Consumers today seek product information from a variety of ecommerce sites, other online channels, and mobile search. More than 65% of consumers, according to Retail Dive, conduct online product research prior to visiting a store. More than 55% of consumers visit stores before making an online purchase, highlighting the importance of high-touch physical experiences and seamless omnichannel experiences for contemporary retailing. Businesses have begun to make extensive use of digital marketing strategies as a result of shifting consumer habits and an increasing demand for streamlined shopping experiences.
Every business must now communicate consistent branding and accurate product information across the Omni-channel landscape due to the growing use of digital media. Therefore, a Product Information Management system is required to overcome the complexity and scale brought about by various offline and online channels.
Ecommerce managers, online merchandisers, marketers, and product managers use PIM a lot because it makes it easier for them to manage all of their product information in one place rather than having to send emails and phone calls to colleagues and partners for it.
Why is PIM so significant?
The product strategy that deals with customers calls for a product information management system. This is due to the fact that today’s customers spend a lot of time online researching a product before making a purchase. As a result, CPG companies, retailers, distributors, and manufacturers now place a greater emphasis on the importance of high-quality product content. Today, the product description plays a significant role in online sales.
In fact, retailers are now prioritizing online content enhancement over product recommendation, A/B testing, and personalization over a variety of other merchandising activities. Here are the two primary motivations behind why this is the situation:
- The most important differentiation in the customer experience is detailed product descriptions. According to studies, 30% of adults in the United States who shop online would prefer to do so from online retailers from which they have never made a purchase if the product information on the website is comprehensive.
- Due to the rising demand for consistent and high-quality product information, a new breed of buyers has emerged. Consequently, 33% of professionals in channel strategy and e-businesses stated that their top priority is to invest in a product information management system.
Why do companies put money into PIM?
Each person’s decision to purchase a PIM solution is unique. Retailers’ requirements vary by industry and type of business. Businesses that are obsessed with their customers are compelled to invest in PIM for a variety of reasons. The primary scenarios are listed below.
- The requirement for a single customer-facing view of product data. Product information management systems have been used by companies that make their own products since the beginning of time to get buy-side supply-chain data like product weight and dimensions. Additionally, these companies require the PIM as a single repository for consumer-ready, approved, and dependable product content that is accessible to both internal and external channel partners like resellers and retail distributors.
- To speed up the process of promoting newly introduced products. The goal of streamlining processes like designing, creating, publishing, and approving is hindered by manual procedures. The majority of product creation processes can be automated with the PIM.
- To be able to handle more comprehensive product catalogs. PIM’s scalable solutions let businesses increase their SKUs and products without worrying about the system’s scalability.
- To accommodate the distribution partners’ increasingly demanding channels. Each channel partner’s unique product content can be managed with PIM, and the tools necessary to syndicate the product content according to predefined requirements are also provided.
- To guarantee a consistent customer experience across all channels.
The item data the board framework is an incredible venture you can make. Simply select the solution that best fits your business.