Do you own an eCommerce business?
If yes, then you must be aware of the emergence of advanced technologies that disrupt the eCommerce domains. The latest technologies help you in developing advanced functionality and delivering better customer experiences to your target audience.
Opting for next-level technologies is, of course, a matter of choice. But, you cannot compromise in selecting the robust Product Information Management (PIM) platform as it is the very basic need of any eCommerce store.
Well, there are other ways to manage your product information such as excel, ERP, and other standard eCommerce solutions, but they are not efficient when it comes to effective product data management.
Do you want to learn how a reliable PIM can simplify your eCommerce operations and drive more business opportunities? Go through this post and you will have enough reasons to consider a PIM solution over other product data management methods for your eCommerce portal.
What is Product Information Management (PIM)?
Product Information Management manages all the data, content, and other material that you require to promote and sell the products. It allows you to manage everything related to products such as descriptions, different attributes, photos, videos, documents, content, and more.
It manages all the data in a centralized location so it will be ready for the users to access the required information as per their roles and permissions. Moreover, PIM allows to apply a quick filter, search and update the products from a single dashboard.
The advanced Product Information Management solution consists of
Master Data Management (MDM) – It manages all business information in a centralized location including product and customer data.
Digital Asset Management (DAM) – It manages all the digital properties related to products such as images, documents, videos, and more.
Content Management Systems (CMS) – It manages the content of your eCommerce portal. Add, edit, and update your content to meet the changing market needs and customer interest.
Top 10 Reasons to Consider Product Information Management for eCommerce Business
1. Share consistent data across the marketplaces
Do you share your product information on your website only? Of course, you don’t.
To reach out to a large target audience, you need to consider all the different sales channels such as marketplaces. Every platform has its own rule and requirements for product data formatting.
A Product Information Management solution can seamlessly map your product data with the different marketplaces by considering their specific standards and publish it with a click. As you pull the product data from a single source, you can have an accurate and consistent product across all your preferred marketplaces.
2. Improve data quality
The PIM system becomes centralized storage of all your product data. You track all the changes you made in the product data and roll back the data in case of an error.
When you manage the data in spreadsheets, you need to update the data in all the respective sheets. Instead, if you use a PIM solution, you need to update the data once.
PIM allows you to optimize the product data for the different marketplace from a single location. It also ensures your products are shared everywhere along with accurate and consistent information.
The modern PIM systems also notify in advance when you have links, images, or data missing in the system. Thus, you can fix the issues before exporting the product data.
3. Deliver better customer experience
In this era of multichannel commerce, it has been very hard to maintain customer loyalty and trust. Well, by providing hassle-free return and free shipping, you can boost their experience up to some extent. But, obviously, it increases your overhead cost some or another way.
PIM helps you to provide the customers rich, complete, and accurate product data and enhance their experience with your brand. Using attractive and high-resolution product images, you can reduce the number of returns. Leveraging granular content for your eCommerce platform, you can deliver a personalized experience to the customers.
Along with that, Product Information Management improves relevancy by maintaining each product attribute in a single location, eliminating inconsistencies between different touchpoints and marketing channels, and allowing to create demographic-specific and channel-specific descriptions.
As we discussed previously, PIM notifies you about the data errors in advance so you can make the required correction in the data ad push the changes immediately to all the channels. Providing accurate data in real-time, you can drive customer engagement and boost their experience.
4. Simplify complex product catalog
The major benefit of digital space to the businesses is they can have infinite space to display their product information. But, please remember your customers do not have plenty of time to go through the multiple pages to find the product information they are looking for.
The smart entrepreneurs utilize intelligent product categorization to simplify the product navigation that leads to more purchases.
PIM allows wholesalers and distributors to define important product attributes by eliminating duplicate product pages and simplifying complex catalogs. It becomes easy for customers to search for the intended products.
Product Information Management also allows you to synchronize product data from the ERP system to maintain consistency and accuracy while you publish the data on different platforms. The system also has the capability to publish the data back to ERP.
Thus, distributors can use both platforms and make their life easier. But, you need to invest in support and maintenance of the ERP system. So it is a suggestion to manage your product data in PIM only.
5. Shorter product lead times
This is one of the biggest benefits of considering a reliable Product Information Management for your eCommerce platform. The PIM system allows your markets to edit and manage all the product information once and push the data on different sales channels in a faster and more streamlined way.
When you have a faster time to market for your products, you can decrease the product lead time. Moreover, you can save time and money by preserving the resources associated with your company.
6. Reduced data management cost
Data management is a nightmare if your data are available in different locations, incomplete, and outdated. When you have massive data in a cluttered way, it is not suggested to waste time and resources to track down the right data. In fact, you should ignore to optimize the product data for your upcoming marketing campaign or different marketplaces.
It will create the worst situation when your different team members work on the same product data available in the different sheets or tools. It becomes challenging to sync the changes fast and identify who has made which changes.
As PIM manages all your product data in a centralized place, it becomes easy for your team to work on the same data simultaneously. It improves team collaboration, reduces organizational cost, and improves productivity.
7. Gain a competitive edge through data enrichment
The eCommerce world is getting more and more competitive. And, to stay ahead in this competition, companies consider the simple way that is providing more product data and information.
The Product Information Management system can help you with data enhancement and data enrichment. It allows you to deliver more values to the customers and win over our competition. Thus, PIM helps you to grow your business and enjoy upward mobility.
8. Fewer product returns
Thanks to PIM, you can provide a comprehensive product description and detailed information about the products. It helps buyers to know what they are purchasing. Thus, it reduces the chances of the product return.
As the number of product returns reduces, you can cut down the time and money that you are investing in restocking the material. You can invest your saved times and money in designing new strategies that improve business opportunities for you.
Along with cutting down the difficulties and stress of restocking the products, reduced product returns also improve the customer experience as they can make a well-informed buying decision.
9. More opportunities for up-sale and cross-sale
If you are looking for up-sale and cross-sale opportunities, PIM can help you in executing these strategies seamlessly. The system saves the time that you spend on collecting, managing, and distributing the product data and help you invest your energy in defining the product sales strategies.
Once you are done with defining the products you want to sell and promote, the PIM system allows you to determine the ways to orchestrate cross-sale. Additionally, it helps you grow your business by linking the products and creating up-sales opportunities.
10. Increase traffic and conversions
To drive the organic leads, it is very essential that you get organic traffic on your website. More than half of your audience is looking for the products through a simple Google search. If you keep optimizing your product data and imaginary, there are higher chances that you get spare the top position in Google on relevant searches.
The Product Information Management solution simplifies this process for you by providing important SEO fields. If any of the product data is missing, then the system sends you alerts so you can provide the complete information about your product.
Accurate and complete data to boost your website ranking on search engines and allow more searchers to find your products.
How Credencys can build the best PIM solution for your eCommerce business?
Credencys can develop a robust PIM solution using the Pimcore. The platform also allows us to utilize its MDM, DAM, and CMS capabilities at a zero licensing cost. Thus, we ensure our clients to develop a highly cost-effective eCommerce portal that manages all the product-related data in a centralized location.
Offering end to end Pimcore development services, we develop custom business solutions as per the custom requirements of your eCommerce project. We have proven experience and expertise in deploying successful eCommerce stores.
Would you like to make your online presence by integrating a powerful PIM for your eCommerce store? Get in touch with our experts for a free consultation.
Frequently Asked Questions about Product Information Management
Why do you need a PIM?
A powerful Product Information Management system allows businesses to improve their data quality and data governance and usage dramatically. It allows organizations to expand their product portfolio as their business grows. The robust PIM solution enables you with the flexibility to respond to the ever-changing market needs faster. There are more benefits of the PIM system that convinces you to choose a robust one for your business.
What does PIM stand for in eCommerce?
PIM starts for Product Information Management. The PIM solutions are designed to manage your complex and massive product data such as product descriptions, attributes, photos, videos, documents, etc. It acts as a centralized master repository for product information and support to pass the data into different systems.
How does PIM work?
Product Information Management is a process to manage all the data, content and other product specific material that businesses need to promote and sell the items. PIM system also makes sure that quality data is created for multichannel distribution and internal use.
What is a PIM tool?
Product Information Management is an extension that you can integrate into your eCommerce platforms such as WooCommerce, Shopify, and Magento. You can also integrate the software with data sources, software systems, and other channels. There a so many PIM tools that are available in the market. You need to select the best suit for your organization. PIM solution also works as a multichannel marketing tool that enables businesses with complete control over your eCommerce strategy.