Implementing PIM for Fashion Industry – How It Improves Sales?
According to a research by Statista, the global online fashion market is estimated to grow 11.5% annually from 2023 to 2027 and reach $1501.3 billion by the end of 2027. This growth presents an opportunity for every sector of the industry, including high-street fashion, luxury brands, and independent retailers.
The fashion industry is experiencing a significant shift due to mounting competitive pressure and a transition of sales from brick-and-mortar stores to online fashion platforms. In the realm of fashion eCommerce, having accurate and consistent product information is a critical factor for success that retailers must not overlook. However, the dynamic nature of the fashion industry makes it challenging to maintain product data across various channels.
Having just a product description beneath a product photo is inadequate to attract and retain customers. To succeed in the competitive market, retailers must offer a variety of content, such as videos, comprehensive descriptions, blog posts, multiple photos capturing each angle, zoom features, ratings, and other data that provide customers with a complete understanding of the product.
To solve this challenge and manage data more effectively, an efficient Product Information Management (PIM) system comes into play. This centralized software system enables retailers to manage all their product information from a single location.
Efficient data management is crucial for the success of an online fashion retail business, and a good PIM solution can facilitate displaying the appropriate product to the customer, accelerating the marketing of new products, and obtaining valuable analytics that can help make informed decisions.
This blog post will emphasize the significance of using PIM in the fashion industry, elucidate why is it necessary for the sector, outline the advantages it can offer to numerous stakeholders, and talk about a leading PIM software.
What is PIM?
PIM is a software solution that helps eCommerce businesses centralize and manage their product information across various online channels and platforms. PIM enables organizations to consolidate product data from multiple sources, maintain data accuracy, and ensure consistency across all touchpoints. This helps businesses to improve their product data quality, enhance their operational efficiency, and provide a better customer experience.
PIM is particularly useful for companies that deal with large volumes of products and sell across multiple sales channels, including eCommerce platforms, mobile apps, and marketplaces.
Importance of Implementing PIM for Fashion Industry
PIM is essential for online fashion businesses as it helps fashion retailers to manage their product data more efficiently and effectively. In the fashion industry, having accurate and consistent product information is critical to delivering a superior customer experience, driving sales, and reducing return rates.
Fashion products typically have numerous attributes such as size, color, fabric, care instructions, and pricing that need to be managed, updated, and synchronized across various sales channels, including online marketplaces and social media platforms. PIM provides a central repository to store all product information, simplifying the process of updating and distributing product data across all channels.
PIM also provides tools to enhance product data quality, improve the speed-to-market for new products, and support the overall management of product information. By using PIM, fashion retailers can achieve more consistent, accurate, and up-to-date product information, which can lead to increased sales and customer satisfaction.
Want to Learn More About the Benefits of Implementing PIM for Fashion Businesses?
How Does PIM Implementation Enhance the eCommerce Fashion Industry?
The fashion industry is highly reliant on data, and the businesses operating within it must meticulously monitor a vast array of information. This involves maintaining records of sizes, variants, colors, images, videos, user-generated content, and more. Managing such huge information is a daunting task for numerous online fashion businesses that lack the resources and expertise to accomplish it effectively.
Here’s how a PIM solution can alleviate the complexities associated with product information management for online fashion businesses.
Enriching Product Catalogs
An online fashion business must have an excellent product catalog to display all its products in one place, making them easily discoverable by customers. An organized catalog can also help reduce customer confusion and guide them through a straightforward purchase process. PIM simplifies the task of creating and maintaining product catalogs by automating the process.
It enables you to source content and other digital assets from high-performing channels, compare them, and enhance your customer experience. Moreover, PIM ensures that your products are correctly presented across channels, with marketplace-compliant content.
Compiling Product Information in a Single Place
Fashion businesses that operate online often encounter difficulties in managing and handling product information from diverse sources and formats. A PIM solution can simplify this process by streamlining the compilation and collection of product data from a range of channels, including online retailers, affiliate partners, and direct sales representatives.
Additionally, PIM allows for the organization of all pertinent data and digital assets in a centralized location, which enables easy retrieval and analysis of data. This feature empowers businesses to make informed decisions about their products.
Automating the Workflow
In the fashion industry, automated workflow is crucial as it enhances accuracy and efficiency. It facilitates streamlined communication among various departments within a business, ultimately leading to improved customer service. Additionally, automated workflow guarantees the accuracy and up-to-date status of all product information, enabling informed decisions about new products or marketing campaigns.
An efficient PIM includes a built-in collaborative workflow system that automates routine manual tasks and fosters seamless communication among departments and individuals. This feature works quickly and seamlessly without disrupting the workflow, ultimately boosting productivity across all aspects of the business operation.
Selling in Top Marketplaces
To expand the customer base, integrating with top marketplaces is a highly effective strategy for online fashion businesses. By listing products on popular eCommerce platforms like Amazon, Shopify, Magento, and Walmart, you can attract new customers who are looking for high-quality fashion apparel at competitive prices. As a result, this improved visibility can lead to increased sales, better search engine rankings, and ultimately higher profits.
Several PIM systems offer multichannel integration capabilities, which allow you to instantly syndicate product content across multiple channels and platforms. With this feature, businesses can cater to the customers in their preferred marketplace while maintaining a consistent brand experience.
Accessing the Data Easily
For online fashion businesses, managing various types of data such as sizes, colors, variants, images, customer reviews, and more can be time-consuming, leaving little time for more important tasks. PIM solutions provide built-in filters and easy search options to quickly find and access the necessary information. This allows you to sort the data efficiently and keep it market-ready for syndication.
Syndigo – A Leading PIM Software Empowering Fashion eCommerce Business
Syndigo is a Product Information Management software that provides solutions for businesses to effectively manage, enrich and syndicate their product information across multiple channels. The platform offers a wide range of features including data governance, content creation, digital asset management, workflow management, and multichannel syndication. Syndigo’s PIM software helps businesses streamline their product information management process, ensuring consistent and accurate product data across all channels.
With over two decades of industry experience, Syndigo has become a trusted partner for many companies in various industries including retail, consumer goods, and food service.
How can Syndigo Help Fashion eCommerce Businesses?
Syndigo can help fashion eCommerce businesses in several ways:
One of the most useful features of Syndigo is its improved searchability function. In online fashion business, it’s essential to quickly and easily find and access the product information you need. With Syndigo’s advanced search capabilities, you can locate and retrieve any product information with just a few clicks.
Syndigo’s search engine uses intuitive algorithms and filters to help you find information quickly and accurately. With the improved searchability feature, you can search for products using specific keywords or criteria, such as brand name, SKU, category, and more. This ensures that you can easily access the information you need and make informed decisions about your products.
Moreover, Syndigo’s search function is user-friendly, and you can customize the search bar’s layout to fit your preferences, making it more convenient to use.
Enhanced Product Descriptions
Syndigo offers an enhanced product description feature that allows fashion eCommerce businesses to create rich, informative, and accurate product descriptions. This feature helps businesses to provide their customers with a detailed understanding of the product they are interested in, which can improve the customer experience and drive more sales.
With Syndigo, businesses can create product descriptions that include comprehensive product specifications, high-quality images, and engaging product descriptions that highlight the key features and benefits of the product. This feature helps to increase customer confidence in the product and brand, which can lead to higher conversion rates and repeat purchases.
Moreover, it also ensures that the product information is accurate and up to date across all channels. This feature makes it easy to manage product information and update it in real-time, which is essential for businesses that want to stay ahead of the competition in the ever-evolving fashion industry.
Better Product Images
Syndigo provides a feature to enhance the quality and consistency of product images, which is critical for fashion eCommerce businesses. High-quality product images are an essential part of creating an engaging customer experience, especially for fashion products where visual appeal plays a significant role in purchasing decisions.
With Syndigo, fashion eCommerce businesses can ensure that their product images are optimized for various online marketplaces and channels, including mobile devices. Syndigo’s image optimization tools can automatically resize, crop, and compress images, ensuring they are optimized for fast loading times and meet the requirements of different channels.
Moreover, Syndigo’s Digital Asset Management (DAM) feature enables businesses to manage, organize and store their digital assets, including images, in one centralized location. This ensures that businesses can easily access and distribute product images to their channels while ensuring consistency in quality and branding. With Syndigo’s image management tools, fashion eCommerce businesses can improve their online presence and boost sales.
Cost of Implementing Syndigo PIM for Fashion eCommerce Businesses
The cost of implementing Syndigo PIM for fashion eCommerce businesses can vary widely depending on several factors such as the size of the business, the complexity of the product catalog, the number of channels being used, and the level of customization required. Based on these factors, it’s challenging to estimate the cost without knowing more details about the business requirements.
However, interested businesses can contact the experts at Credencys for a quote on the implementation cost of the PIM system.
Over to You
In today’s fast-paced and competitive eCommerce landscape, fashion retailers need to leverage every advantage they can get to stand out and succeed. A Product Information Management software like Syndigo at their disposal can help fashion retailers manage their product information more efficiently and effectively, allowing them to create better product catalogs, enhance their online presence, and improve the overall customer experience. In today’s competitive eCommerce landscape, fashion retailers cannot afford to ignore the benefits of PIM software.