The Benefits of Product Information Management (PIM)
Implementing a productive PIM solution will reduce workflows, accelerate product launches, and enable multichannel marketing initiatives – while providing your customers with accurate product data to build trust in your brand and generate customer loyalty. Check out the Best info about catalog management.
Your marketing department can save time and effort with Automated Data Categorization, Enrichment, and Personalization, which will increase conversion rates while simultaneously improving customer satisfaction.
Product Data Management
PIM systems serve as a single source of truth for product data, streamlining workflow and eliminating frustration and errors associated with using multiple spreadsheet tools to manage catalog. They also help reduce manual tasks for team members; by saving time on data entry and dead-end searches, these PIM systems help teams focus on creating more engaging product presentations that drive customer buying decisions.
Heiler conducted a study that concluded that companies investing in quality PIM systems experience 23% fewer product returns. Improved information accuracy also yields cost savings; with all your product details stored in one central place on a full-featured PIM platform, it becomes much more straightforward to ensure accurate information across sales channels.
Your marketing teams can access all the data needed for their campaigns directly from the PIM, while SEO specialists can quickly gain all the metadata they require to optimize product pages. This feature is essential for organizations offering B2B services where inadequate omnichannel enablement could result in lost revenue or sales opportunities. A quality PIM solution should work seamlessly with existing information systems, homegrown software applications, legacy products, and legacy platforms so as to provide an enjoyable user experience for every individual who uses it.
Marketing Content Management
PIM differs from master data management systems (MDM) by centralizing and synchronizing product information for quality, completeness, and consistency – enabling marketing teams to design targeted campaigns more quickly; optimize descriptions with emotive copy and multimedia; push information into multiple marketplaces simultaneously; as well as meeting both localized as well as global product content needs.
Apart from streamlining the distribution of accurate product data to sales channels, product feeds also reduce manual data entry errors by providing your team with one source. When changes are made in one location, they’re instantly updated in all your systems and marketplace channels without incurring costly manual data transfer processes.
Inriver’s PIM platform was developed specifically to meet the unique requirements of large-scale e-commerce businesses and global retailers, such as product categorization/tagging/category management/catalog management/digital asset management/product data syndication to all online/offline sales channels and marketing collateral such as flyers/spec sheets/catalogs.
When your ecommerce team notices signs that their data is no longer as comprehensive and accurate as desired, it may be time to invest in a PIM solution. The benefits can be profound, from reduced manual data entry costs to eliminating search dead ends, which lead to frustrated customers, and cost savings from reduced manual labor costs.
Localized & Regionalized Information Management
Localization is a subset of Product Information Management (PIM) and involves using language specific to a market or geographic region for marketing copy, currency/measurement conversions, images that reflect cultural norms, and more. While PIM systems can be used for this purpose, organizations often rely on separate master data management (MDM) solutions in order to handle both localized product attributes and more comprehensive business information efficiently.
PIM and digital asset management (DAM) tools offer on-demand access to product narrative, digital assets, and proofing workflow information needed by creators for accurate strategic deliverables. This enables brands to launch products faster while eliminating manual handoffs, redundant data entry processes, and email chains associated with content requests and proofing workflows.
PIM systems also enable marketers to quickly transmit product data across e-commerce syndication platforms, print publishers, and other channels through a straightforward export, eliminating manual handoffs and risks associated with inaccurate or inconsistent product data. This efficiency allows brands to focus more on customer and channel experience rather than managing product catalogs – fuelling stronger relationships and revenue growth overall. A PIM system is one of the essential tools e-commerce retailers and brands require today.
Omnichannel retail environments demand high-quality product information that enables brands and retailers to deliver tailored experiences for customers. Subpar quality information not only frustrates customers and can result in lost sales opportunities; it can also lead to costly compliance issues that close down important sales channels or result in fines against brands.
PIM systems can be an invaluable asset when it comes to executing an omnichannel strategy. By centralizing, syncing, and consolidating sales channel data into one central source of truth, teams can collaborate more easily on creating rich product stories personalized for each customer. With one source of truth, you can also streamline internal workflows and collaboration across departments; speed product launches/time to market; identify, assess, and quickly respond to product information gaps; reduce manual data entry errors/duplicate listings; and more!
Although there are various systems designed to organize and manage digital assets, such as content management systems (CMSs), PIMs specialize in organizing product information to multiple online sales channels – saving both your team time and reducing mispublishing or missing valuable product details for customers.
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