Why Do I Need Product Information Management (PIM)?
Managing and enriching product instruction and related digital assets across multiple teams is the process of providing an engaging product experience and successfully selling the product across various sales and marketing channels. Product information management (PIM) is defined as the process of managing and enriching product information and related digital assets across multiple teams.
A product information management (PIM) solution is a master-data-driven, process-driven application that grants users to collaborate on product material. A centralised platform for collecting, maintaining, controlling, and enriching product information and content that is then sent to marketing, sales, and eCommerce channels serves as the foundation for the entire organisation.
A product information management (PIM) solution is a master-data-driven, process-driven application that allows users to collaborate on product material. A centralised platform for collecting, maintaining, controlling, and enriching product information and content that is then sent to marketing, sales, and eCommerce channels serves as the foundation for the entire organisation.
What is Product Information Management (PIM) and why do I need it?
Whether you are selling to businesses or to consumers, creating compelling product experiences is relevant to the success of your organisation. Your customers want comprehensive, relevant, and trustworthy product information across all channels and digital touchpoints so that they can make an informed purchasing decision on your products.
Product information, on the other hand, is typically insufficient, fragmented, and inconsistent across numerous apps, siloed systems, business divisions, and channels, among other things. A complete view of all product information is not available to digital marketing, merchandising, product management, and eCommerce teams.
They allocate far too much time manually managing product data or exchanging emails about product content, both internally and with external groups such as suppliers or creative agencies. They also spend far too much time on administrative tasks.
Company leaders who fail to manage and cooperate on their product knowledge miss out on opportunities, lose revenue and market share, as well as struggle to provide the engaging product experiences that customers demand in order to build brand loyalty.
Product information management (PIM) assists in standardising the increasingly complex demands of product content. It helps you to effortlessly syndicate reliable, enriched, and high-quality product information to sales and marketing channels, saving you time and resources.
By implementing an powerful product information management software and maintaining a consistent, easily accessible source of product information, you can accelerate workflows and time to market, identify and assess product data quality issues quickly, capitalise on emerging market opportunities, and, ultimately, provide a positive product experience to customers.
According to the IDC PIM for Commerce MarketScape for 2020, “in the digital economy, both B2C and B2B clients are demanding more attractive, seamless, and personalised commerce experiences,” according to the report. Retailers, producers, and brands must ensure that all of their distribution channels have reliable product data in order to optimise the storey that is conveyed about their products.
It is predicted that “the importance of product information management (PIM) will only rise as organisations aim to establish better customer ties within both the formation and loyalty loops through engaging product stories,” according to International Data Corporation.
What role does a PIM strategy play in preparing an organisation for success in 2021 and the future?
After the global COVID-19 epidemic began in 2020, the already-existing shift in customer shopping behaviour toward digital marketplaces and more handy home delivery choices was accelerated even more. Due to the fact that consumers are transitioning to online purchasing at a much faster rate than in the past, this trend is extremely likely to continue in 2021 and beyond. Retailers, manufacturers, brands, and distributors who are sluggish to prepare may find themselves at a competitive disadvantage.
Because organisations must have a PIM strategy in place in order to participate in digital commerce, the adjustment to eCommerce will eventually result in a rise in the demand for PIM products and services. In order to learn more about digital commerce strategies, you may watch our Digital Commerce & Supply Chain Summit, which is now accessible to watch on demand.
A product information management (PIM) solution better positions organisations to effectively feed digital channels with reliable, rich, and relevant product data while also establishing market flexibility by balancing diminishing in-store sales and increasing market share. Taking PVH as an example, the company has approved e-commerce sales by 50% overall, with an 87 percent rise in sales on their own websites, as compared to the same period the previous year.
PIM vs. MDM: Which Is Better?
Management information and data management (MDM) is the glue that keeps an organization’s systems and information together. A single source of accuracy based on trusted, accurate, and full product data is provided by mastering product data with MDM (Product MDM). Primary objectives of Product MDM are to build linkages across data domains and to offer reliable data for internal analytical and operational business applications.
Creating product data and publishing it to sales channels such as eCommerce websites or print publishing systems is the most common application of product information management (PIM).
PIM vs. PxM: What’s the difference?
Product experience management (PxM) refers to any activity or insight that improves or contributes to a more engaging and personalised customer experience for the company’s customers. A PIM software must be combined with analytical and actionable insights, machine learning (ML), and artificial intelligence (AI) capabilities in order to achieve this goal.
Personalized Experience Marketing (PxM) is particularly crucial for helping companies sell their products more successfully across digital touchpoints. Without a PIM solution to feed the product experience, successful product experience management is crucial. Therefore, it is reasonable to state that PxM is a issue or subset of a larger PIM solution, which often includes a greater range of use cases and functions.
Product Information Management has a number of advantages.
The following are the key benefits of using PIM Tool :
- Time to market has been shortened.
- Improved customer loyalty to the brand
- The ability to sell more things in a shorter period of time, including cross-sell and upsell possibilities.
- The streamlining of important workflows and cross-functional collaborative data enrichment will result in increased operational efficiencies in the long run.
- Product data quality has been improved, and conformity with industry requirements has been achieved.
- Improved customer engagement across all channels of distribution.