In today’s business world, doing innovative and creative aspects becomes inevitable for business owners to sustain in the competition. In that innovative series, implementing the PIM system is the latest trend among business owners and also it is mandatory to survive in today’s heavy competitive business market.
In general, a PIM system will be handy for these persons
- Retailers & Brands
- Ecommerce Managers
- Data Governance Teams
This article will elaborate on things that you need to know about a PIM system and illustrates why a PIM system is so effective for business retailers.
What is a PIM?
PIM is formerly known as product information management. It is important in this growing technological world. The growth of the business is applied in digital platforms with the help of PIM software. With the digitalization of e-commerce business, product information is playing a vital role.
PIM system acts as a centralized location for storing and managing product information and business data. Moreover, the features of the PIM system allow business owners to enrich the stored data for creating a very attractive business catalog and also to make use of the enriched content for carrying out effective marketing.
Here are the types of data that can be stored in a PIM System
- Technical data like specification, measures, and so
- Usage data like product description, product tutorials, and so
- Emotional Data like product stories, product descriptions, and so
- Media Files like product images, videos, PDFs, and so
With the help of a PIM system, business owners are able to send data in desired formats through multiple channels. Due to this, they can easily create a compelling product experience through which customer experience will improve.
Do you want to learn about the product information in detail, don’t miss to visit What is PIM? – An Ultimate Guide for Product Information Management.
There are certain benefits of product information management.
Benefits of Using a PIM System
PIM system used to manage products for the company with more than 1000 volumes. It is a type of software that contains the product description and supports a myriad of applications. The PIM software is utilized only under certain conditions where the product volume is high; the volume of customer information is high, multiple marketing channels, multiple suppliers, multiple sources for data, and high volume return. The benefits of PIM are as follows.
1. Money and time is saved
In business saving time is one of the best and valid adoption with the help of a product information system. One-time software can manage the product data and keep it in a safe place. To save data in a single software time and money both are being utilized in a positive way. Hence the complicated product does not require any extra staff members and it is cheaper to settle down with the help of PIM software.
2. Customer satisfaction
The experience of customers in business is essential for the growth of the business. Business success is correlated with customer satisfaction. No matter whether you run a B2B Business Company or a B2C Business Company, the important aspect is to provide information to the customer in a correct way. The correct information will give customer satisfaction and this is possible with the help of the PIM system. The easily accessible device will keep staff away.
3. Increases speed
With the help of PIM software, the speed will increase automatically. How does PIM provide speed?
For example, if your company invented some new product and wants to get it on the market, the PIM system will increase the speed to the market value. You can sell the product in the market without loss and the intervention of your competitors. The time frame will be reduced with the help of this software. Quick and easy service without any hectic schedule, the product will be launched.
Consistency in business is one of the best and crucial parts. The business reputation depends upon consistency. You should always consistently satisfy customer service with a management style. With the help of the PIM system, you can control this consistency. The high-quality product data will be in the standardized form before the presentation. The complicated product will provide the right information at a right time without delay. Without losing money the system can consistently flourish the business.
5. Business growth
The growth of a business requires brand names, product descriptions, and strategy. For example, you decided to launch a new product which is already on the market. For this, you have to get all the marketing services available. With the help of PIM software, this will be consistent and quick. As the opportunity grows the time and the data input along with quality control should be focused on. This way one can get customer retention and best product development. Without any distraction, the business will grow on and on with the PIM system.
6. Improvement of integration
Nowadays software has become a mandatory part of running a business. Therefore efficient integration is an important aspect. For new software, integration is required. This will integrate the current software and data easily. PIM software is designed in such a simple way to make the work easy. It is easier to integrate in terms of business enterprises.
7. A search of product information
Every business required an easy-access tool for the search of product information. No matter whether you are trained or from the sales team, hesitation is common. The description of the product with the help of the PIM system is made easy. Easy to use and handle with searchable options available. Avoid hesitation and get the benefit from product information management. Grab this opportunity for the betterment of the company.
8. Data quality increases
High-quality data in a standardized and clean way is provided and PIM software. By user-friendly interface under efficient use of data which can keep a record of all the products. The PIM system increases the accessibility of data quality. There are certain applications available other than PIM software. The best and genuine software which provides the same data quality without error is the PIM system.
The management of data in a fragmented way lacks the transparency process. The PIM system will give diverse workflow tools to create your own and increase transparency. It also provides a powerful searching tool that is relevant for information, product description, and periodic reports.
Currently, PIM is the best software for storing and maintaining product descriptions/data effectively. PIM is a master system that contains various information regarding products or business data; it simply provides huge advantages to business owners. No other software can replace the PIM system. It is all possible due to the advanced technological world.
To explore more benefits of product information management platforms, read What Are the Benefits of Product Information Management (PIM) Systems?
Why Do Retailers Need PIM Solution?
A good PIM system will deal with a large amount of product information & business data that includes hundreds and thousands of product images, product attributes, product catalogs, and so. Now imagine, what retailers or marketers can do, if all that stored data/information is managed and edited easily? In addition, all those data/information can be easily transferred between channels quickly and also in the desired formats.
Now, take a look over the features of a PIM system that becomes so handy for retailers to run a business successfully and smoothly.
1. Centralized Data Storage
Unlike any other data management software that offers dozens of heterogeneous sources for collecting and storing product data and business data, the PIM system offers the power of handling all data in a centralized location and acts as product information central.
With centralized data storage business owners can easily control and manage data. By doing so, they have enough knowledge on what data is being sent to the channels in what formats. As a result business owners can improve their productivity.
2. Enter in Ecommerce
As the new-age businesses turn digital and start making significant profits. Numerous retailers are still struggling to take their business in eCommerce. A good PIM system will show the retailers the path to eCommerce. Once, the retailers and retail sectors start taking digital transformation, it will be good for business.
A PIM system helps retailers to understand the market trends and keeps up the brand consistency along with the effective management and curation of product information. In addition, PIM features allow retailers to do multi-channel publishing and blogging for attractive potential consumers.
3. PIM Upgrades Retailer’s Customer Service Model
PIM system allows retailers to streamline the product data in multiple channels. In addition, retailers can provide personalized content to the customers based on the gathered data. By using personalized and streamlined data retailers are able to connect the eCommerce platform with potential customers and gain a positive customer experience.
4. Multi-Language Become Easy with PIM
With the help of a PIM system retailers can easily attract more potential overseas customers. Unlike the past, where retailers lack in providing product data in the desired language of the customer’s native, now they can deliver modified data by translating content suitable for overseas customers.
This feature of providing/streamlining content through multi-channels in desired formats will allow retailers to create global sales strategies and increase their business sales.
5. PIM Helps To Create a Data-Driven Model
A PIM system allows retailers to get detailed analyses of their business data. With such a deep analysis report, retailers are able to take important business data easily and quickly. More importantly, the PIM system allows retailers to manage their entire business data in a single location.
With such easy data management, retailers can easily track their business operations by taking vital decisions regarding business sales, business expenses, and so on.
How to choose the right PIM for Retail Business?
With the help of the right PIM software, any retailer can embrace digital transformation and do enjoy streamlined and simplified data management. However, picking the right PIM tool is mandatory to achieve business goals without any hassles.
To pick the right software for your retail business, you need to be aware of your business needs. And also you need to be careful in picking the PIM software that has minimal risks.
Here we have illustrated the ways to pick the right PIM tool
1. Define Your Scope
In this step, you need to be careful in predicting the purpose of the PIM software for your business. To be so, you need to get answers to these questions
- What is your business goal and what are you looking to achieve?
- What is your expectation with a PIM System?
- What kind of data is produced by your business?
- Type of data management solution your business is looking for
In addition to that, you need to compare PIM tools and pick the one that has minimal risks to your business.
2. Identifying PIM Software Potential
As a retailer, you need to be aware of the market situation and should pick the PIM software that has the potential to fulfill the needs of the market with all those strengths and weaknesses. Remember, A PIM system delivers satisfactory results only when it lines with the goals of your retail business.
3. Evaluating Pitches
By evaluating the pitches of a PIM software allows you to understand how PIM software will work in reality with its features. Pitch evaluation on PIM software will tell you the pros and cons of a PIM system.
4. Recommendation On choosing PIM provider
If the PIM software cost factor becomes negotiable, then the final step would be ‘Proof of Concept’ would be the deciding factor. In addition, a strong recommendation from a relevant executive body can be taken into consideration if management struggles to pick the one from multiple PIM systems.
A robust PIM solution would be ideal for retailers for easy deployment for marketing strategy along with effective data management. A good PIM system could be highly beneficial for retailers in terms of flexibility, scalability, and configuration for product information management.
The omnichannel strategy offered by the PIM solution will help retailers to grow their business towards the next level. With the PIM system retailers can drive more intended audiences around the globe.