance cost of a business. Product information is managed from a central location, so any editing or deleting is quick and easy. This ensures that time spent on updating is minimum, thereby reducing the maintenance cost.
Product returns are reduced
In terms of B2C, a major problem seen by businesses is product returns due to inaccurate data. So, it is necessary to provide consistent and up-to-date information across all channels. Users of MarketStudio have seen a dramatic reduction in their product returns.
Reduces Catalogue costs
Creating custom catalogs for businesses or customers is a costly affair. MarketStudio’s catalog automation software on the other hand creates dynamic web catalogs that reduce the cost of printing. They also give customers the option to view product images with a zooming effect. This has helped greatly with an increase in sales.