04 Jun 2019
What does PIM mean? PIM stands for product information management and it’s a foundational solution that’s been helping e-commerce and product teams engage and connect with buyers for years. However, it’s one of those solutions that isn’t a household name…yet.
According to the Forrester Wave Product Information Management Solutions, Q2 2018 report, “Teams that use PIM will win customers and expand their markets.”
No matter what you’re selling, whether B2C or B2B, telling your product’s story in a compelling and engaging way, and sparking an emotional connection with your consumer, is what drives sales growth. It takes more than just a low price or product availability to make a sale today.
Industry leaders set the stage to sell more on every market and through every channel via PIM solutions. These solutions streamline and automate the creation, enrichment, translation, and publication of product information and content. It’s the key to providing a selling customer experience on a global, multi-channel market.
- Increase effectiveness and avoid duplicate work
Product data stored in isolated silos – for example when manufacturing, sales, marketing, and e-commerce all use their own spreadsheets in their own formats – costs you precious time, resources and money. With PIM, teams can access up-to-date product information, add missing information and collaborate to enrich product content, regardless of where in the world they are.
PIM removes time-consuming inefficiencies like the need to replicate data across different systems, or transfer data from one department to another. PIM software simplifies and automates otherwise resource-heavy processes such as translations or printing. Removing these inefficiencies also frees up resources that could be better used elsewhere.
- Master omnichannel retail and distribution
By creating a single, up-to-date, trusted source of product information, PIM solutions ensure that consumers get a seamless, high-quality product experience that you can be proud of, regardless of which channels they come into contact with.
As the e-commerce and voice commerce landscape is rapidly changing, product marketers and teams need to be able to open up new distribution channels or add a new marketplace quickly. A PIM solution ensures that all the product data you need for any new channel is ready to go at any time, improving your agility and scalabilty.
It’s how modern merchandisers stock the digital shelf.
3. Drive sales by offering rich product experiences
Providing enriched product content, enhanced product details, and contextual information lets you bring products to life. But in a multinational omnichannel environment, the complexities of producing the amount of content that is required to achieve this can be overwhelming, especially when it also needs to be tailored to different markets, languages, and channels.
For many of us, selling our products is more than just sharing all the technical specifications and showing a few photographs. We must sell each and every product. No marketer likes recreating this information over and over again, so storing your content in a PIM and streamlines an arduous process.
- Reduce returns and improve margins
When you don’t own or control all of your sales channels, PIM solutions give you the security of knowing that all of the product information that is being used is correct, up-to-date, and tailored to the channel.
This ensures that consumers get a true understanding of your product before purchase and can be sure that they are buying the right thing. And that helps reduce product returns and related costs.
In addition, returns hurt customer satisfaction. It is five times more expensive to acquire a new customer than it is to retain an existing one. And a positive customer experience is essential, regardless of industry or vertical.
- Integrate all the tools you need in one platform
A huge advantage of modern PIM platforms is the extensibility by adding and integrating extensions and connectors into your PIM.
For currency-sensitive businesses, you can integrate your PIM solution with real-time currency data to allow you to continuously price your products correctly across all channels. Syndication solutions make it easy to publish the required product information to third-party marketplaces such as Amazon or Walmart. Translation connectors make it possible to translate the bulk of content necessary to be successful in foreign markets.
The importance of a PIM solution for growing e-commerce, B2C, or B2B business is like trying to sell without a CRM. It’s foundational and not only supports growth, but is a “key business performance driver”.
Learn more about PIM solutions with the free eBook, The PIM Buyers Guide.