Product Information Management saves money, time, and improves the customer experience. For the digital experience and customized needs of the customer, PIM is important. PIM helps in building a better e-commerce platform, for more sales and operations. In a current competitive world, every business will opt for an e-commerce platform.
For growth, brand loyalty, and customized solutions building an e-commerce platform is a wise decision. When the function, the primary goal of your business, and expected performance is not sustained, then up-gradation is required in business. When all your competitors are running an e-commerce platform, you cannot upgrade your old business pattern, and you should choose PIM for the e-commerce platform.
- 1 What Is Product Information Management (PIM)?
- 2 Challenges Faced by E-Commerce Business Without PIM:
- 3 Use Of PIM For Enhancing The Futuristic E-Commerce Platform:
- 4 Wrapping Up:
What Is Product Information Management (PIM)?
PIM holds all the larger content of data, information, and product content within it. PIM is the solution for creating, managing, and updating all the information on the product of your business. PIM can create catalogues for different products and can distribute those catalogues to the e-commerce channel. All the content is securely and safely stored in one place.
PIM is a centralized platform, which manages data of products and services. PIM gathers data from different sources filters them out and creates a rich data pool that is stored on a central platform. Inconsistent data can be filtered out with PIM’s search engine. Effective search engine and automated data collection is its added advantage.
Challenges Faced by E-Commerce Business Without PIM:
E-commerce businesses have many problems with them while they are growing, but some of the below are challenges a business will face if they do not implement Product Information Management software.
1. Importance Of Product Information:
Accurate, reliable and easy to access product information is very important for customers who are willing to purchase the product. No customer will make the decision to purchase without product information. In a recent technological world, everyone likes to purchase products from an e-commerce platform, and if your platform lacks proper product information you are going to lose those customers.
2. Managing Complex data:
When you have an e-commerce platform, you might not just have one product or one simple data but might have multiple products with multiple complicated data. When multiple products are there with multi-data, it becomes very difficult to manage all the data without any tool or software. If proper data is not stored with ease, the risk of lost data would be there. Lost data costs so much for any business, either e-commerce or traditional organization.
3. Multiple Purchase Options:
Customers are very cunning, they do not settle for the first thing they see on single media and will run their search on all social media, shopping platforms, websites, and market stores. Only after going through different options, they will make an informed decision to purchase with proper product data and authenticity. For that updated product information, benefits, categories of products, prices, and possible queries should be ready with you.
For any business or organization, it is important that all the departments are integrated into unison to serve the organizational goal. But in a competitive world, every department could or could not be integrated and collaborate easily with each other. For the product manager, it is not easy to keep all the departments updated with all the information he/she has. Integration of supply chain, logistic, procurement, and marketing team is necessary for shipment.
5. Customer Feedback:
If you have multiple products and multiple platforms, chances are there, that you will get some negative customer feedback. Customer feedback should be considered as a step, which brings your business towards growth. Managing customer feedback is equally important as you do not want to make the same mistake twice. But if you have multiple products, multiple feedbacks would be there and without proper tools or software, it is so difficult to manage all feedback thoroughly.
Thus above mentioned are the challenges without PIM. But if you know what are the challenges, then you can use them in your favour to improve your business by implementing PIM. PIM takes care of all the challenges, which are described above and can do many more than that. PIM makes better data management in no time, makes a rich pool of product information, helps in saving money-time-energy, and helps in providing better customer service.
Use Of PIM For Enhancing The Futuristic E-Commerce Platform:
1. PIM Accomplishes The Organization Future Goal And Growth:
When you implement PIM for your e-commerce platform, you expect it to perform its duties. PIM has many capabilities for an e-commerce platform, it can: implement new workflow patterns with an automated system of data, can launch products on multi-channels easily, will make all departments work in collaboration, can reduce customer grievance, can give staff members spare time so that they can perform a core business activity, free from manual efforts, and will reduce the product return chances.
The better result of employees with no product return is the goal of any business and with PIM it is possible. As collaboration increases, with smooth product launching, and automated systems of data the growth of business eventually happens.
2. Addressing The Change:
PIM is a central platform that carries all the product information within it. As it has all content it can, interpret if the changes are required in the existing workflow. PIM software can give insights where your business lacks and can give insights where the functions of the workflow are not performing the way they should. PIM addresses the change your business requires for future growth. Once you know where your business is lacking, you can overcome those obstacles with the help of PIM software.
Predictive ordering, probable buying decision of the customer, and personalization can be updated when and where needed through PIM. For a better market place why settle with less function when you can have more.
3. Implement A Custom Solution:
Every organization is different; the need for everyone is different too. A solution that fits one might not fit rest organizations. When you try to implement a solution that serves your basic need for product management and has the potential capability for your multi-channels, you should not overlook PIM and buy the mediocre solution. PIM not only manages product data but creates a product catalogue and launches products on multi-channels.
Find any PIM software that manages, creates and modifies the content for your short term requirement (present) as well as for the long term requirement (Future). PIM is a core component for any e-commerce business as it gives consistent product information at the right time.
4. Increase Brand Loyalty:
Whether you have just created your platform or are experienced with your platform, you want to make your e-commerce business with increased brand loyalty in the upcoming years. The brand name cannot be created overnight and it takes time to create and sustain a brand name. With PIM, you are a step closer to creating your brand name. PIM makes sure that customers are getting proper product information during their purchase decision and also makes sure that the feedback of customers is being worked on.
When customers are happy with product information and when their queries are being solved, they will automatically stick to your business. A loyal customer is very important for brand value. In upcoming years, constant purchases from loyal customers through your platform will help you in getting a brand name.
5. PIM helps In Making Product Data Clean:
PIM not only holds the data on the central platform but also keeps the product information clean and clear. Transparent, unified, clear, and filtered data is easily available on PIM. The data is accessible to all the concerned parties with transparency. Whenever there is a need for product information, when you are about to launch the product, it is readily available on PIM.
You do not have to spend hours finding the data of the product before launching it nor do you have to check for the inconsistent data as PIM has already filtered it. When you have data easily available in your hand, you save time and energy.
6. Centralization Of Data With Catalogues:
As already stated, PIM is a central platform that carries the product information on the central platform, it gives you an added advantage over competitors. When content is stored on the central platform, it can never get lost nor could be damaged. The risk of data loss is nil. PIM also generates a product catalogue. With the catalogue, PIM can send information to various channels.
If you want to keep your e-commerce business in the lead amongst your competitors even in upcoming years, PIM is a must requirement. PIM provides direct and indirect benefits to the e-commerce platform, benefits that cannot be incurred with any other normal tools or software. For the long term success of your e-commerce platform, PIM is mandatory. There are different software available for PIM, and according to your business requirement, you can choose the one that fits best for you.