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Everyone in eCommerce — from retailers to consumers to employees of global brands — knows the importance of a strong online presence. But before PIM (product information management), reaching sales objectives was a hard task — as well as decreasing costs, training staff, and even gaining a competitive advantage. Companies had to struggle with time-consuming duties and endless spreadsheets to handle product data. Building up a great website that attracts and retains consumers on their respective markets was an incredible challenge. For online retailers of all sizes, such activities are crucial to achieve growth and maintain data integrity. So what is a PIM and what’s so great about it? How can a company or employee benefit from PIM?
- Increase Cost Savings
With PIM, data management is rationalized: all information is gathered into a central place that acts as a single repository. The product data is centralized, meaning that not only are retailers able to keep track of their stock, but consumers are also better able to find the products they need. All internal websites and external sources (suppliers, inventory, back-end) are linked together. With any product updates, all information is streamlined and accurate throughout all platforms. Such a process enables retailers to eliminate costs that impede companies’ growth: this is the end of dull, intimidating tasks and hours of work to compile data, as required previously.
- Boost Time Efficiency
When a retailer updates product information (new photos, new products, new descriptions, new prices), this data should be consistent at every point of sales online. But before, it was hard to ensure that the languages and prices were consistently reflected accurately onto all platforms. It was a long and painful process to look after data management. With PIM, websites and online platforms get synchronized when a new catalog, for instance, is uploaded. All consumers in their respective countries can enjoy the right product data and buy from trusted sources — freeing retailers from losing customers due to inaccurate product information or poor user experience.
- Improve Work Environment
When working in fast-paced eCommerce platforms, inventory managers, marketers, and other employees struggle to gather critical data for decision making. Marketers seek data to launch the right campaigns, supply managers must understand more about inventory, and entrepreneurs are willing to save costs. With PIM, such data (consumer behavior, shopping carts, websites browsed) is monitored, enabling retailers and their team to launch innovative campaigns and more easily rationalize their existing inventory management or processes. Overall, the entire team benefits from PIM to study product data.
- Improve Customer Experience
One of the most incredible benefits of PIM is the customer experience it provides. By rationalizing and updating all product information throughout online channels, PIM offers each consumer a unique, customizable experience. When searching for a product they love, shoppers are drawn to powerful, data-driven platforms that ease their buying process. As a result, consumers are more likely to return to your online marketplaces. When they are satisfied with their online experience, they’re also more likely to recommend the platform to their peers or friends.
- Integrate Data More Effectively
PIM facilitates the integration of third-party platforms into a single place, offering retailers the ability to gain massive competitive advantage or performance. Multiple channels can be integrated to provide shoppers with the most unique experience online or to meet the needs of each retailer. For instance, the integration of an online cart, a promo code, an external platform, an inventory management website, and forth. Such data remains consistent online and within the different points of contact — allowing retailers to highly customize their services or products.
With all these benefits for your business, implementing a PIM is a no-brainer! If you’re looking to increase the efficiency of your eCommerce marketplace, a PIM solution could be the option you need. Look forward to streamlining your processes, saving time and money, and providing an optimal user experience for your customers. Move your business into the 21st century!