PIM in eCommerce: A Proven Way to Deliver Excellent Product Experiences
In today’s competitive eCommerce landscape, delivering excellent product experiences is key to capturing and retaining customers. However, with an increasing number of products and channels, managing product information can be a daunting task. That’s where Product Information Management (PIM) comes in. As the platform facilitates the brands with advanced capabilities, it becomes essential to consider PIM in eCommerce.
PIM is a proven way to centralize, streamline, and enrich product data, resulting in better customer experiences, improved operational efficiency, and increased sales.
Top 5 Product Information Management Challenges Faced by eCommerce Businesses
There are many product information management challenges that eCommerce businesses face. These challenges include ensuring that data sources are accurate, managing product data within a data-driven business ecosystem, and creating effective product data dashboards.
1. Ensuring that data sources are accurate and up to date
One of the most important tasks that an eCommerce business must undertake is ensuring that data sources are accurate and up to date. This means that the business must ensure that the data that is collected from its customers is accurate and up to date.
If data sources are not accurate, this may lead to many issues, including:
Inaccurate product data
If product data is not accurate, this may lead to products being sold that are not available, or incorrect information available about the available products. This can frustrate customers, who may not be able to find the products that they are looking for, and it can also impact the business’s financial performance.
Incorrect shipping and delivery fees
If data sources are not accurate, this may result in incorrectly calculated shipping and delivery fees. This could lead to a loss of money for the business, and it could also cause customer abandonment.
Incorrect product prices
If data sources are not accurate, this may lead to incorrect product prices being displayed on the website. This could lead to customers being overcharged, and it could also damage the business’s reputation.
2. Managing product data within a data-driven business ecosystem
Another challenge that eCommerce businesses face is managing product data within a data-driven business ecosystem. This means that the business must ensure that its products are tracked and managed in a way that is consistent with the data-driven processes that are in place within the enterprise.
If product data is not managed in a data-driven way, this could lead to issues such as:
Inaccurate inventory levels
If product data is not tracked and managed properly, this may lead to inaccurate inventory levels. This could mean that the business may be selling products that it does not have in stock, or it might end up with too much inventory overall. This could impact the business’s financial performance and its ability to serve its customers.
Lack of visibility into product performance
If product data is not tracked and managed properly, this may lead to a lack of visibility into product performance. This could lead to problems with quality control and product reliability, which could damage the business’s reputation.
3. Customers’ Exploding Expectations
Another challenge that eCommerce businesses face is the exploding expectations of customers. This means that customers are increasingly expecting faster and more reliable delivery times, lower prices, and greater product variety.
If a business cannot meet these high customer expectations, this could lead to:
Collapse in sales
If the business can’t meet customers’ high expectations, this may lead to a collapse in sales. This could happen as a result of decreased customer satisfaction, or it could happen due to increased competition from other eCommerce businesses.
Loss of customers
If the business can’t meet customers’ high expectations, this may lead to a loss of customers. This could happen because customers may switch to competing businesses, or they may simply stop buying products from the business altogether.
4. Agility Challenge
Another challenge that eCommerce businesses face is the agility challenge. This means that eCommerce businesses need to be able to quickly and easily change the way they do things to keep up with the rapidly changing trends in the market.
If a business cannot change quickly enough, this could lead to:
Inability to adapt to new trends
If a business can’t adapt quickly enough, this could lead to an inability to adapt to new trends. This could mean that the business is behind the curve when it comes to current trends, or it could mean that the business loses market share to competitors.
If a business can’t adapt quickly enough, this could lead to reduced margins. This could happen as a result of increased competition from other businesses, or it could mean that the company loses customers because it isn’t able to meet its needs.
Loss of market share
If a business can’t adapt quickly enough, this could lead to a loss of market share. This could happen because of decreased customer satisfaction, or it could mean that the business is no longer able to compete with other eCommerce businesses.
5. Being Consistent
Another challenge that eCommerce businesses face is consistency. This means that eCommerce businesses need to be able to maintain a high level of consistency to keep their customers.
If a business is inconsistent, this could lead to:
Irritation among customers
If a business is inconsistent, this could lead to irritation among customers. This may happen because customers may not always receive the products that they ordered, or they may receive products that are of lower quality than expected.
Loss of trust
If a business is inconsistent, this could lead to a loss of trust. This could happen because customers may no longer feel confident in the company’s ability to deliver on its promises.
If a business is inconsistent, this could lead to upset customers. This may happen because customers may not be happy with the quality of the products that they have received, or they may not be happy with the way that their orders have been handled.
Don’t miss reading Most Common Product Information Management Challenges to explore the challenges that businesses commonly face in their eCommerce business in the absence of a Product Information Management solution.
Why do eCommerce Businesses Need to Manage Product Data Effectively?
The problems that can result from inaccurate product data are manifold. However, there are a few reasons that eCommerce businesses need to manage product data effectively.
- First of all, inaccurate product data can hamper an eCommerce business’s operational efficiency. This means that the business may not be able to deliver the products that customers expect. Inaccurate shipping tracking information can also lead to delays in deliveries.
- Second, inaccurate product data can have a negative impact on an eCommerce business’s customer experience. This means that customers may not be able to find the products that they are looking for, or they may be frustrated with the available product information.
- Third, inaccurate product data can impact an eCommerce business’s financial performance. This is because it can lead to incorrectly calculated shipping and delivery fees, as well as inaccurate sales figures.
Fortunately, there are many measures that e-commerce PIM software can take to manage product data effectively. These measures include ensuring that data sources are accurate and up to date, implementing processes and procedures to ensure data accuracy, and training employees on how to use product data management systems effectively.
Read Why You Should Consider Implementing PIM For eCommerce Business? to get better insight into the essence of Product Information Management solutions for an eCommerce business.
Are You Dealing with Outdated Product Data? Implement PIM in eCommerce
Product information can become outdated in a few different ways. For example, if a business sells products through multiple channels such as online and in-store, then product information for each channel needs to be collected and managed separately. This can become a time-consuming and daunting task, especially if product information is kept in disparate systems.
Another common issue with product information is that it can be inaccurate or incomplete. For example, if a business sells a lot of products with variations (such as color options or sizes), then it’s important to track which variants are selling well and which variants are receiving poor feedback. But if product data is only collected for the most popular variants, then this information might be out of date or inaccurate before it’s even collected.
PIM for eCommerce can help businesses manage their product information in a way that makes it easier for customers to find and purchase the products they’re looking for. Product information can become outdated in a few different ways, including if it’s collected and managed independently for each channel where products are sold, if it’s inaccurate or incomplete, or if it doesn’t reflect the most popular variants.
Keep Your Product Data Up to Date for an eCommerce Organization
Product information is one of the most important aspects of an eCommerce business. It can help customers make informed purchase decisions, and it can help businesses improve their customer experience by providing personalized product recommendations. However, product information can be difficult to keep up to date.
Many PIM system e-commerce businesses rely on automated systems to manage product data. These systems use a variety of methods to collect product data from various sources, including suppliers, shipping carriers, and customer databases. However, these systems can be prone to errors.
This means that the product data that is stored in these systems may not be accurate. Inaccurate product data can have a negative impact on an eCommerce business’s bottom line. It can lead to the inaccurate product information on product pages, which can frustrate customers.
It can also lead to inaccurate shipping tracking information, which can affect an eCommerce business’s delivery schedules. In extreme cases, inaccurate product data can even lead to products being sold that are not actually available in the marketplace.
What is Product Information Management (PIM)?
You might be having a single product data or multiple product data. But when it comes to accessing the product data with ease and less effort PIM comes into consideration. PIM solution lets you store data; manage it in a way that you can have an accurate view of your product’s data.
For an e-commerce business, PIM creates a product catalog, and when needed could be distributed to e-commerce channels. For Ecommerce, PIM manages product data in one single centralized platform. That centralized data is accessible to all concerned parties, and when data is stored in one single centralized platform it makes it easy to reach out to e-commerce businesses.
To explore more about Product Information Management, you must read What is PIM and Product Information Management – An Exclusive Guide. By reading these posts, you will get detailed insights into the different essential elements of PIM that help brands attain new heights in business with streamlined and automated product data management.
What is PIM in eCommerce?
Product Information Management (PIM) is a proven way to centralize, streamline, and enrich product data, resulting in better customer experiences, improved operational efficiency, and increased sales. In simple terms, PIM is a tool that helps eCommerce businesses manage their product information in a way that makes it easier for customers to find and purchase the products they’re looking for.
E-commerce PIM works by helping businesses collect, organize, and manage product data from all the different channels and devices where products are sold. This data includes product information such as title, description, price, and availability. PIM also allows businesses to track customer interactions with products and generate insights that can help them improve customer experience and increase sales.
Why do You Need PIM in eCommerce?
PIM is important for all enterprises. If you have a small enterprise or a big one, you might be having a primary goal to have accurate, relevant, insightful product data. PIM can help both consumers and businessmen. Customers tend to be more inclined toward products with rich content. The content of products will attract them in buying products and also will help them in making informed decisions to buy a product.
For businessmen, PIM can help in product procurement, how to sell products, when to market products to get maximum benefits, and have added advantages over competitors.
You need PIM eCommerce if you want to have trusted product data for your enterprise. If you wish to have product information sorted and aggregated automatically. When you have multiple sources for product information, for less time consumption and better outputs, PIM is the best option.
With data tools, the product’s data is stored in a centralized platform with consistent and accurate results.
To sustain customer loyalties and to increase the goodwill of the company in regard to a happy customer, PIM eCommerce should not be neglected. Using data analysis you can get to know deeper insights into the product and the enterprise as well. Negative marketing of products could be stopped, and fewer chances of product return, are also hidden benefits of PIM.
5 Essential PIM Features for an eCommerce Business
The basic features of PIM are, as below that make data and workflow management easy.
1. Data modeling
It is a process in which different data is stored in one centralized place. Data modeling gives a visual representation of the data stored, its description, and the consistency and constraints of data-if. Through different data modeling tools, the relationship between data is also possible. From a complex way to a simpler way, data can be stored with data modeling.
2. Data Management
Data management, for any organization, is very important. Data classification and aggregation on one single centralized platform are equally important. PIM lets your data securely stored in the platform which can be accessed by you on various channels without going through separate data. One single database is sufficient and efficient through PIM.
3. Data Quality Management
Having quality data, at a time of urgent requirement is a basic requirement for any organization. PIM lets you store the data with high quality, on a central platform. This feature of PIM can help you general new revenues and can open up new opportunities for your business. Unified, structured, and high-quality data can be used to generate more profit and new doors of opportunities.
4. Creating/ Managing Categories
For e-commerce, PIM can manage product data. The efficiency of an eCommerce business is boosted if product categories are made, and different product data is stored in that particular category of product. Stored data with categories on a centralized platform can be accessed by any staff of the organization when needed. Multiple customer data, for multiple locations, is not a tough task with PIM.
5. Workflow Management
As PIM lets you store data with high quality, data stored with categories in one single centralized platform with all product details and descriptions, it eventually lets your enterprise perform more efficiently. The workflow of your enterprise can be managed and tracked whenever needed.
Learn about more features of Product Information Management by visiting Must Have Features of Product Information Management System.
Benefits of Using PIM in eCommerce
1. Easy Data Migration
When all the important, classified, and high-quality data is stored in one single centralized platform that needs to be migrated if any re-platforming of e-commerce takes place due to any reason, the migration of data becomes easy. It is so convenient to transfer all the data from one place to another easily. It is only possible when PIM eCommerce has been used in the first place for data storing and management.
2. More Time efficiency
With PIM, you can save time and use that saved time efficiently for your core activities. PIM lets you focus on your core business goals and it takes care of data management. One does not have to spend hours keeping data manually at different places and spend hours finding them when required. With PIM, the efficiency of work can be achieved.
3. Improve Customer feedback
An old customer is always better than finding a new one. When you have customer loyalty, you have half of everything. When a customer is loyal and satisfied with your product, you cannot ask for more. Customer feedback can be improved with PIM, after implementing PIM, your product’s data and details are stored.-If the product require modification, it can be detected with PIM data and before the customer complains about a product, the damage is no more. Happy customer feedback can also be stored on products with PIM eCommerce.
4. Cost Cutting
Implementing PIM is a cost-cutting option. It cuts the cost of management. With high efficiency, in less time, and in less cost PIM reduces management’s risk of damaged products or missing product information. The procurement process can be also done at less cost with PIM. Suppliers can use stored data to improve delivery methods.
When data is stored in the traditional way, the loss of data or damage would be at a high stake. No one would take responsibility for damaged data. But when data is stored in PIM with a centralized platform, data becomes transparent and ownership of damaged data can be found easily. PIM makes transparent data storage that can be accessed whenever required.
To explore more benefits, don’t miss to read What Are the Benefits of PIM (Product Information Management) Systems?
How PIM Empowers Your eCommerce Strategy?
Implementing PIM has its own benefits for all kinds of enterprises. PIM eCommerce also has its benefits in e-commerce. And below are the reasons why you choose the PIM system for e-commerce.
1. A single platform for product information
For your e-commerce websites, PIM can manage all the data on your behalf. Through PIM systems, the classified data is stored securely in one platform. The data is loaded with a product description and all the details related to it. PIM exports all the necessary data to your e-commerce website so it can be accessed by all channels. Through this data, if any corrections or changes are required it can be done with ease.
2. Reach the targeted market faster
To generate more revenues you have to target your audience. PIM helps you in achieving your target market faster. It takes care of product details that are classified and of high quality. So when you want to promote your products to customers or want to keep your product in the market, you do not need to wait for hours before launching it. The product information is available at your fingertips and by accessing it you can reach your audience faster.
3. Create effective marketing strategies
It is important to make strategies related to marketing to have an edge over competitors. When PIM in e-commerce is used, it makes sure that data is accessible to customers during their busying procedures. If data is stored easily in one platform then customers can receive accurate information on the product. Current and updated information is easily accessible through the PIM system.
Read Why eCommerce Marketers Should Consider Product Information Management? to learn how your marketing team harnesses the potential of the PIM platform.
4. Quality and consistency
When PIM is used in e-commerce, the quality of the product increases from time to time. There are no chances for wrong or missing product information after implementing PIM. So the product returns will be nearly minimal and consistent product data of better quality is feasible.
When to Implement a PIM in the eCommerce Ecosystem?
There is no one-size-fits-all answer to this question, as the implementation of a PIM in an eCommerce ecosystem will vary depending on the specific needs of the business. However, some factors that may influence when to implement the best PIM for an e-commerce ecosystem include:
1. The size and complexity of the eCommerce ecosystem
The larger and more complex the eCommerce ecosystem, the more likely it is that a PIM will be necessary. This is because more intricate systems require more complex mechanisms to manage and maintain them.
2. The level of customer customization and engagement
The level of customization and engagement among customers in an eCommerce ecosystem may influence the need for a PIM. If customers are highly engaged in their shopping experience, then a PIM may be necessary to manage and track their interactions and preferences.
3. The level of data and analytics that is being used within the eCommerce ecosystem
The more data and analytics that are being used within an eCommerce ecosystem, the more likely it is that a PIM will be necessary to manage and track this data.
4. The level of fraud and security that is being maintained in the eCommerce ecosystem
The level of fraud and security that is being maintained within an eCommerce ecosystem may influence the need for a PIM. If fraud or security threats are a significant issue, then a PIM may be necessary to manage and track these threats.
How to Implement PIM in eCommerce Business?
To implement PIM eCommerce, you should follow these 4 steps.
Step 1: Product life cycle
In this phase, you should know all about your business product lifecycle. Here are the key processes that are carried out in this step.
- Track all the business processes starting from the SKUs to the product lifecycle in all the available channels.
- Merchandise activities such as product categorization, product recommendation, and so should be reviewed promptly.
- PIM data exchange between your business clients and suppliers should be checked and reviewed.
- Documentation for your eCommerce store including business blueprints, definitions, and product architecture should be prepared professionally.
- Best business opportunity areas, product selling places, and channels on which you are operating should be mapped correctly.
Step 2: IT setup
In the next step, the proper data set should be done. Before implementing PIM, make sure your business data which is scattered across multiple systems must be organized and stored. Here are a few key processes you should do during this phase.
- With the aid of spreadsheets or any other relevant tools, make sure your PIM systems data architecture is promptly documented.
- Ensure your business product workflow for the different platforms is prepared well.
- By defining the data protocols, exchange frequency, and other needed business tools, you should make sure your system communication is mapped perfectly.
- Track all those Data cache layers of existing PIM along with the current UI.
- Make sure your IT staff who handle PIM installation, know about the features and benefits of PIM.
Step 3: Selecting the Best PIM provider
It is the most important phase of implementing PIM eCommerce in your business. Picking the best and most suitable PIM for your organization will do wonders in business management. Here are certain things you need to look at before selecting a suitable PIM system.
- Be aware of your business requirement
- Check with your IT limitations
- Be aware of the requirements of your IT system
- Check with your business product data model requirement
- Map your product life cycle process and choose PIM accordingly
Well, those are the processes you need to follow for picking the right PIM system for your business. Now we have discussed what you need to do to select the right PIM provider.
- Conduct a legitimate PIM vendor search online.
- Make sure you have picked a minimum of 2 PIM providers from your chosen list.
- Seeking references from your known resources is highly recommended.
- It is important to check whether the chosen PIM provider has a proof of concept and processes the desired work experience before getting engaged.
- Once you are done with the selection process make sure all your clients and business partners are fully explained the PIM operation and requirements.
Once you know the whole product life cycle and get to know all about it like product group, product categories, type of data, and all. The next step is to design the requirement and train your IT staff for PIM implementation. Make them understand its benefits and features and everything. The last step is to choose the PIM provider. Based on your requirement of business, choose the PIM system that suits you best.
How to Select the Best PIM for an eCommerce Business?
When selecting the best PIM for an e-commerce business, many factors need to be considered.
The first and foremost step would be the size of your business and the scale at which your business operates. Depending upon the size and need of your business operation, you need to decide on going for a custom PIM solution.
In addition to that, you need to be very cautious in identifying whether your business needs custom software to mingle with the existing eCommerce platform. Modern PIM solutions come with easy integration with the eCommerce platform which will be a real cost-saving measure, but while picking a custom solution you need to consider all those factors to avoid the unexpected problem.
Apart from that, here are a few aspects you need to take care of to pick the right PIM solution for your eCommerce business.
Before selecting a PIM, it is important to understand the specific requirements that are needed to effectively manage and track data within an eCommerce ecosystem.
Based on the specific requirements that have been identified, the PIM should be prioritized and then selected based on its ability to meet these requirements.
Once the PIM has been selected, it is important to build scorecards that will help ensure that the PIM is effectively meeting the requirements of the eCommerce business.
How Credencys Help in Developing PIM Solutions for eCommerce Business?
Credencys is the leading digital platform development company, headquartered in Los Angeles. The company offers a complete digital solution using open-source technology for maximizing the functionality and efficiency of any type and sized business.
Credencys Solutions have successfully implemented various digital solutions like PIM (Product Information Management), CXM (Customer Experience Management), DAM (Digital Asset Management), MDM (Master Data Management), and eCommerce Solutions for several Fortune 500 companies.
By hiring Credencys, companies can easily build award-winning digital platforms for highly efficient data management, complete web solutions, centralized sales & inventory management systems, and customer experience management.
Here are some key aspects your business can get by hiring Credencys to develop a PIM solution for your eCommerce business.
- Credencys’s PIM solution improves the conversion rate of your business by delivering an engaging customer experience with high-quality product data. This accelerates the business’s growth and helps to achieve a business goal in a short time.
- The PIM solution provided by Credencys offers a centralized and trusted view of unified business data. This helps businesses to make data-driven decisions easily.
- The holistic PIM solution of Credencys improves the supplier’s onboarding process. This helps to strengthen the relationship between your businesses and suppliers.
- The efficient and effective PIM solution of Credencys helps businesses to improve their overall productivity by utilizing the power of data localization.
In addition, Credencys’s robust PIM solution supports multi-channel sales and marketing campaigns and assists developers to integrate several third-party apps and functions to improve your business’s eCommerce capabilities.
PIM eCommerce has many benefits and many providers. Based on organizational needs, the best PIM system should be implemented for high-quality data management with less cost and high efficiency. Here in this blog, we have elaborated on how PIM delivers content to the market and converts your digital assets into a flexible and scalable system.