6 ways PIM benefits your business
blogMay 31, 2023
Could product information management be the software solution you've been looking for?
1. PIM creates a single source of truth
Whether you’re selling jeans, juicers, or joinery equipment, PIM software gives you a single source of truth for all your product information. This ensures that accurate, reliable information can be organized, enriched, and distributed to all external audiences across all channels from a single centralized platform.
PIM software can also significantly streamline internal collaboration and data sharing. PIM removes internal siloes and inconsistencies within your product information. This means better oversight and smoother working practices for all internal teams, including marketers, e-commerce, compliance, IT, etc.
2. PIM streamlines your scalability
If you’re selling online, growing your business typically means opening up new channels, marketplaces, and geographies. However, when dealing with vast amounts of product information, expanding your business can be a challenge. That’s why so many brands, manufacturers, and retailers rely on a PIM solution to help them streamline their scalability.
The right PIM will ensure all your teams have access to product information that is accurate, complete, and ready to meet the requirements of all new marketplaces and geographies. This means no unforeseen surprises will catch you out, and you won’t have to keep your growth ambitions in check.
3. PIM automates your workflows
With new technological advances every week, now is the time to work smarter, not harder. That’s why many brands, manufacturers, and retailers rely on artificial intelligence (AI) and automation tools within their everyday processes. These tools not only cut down on manual errors, but they can also significantly boost internal efficiencies.
With a PIM solution that has automation at its heart, you can ensure you get the full benefits of AI technology across your value chain. Whether it’s generative AI like ChatGPT writing your product descriptions, or tools that help with catalog management or product categorizations, there are myriad efficiencies to be made. And that, of course, means added value for you.
4. PIM builds better customer experiences
People buy online these days, whether they’re B2C shoppers or B2B buyers. And when buying digitally, your customers still expect the contextualized buying experiences they enjoy in brick-and-mortar stores. That means single-click ordering, easy-to-understand delivery options, a seamless omnichannel experience, and more. Otherwise, they’ll simply go elsewhere.
The right PIM software can help you build better customer experiences at every touchpoint, in-store, online, social media, or anywhere else. With a PIM solution, you’ll be able to create contextualized, compelling product stories that are supported by reliable, accurate product information that’s localized and personalized for every sale.
5. PIM supports sustainability
Gone are the days when sustainability was simply a ‘nice to have’. Now, it’s not only environmentally conscious consumers that are leading the charge for more sustainable products and processes. Governments are also getting involved, and regulations related to data transparency, like the EU’s digital product passport, are fast coming down the track.
How can brands meet these growing expectations for sustainability data? With the right PIM software in place. While product information management software has traditionally focused solely on the distribution and selling stages of a product’s journey, the new breed of PIM goes further to capture product data from material sourcing all the way through to retirement and recycling. This ensures the complete data transparency you need to meet ever-evolving sustainability demands.
6: PIM expands your revenue streams
In business, the bottom line is your bottom line. That’s why it’s so important for brands, manufacturers, and retailers to ensure they not only keep their revenue streams flowing but also evolve to capture value at every touchpoint. It’s no longer enough to simply hope for that all-important purchase. There’s value to be added before, during, and after the sale.
A PIM solution can help you maximize your profitability at more stages of your product journey. For example, with the right data model in place, you can create an ecosystem of product-attribute relationships that can fuel whole new after-sales revenue streams. This could be simple cross-sell and upsell, or even brand-new after-sales maintenance and repair services that help build long-lasting customer relationships.
Unlock the benefits of PIM today
These are just six of the benefits brands, manufacturers, and retailers could see with the right PIM software in their tech stack. The inriver solution offers the complete approach to PIM software, with market-leading product data syndication (PDS) and digital shelf analytics (DSA) capabilities built-in to ensure our customers have everything they need to succeed.
With sustainability at its core, the built-to-scale inriver PIM solution equips you with the tools you need to meet the growing demands for product information. Want to see how we do it? Book a guided, personalized demo with an inriver PIM expert today and discover the many ways inriver could transform your business for the better.