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Everything You Need To Know About Product Information Management

  • By Rohan Roy
  • June 1, 2022
  • 342 Views

A product information management software is a cloud-based tool for collecting, sorting and managing product information that anyone can use. With a PIM solution, a business can see all of the product data in one unified and accurate place. This way, there is only one place to look for the truth.

Your Business Needs a PIM Solution When you See These 6 Things

When a company doesn’t have good product data management, they can see it differently and at other points in organising and managing information about them. So, check out the list below to see if there are any that look familiar to you.

Duplication of Data

If you look closely, you can see that your organisation doesn’t have a single place to store all of its data.

Production, marketing, sales, and eCommerce departments make copies of the same product information in different spreadsheets. You spend a lot of time, money, and resources trying to figure out which products have the same data and which ones don’t.

It Will Take Longer For The New Product to Come Out

The new product lines or new companies that you add to your business will need to be merged into your operations, so you need to do this.

People can get the new product data in different software, an excel sheet, or other ways. If that happens, the data will be spread out and unavailable when needed.

If your company needs to keep track of many different products with many other attributes, this problem comes up. Data merging, mapping, and matching become a problem for the company and end up giving customers a bad experience.

To Set Up New Distribution Channels Can be Challenging

It takes a lot of time to make sure that your products are correctly promoted on the new sales channel. If you have a lot of data, you can’t spend time sorting through it and making it work for this new channel.

PIM changes your product information management system automatically when you change how you sell and promote your products. This way, you can sell and promote your products smoothly. To add as many sales channels as you want, you can do so.

Challenges in Global Market Growth

Every company wants to grow shortly or in the long run. The more you move your business across borders, the more problems you’ll have to deal with, like different languages, measurements and currencies. It’s hard to deal with all of these barriers effectively and quickly.

Integration of Different Systems Can Be Complex

Most businesses use many different systems to keep track of their products, like an eCommerce portal, inventory management system, order management system, and so on.

In the end, you only have to do this once when you update all of these systems. Let your product data flow freely as it changes and is updated to avoid getting stuck.

Inconsistencies in Product Information

There are a lot of customer-facing inconsistencies when it comes to product information management software if you look into it more.

7 Types of Data You Can Store in PIM

If you spend a lot of money on the PIM, you might want to know what kinds of things you can store there.

An audit of your business is needed to see how PIM can help your business. It would help if you looked at how product data is processed and used across the company to see how PIM can help your business. PIM is a single place where you can store different types of product data that your employees can use effectively.

People Who Make This Thing

There are usually a lot of technical things in the product specs. These are the most critical parts of your products. It includes things like how great the product is, what kind of material it is made of, how much it can hold, etc. In your company, these data are used all the time.

These specifications are used by your sales and marketing teams, as well as on your website. They are also often used to describe a product on your site.

PIM helps you keep your product catalogue up to date and give your customers the information. This, in the long run, leads to more sales and revenue.

Often, the sales team gives out outdated information about a product to the people who want to buy it. So, chances are you will lose out on a job.

Files of Media

Every person who wants to buy something should be able to look at the products first. People can’t touch and feel the effects in an online business because you can’t do that in person. It is essential to show them high-quality images of the products. They can see what they’re going to buy and how it will look.

Businesses like to show customers a 360-degree video of the product. A how-to video could even be made from this short video.

PIM includes the elements of Digital Assent Management to keep track of all the images, videos, documentation and other resources related to your products.

A Product’s “Selling Content”

Selling products is more than just telling customers about the features and showing them pictures. Do you want to sell every item you put on your eCommerce portal or website?

Product sales can’t happen without the proper marketing of it. To get people to buy your products, you need to speak in a way that makes them want to buy them.

You don’t have to keep your marketing team from making promotional content again when you can use the PIM system to keep track of your persuasive content. Then, make the promotional content once and give it to your sales and marketing team. It saves time and works for groups to spread the word about the products.

Users Have Different Roles and Have Additional Permissions On the Site

Product management can be challenging because there are many things you need to think about. When your customers want to use upgraded products, they need to think about a set of products that have a strict upgrade path.

All of these rules and data should be made clear, so there are no surprises when the wrong product information is mixed up with the right one, the right product shows the right features and more.

Make sure your marketing team, sales team, and customers all understand your product information so that it is easy for them to do so. Without the PIM, all these rules are thrown together and stored randomly.

Do you belong to one of these groups? If so, let me clarify that you are doing a terrible thing for both your customers and your staff. If you are going to be making mistakes, you will lose money and time, too.

A Lot of Different Languages

When you want to expand your business, you need to think about the global market’s needs. You will also have to deal with the language barrier. You need a website that can help you in more than one language.

PIM lets you advertise your products in different countries in their language. So your customers will be more likely to connect with your brand, which will help your sales.

A Lot of Currencies

People in almost every country use their own money. So, customers want to know how much the product costs in their currency before buying it.

You need to sell your products in a currency that your customers like to use. With a PIM solution, you can support multiple currencies to meet the needs of your global customer base.

Adding a New System

Important, but very important: If you don’t use PIM, your data might spread across different systems. An advanced PIM system lets you connect all of your other systems in real-time. This means that when you change data in one system, it automatically changes in another system in real-time without you having to do anything.

Retailers Should Use PIM for These 5 Things

Adding technology to your business could be the best way to solve your problems. So let’s list a few reasons why you should use PIM if you work for a store.

Keeping the Brand the Same

Your brand is a lot more than just a picture of your business. It’s the face of your business. Try to think of your brand as someone and develop a unique brand identity.

So now that you have that picture in your head ask yourself how often your brand message was misunderstood? These inconsistencies are making it hard for you.

Here, PIM makes sure that your brand is the same. It spreads your brand’s style, voice, tone, and message across all of your communication channels to match up with each other.

People who work for retailers have complete control over the information about the products that people see. With PIM, you can quickly change all of the content and make it match your brand.

When you use Product Information Management (PIM), all your product information is put together in one place. This makes it easy to make changes to all of it and make sure you’re communicating the right message.

Better Information

You can usually get clean, high-quality data from product information management systems. They can also help you grow your business more quickly. Providers of PIMs work to make it easy for you to manage all of your data, no matter how complicated it is.

We can do that if we want to start with Pimcore’s PIM system. It has a lot of tools for defining and improving data quality. In addition, Pimcore gives you data validation and data quality reports so you can keep an eye on your data in real-time.

One of the essential things in product information management systems is that the data is correct. It doesn’t matter if you’re not a retailer; having a good look at your data reports can still be very important.

There is a good picture of your business.

Also, PIM comes with many user-friendly dashboards that you can change and customise to meet your needs. The information you need for your business will be on these dashboards. You’ll also find essential states and some specific workflows. It mainly talks about data.

Overall, Pimcore does a great job with data quality management. It gives you a clear picture of your data quality and completeness, letting you grow your business quickly.

Improved Customer Service

PIM systems make it easy for customers to get detailed and accurate information about products. The number of product returns, complaints, and abandoned shopping carts drops a lot.

When you use PIM, customers can see all of the information about a product right away. If they want to buy something, they can see how much stock there is. They can research any product or service they want, then go right to the check-out to buy it.

PIM gives your customers more control, which makes their experience better.

Getting Rid of Data “Silos”

Another benefit of using a PIM system in your business is that you won’t have to keep your data in different places.

As we said before, data silos are where fixed data is kept and is still under the control of one of the departments.

That would mean that different parts of your company don’t know the same things about the same item or customer.

Conclusion

51% of the people prefer to shop online, while the rest prefer shopping in stores. If you work for a store, you might want to get the most out of these numbers with the help of a PIM.

Product Engineering

Rohan Roy

Rohan is a rare mix of technologist and CMO at Sterling technolabs. His passion lies in helping companies to grow revenues by delivering top-notch software development services and build value-based partnerships. When not driving high-impact go-to-market strategies, Rohan scrolls twitter and often reads.
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