Fast-Track Retail Success – A Recap of Learnings from Webinar

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By: Sagar Sharma

Fast-Tack Retail Success – A Recap of Crucial Learnings from Our Webinar with Pimcore

The retail industry thrives on data. Every product, every customer interaction, and every transaction generate a wealth of information.

From inventory details and pricing structures to customer preferences and purchasing behaviors, the sheer volume of data can be overwhelming. Efficient data management is not merely a convenience; it is the foundation upon which great customer journeys are built.

At the heart of efficient data management is the capacity to turn raw data into actionable insights. Retailers need to seamlessly navigate through vast datasets to understand market trends, consumer behaviors, and inventory dynamics.

This is where the role of Product Information Management comes into play.

Importance of Product Information Management

PIM is the strategic solution that empowers retailers to master the intricacies of their product data. In an industry where product information sprawls across diverse categories, channels, and geographical locations, maintaining consistency, accuracy, and relevance is no small feat.

PIM serves as the central hub for product information, ensuring that data is not just stored but organized, enriched, and readily accessible. It acts as the catalyst for delivering a unified and compelling customer experience across various touchpoints, from online platforms to physical stores.

Top 15 Benefits of Product Information Management (PIM) for Your Business

Retail Challenges

Ranging from managing diverse product portfolios to navigating global marketplaces, there are several challenges faced by retailers. Here, we dissect some of the prominent challenges that underscore the urgency of addressing these issues.

1. Data is the Fuel of Great Customer Journeys

Customer journeys are increasingly complex and non-linear. Retailers must cater to a diverse audience with varied preferences and buying behaviors.

However, this diversity often leads to fragmented and inconsistent product information.

2. Onboard New Channels as They Rise

The retail landscape is constantly evolving with the emergence of new sales channels from eCommerce platforms to social commerce. Adapting to these channels swiftly is essential, but integrating new channels seamlessly can be a logistical challenge.

3. Transparency, Social & Ecological Actions are Becoming More Relevant

Modern consumers are increasingly conscientious, seeking transparency regarding product origins, ethical practices, and ecological impacts. Retailers must not only meet these expectations but also communicate such information effectively.

By addressing these challenges head-on, retailers can lay the groundwork for success. However, the solution lies not just in recognizing the challenges but in adopting a powerful and adaptive PIM system that transforms obstacles into opportunities for growth and innovation.

Pimcore – Overview

Pimcore emerges as a leading force in this landscape, offering a comprehensive platform designed to tackle the multifaceted challenges encountered by retailers. It is a unified platform that addresses the intricate needs of modern retailers.

As an open-source digital experience platform, Pimcore seamlessly integrates various capabilities, making it a one-stop solution for businesses aiming to excel in today’s competitive retail environment.

What is Pimcore and the Benefits of Pimcore

Key Functionalities of Pimcore

1. Data Management

Pimcore excels in centralizing and managing product data, providing a single source of truth for all product information. Its advanced data modeling capabilities allow retailers to define and organize complex product structures, attributes, and relationships.

This centralized approach not only ensures data consistency but also streamlines processes related to onboarding, updates, and syndication.

2. Experience Management

Beyond data, Pimcore empowers retailers to curate exceptional customer experiences. With integrated digital asset management, retailers can efficiently manage images, videos, and other media assets.

This capability is pivotal in creating compelling product stories, enhancing brand narratives, and delivering immersive experiences across various channels.

3. Operations

Pimcore extends its capabilities to operational efficiency, offering tools and features that streamline essential processes. Long-term support, access to consulting experts, and Service Level Agreements (SLAs) are integral components of Pimcore’s operational support.

This ensures that businesses not only implement Pimcore seamlessly but also receive ongoing assistance to navigate challenges and optimize their PIM strategy effectively.

Pimcore Overview

 

What is Retail Accelerator?

The Retail Accelerator is an extension of Pimcore’s capabilities, designed by Credencys to specifically target the challenges prevalent in the retail sector. It is a solution born out of a deep understanding of retail intricacies.

It ensures that retailers don’t merely cope with challenges but proactively address them, turning obstacles into opportunities for growth. Stemming from years of collaboration between Credencys and Pimcore, this accelerator takes the essence of Pimcore’s flexibility and adaptability to a whole new level.

The retail accelerator is a direct response to the universal challenges faced by retailers globally, ranging from data management hurdles to the intricacies of workflow orchestration. It encapsulates years of experience, insights, and best practices gained from working with diverse retailers worldwide.

Key Features of Retail Accelerator

1. Pre-Built Data Model

The Retail Accelerator introduces a pre-built data model with 30-plus reference datasets, a result of over 60,000 hours of Pimcore implementation across various retail projects. This ensures that retailers don’t start from scratch, but rather on a solid foundation aligned with industry-grade data models.

2. Ready-to-Use Integrations

Recognizing the importance of seamless data integration, the accelerator comes with ready-to-use templates for data migration, both importing and exporting. The goal is to accelerate the implementation journey, allowing retailers to integrate upstream and downstream systems efficiently.

3. Implemented Role-Based Workflows

One of the standout features of the Retail Accelerator is its understanding of the key roles in the retail ecosystem – vendor, business merchandiser, marketing team, sales and eCommerce team, and administration. The accelerator integrates role-based workflows, optimizing the entire product data management supply chain process.

4. Quality and Governance

Acknowledging the concerns around data quality and governance, the Retail Accelerator embeds quality checks and predefined roles, ensuring that data meets the necessary standards and authorization criteria. This is vital for maintaining consistency and compliance in an ever-expanding retail landscape.

5. Supplier Portal

To streamline collaboration with suppliers, the accelerator introduces a supplier portal, digitizing the workflow for product information exchange. This not only enhances efficiency but also reduces the friction in the traditionally cumbersome process of coordinating with suppliers.

6. AI/ML Capabilities

In alignment with the evolving technological landscape, the Retail Accelerator incorporates AI/ML capabilities. From enhancing product descriptions using generative AI to image detection for automated association, these features position retailers on the cutting edge of technology.

Benefits of Retail Accelerator

Let’s delve into the concrete benefits of retail accelerators each intricately connected to resolving specific retail challenges.

  • Industry Best Practices Included: The Retail Accelerator incorporates industry best practices gleaned from 50+ PIM implementations, guiding retailers toward optimal data management workflows.
  • Faster System Setup: The Retail Accelerator slashes the setup time, allowing retailers to achieve a Minimum Viable Product (MVP) within a mere 10 weeks.
  • Reduced Cost of Implementation: Leveraging the Retail Accelerator results in a 30% reduction in implementation costs, making PIM implementation more cost-effective.
  • 100% Customizable: The Retail Accelerator’s adaptability ensures it aligns seamlessly with any business model, regardless of what, where, and how products are sold.
  • Rapid Data Onboarding: The Retail Accelerator streamlines data onboarding, offering convenient templates for migrating data, and facilitating swift and efficient integration.
  • Ready-to-Use Connectors for eCommerce: Connectors for platforms like Shopify, Magento, Salesforce Commerce, SAP Commerce, and third-party marketplaces simplify the syndication process.
  • Future Ready: The Retail Accelerator, built in collaboration with Pimcore, is future-ready, with ongoing enhancements, especially in the realm of AI/ML, ensuring sustained relevance.

In summary, the Retail Accelerator is a transformative force, aligning with the core challenges faced by retailers and offering tangible, strategic advantages that position them for success in an ever-evolving market.

Retail Accelerator – Real-World Results

The graphical representation of the PIM implementation vividly illustrates the impact of the Retail Accelerator. The purple line, representing the project with the Retail Accelerator, consistently outperforms the blue line, indicating the traditional implementation.

Retail Accelerator – Real World Results

Notably, the bump in the graph signifies challenges arising from additional scope or changes requests. The comparative analysis reveals a remarkable 45% reduction in both the timeline and costs for the project integrated with the Retail Accelerator.

This tangible result underscores the transformative impact of adopting a specialized solution, not just as a component but as a strategic catalyst for efficient PIM implementation.

This underscores the pivotal role the Retail Accelerator plays in mitigating challenges, ensuring adaptability to change, and delivering quantifiable results, ultimately translating into a more streamlined and cost-effective PIM implementation process.

Credencys’ Expertise and Services

As a platinum partner with Pimcore, Credencys stands at the forefront of PIM and MDM solutions, offering a spectrum of services backed by a team of over 150 certified PIM experts. Here’s an in-depth look at the specific services and expertise that make Credencys a trusted partner in the realm of Product Information Management.

1. PIM Implementation

Credencys specializes in end-to-end PIM implementation, leveraging its platinum status with Pimcore. With a wealth of experience working on diverse projects, Credencys ensures a seamless transition to PIM solutions, incorporating best practices and tailored strategies.

2. Value Workshops and Readiness Assessments

Credencys goes beyond mere implementation by offering value workshops and readiness assessments. These strategic initiatives help organizations evaluate their preparedness for a PIM solution and align their business goals with the capabilities of Pimcore.

3. ROI Analysis

Credencys firmly believes in the principle that technology should deliver tangible returns on investment. Therefore, the team conducts comprehensive ROI analyses to ensure that the implementation of Pimcore, including the Retail Accelerator, aligns with and enhances the client’s business objectives.

4. Global Presence and Strategic Partnerships

With a footprint in the U.S., Canada, Finland, and India, Credencys ensures a global reach for its clients. The strategic partnerships and certifications underscore Credencys’ commitment to staying at the forefront of PIM technology.

Credencys, as a platinum partner with Pimcore, brings a wealth of expertise and services to the table. From meticulous PIM implementation to strategic value workshops and ROI analyses, Credencys stands as a reliable partner, ensuring clients not only adopt PIM solutions but also leverage them to achieve transformative results in their data management and retail endeavors.

Say goodbye to data chaos and embrace the power of PIM/MDM to supercharge your business growth!