When you start any business, one thing is definitely sure that your business will grow in future. Do you agree? Just think positive here. Now think about it – what happens when your business grows and your product catalogue items expands? When something happens like this the management of products become tedious to maintain unless you leverage some software or tool into it, right. Here arises the need of ‘Product Information Management’ (PIM) for your business. Have you heard about this system? You may know about it if you’re in digital marketing sector. But if you aren’t aware then in this article I will discuss what product information management is? Why you need it for business in 2021.
Let’s get in.
What product information management is?
In simple words, product information management is software that provides place to create, sore, manage, and disseminate product data seamlessly to every sales channel. As a business, you can use this tool to store and manage your product information. Also you can use data to manage across multiple channels from a single dashboard. Moreover, the tool also lets you to easily upload, edit, and distribute product-level data across all major sales and distributing channels such as Amazon, Google Shopping to your ecommerce websites, Shopify and beyond. In fact, the system contains all the essential tools that are required to collect and edit content, build catalogue structures, and share product information across multiple platforms.
Now let’s come to the main part of this article and that is…
Why your business needs product information management in 2021?
Here are some points that will highlight the need of PIM for your business in 2021. Have a look at them below.
➯ To Improve business ROI
Who doesn’t like enhanced ROI? Every business wants this and you’re one of them. Product information management is a solution which situates the foundation of improved, automated workflows by reducing manual, repetitive tasks to a great extent. With the PIM tool, you can make businesses faster, reduce manual dependence, and ensure that the right product is sent to the right channel. Basically, this impacts your sales through faster conversions, and enhances customer loyalty.
➯ Increased demand for digital commerce
Another reason you might need a PIM solution is that there has been a continuous consumer demand for digital commerce. Today, consumers buy online products in just a single click with the help of their smartphones or web. The online shopping refrain consumers from visiting brick and mortar store. With online shopping, consumer look for more competitive price but and see more accurate information with images and videos of the product to make an informed purchasing decisions. A robust PIM solution helps you feed up-to-date product information into ecommerce platforms in a more reliable way.
➯ Keep data governance around the product information
Next reason defining the need of PIM is the robust governance which provides around your product information. The software allows you to build governance around such requirements with robust workflow capabilities. That control access to the attributes related to unique requirements or an organization. In fact, a PIN solution allows you to connect digital assets like images, videos, or product brochures. You just can’t serve the same image on website to the mobile apps as it will slower down the shopping experience for the end users.
➯ Product experience is directly associated with data quality
Today, customers shop online more than offline, right. It is because data experience becomes a key factor for customers in making a buying decision. Marketing companies slowly adapting this to enhance their customer experience. This is the most highlighting reason which increases the demand of PIM solutions. And makes it quick and easy to gather and disseminate accurate, consistent product information.
Let’s talk more about PIM below.
What type of business needs PIM?
PIM has many uses, now read below what type of business requires PIM.
➯ Sales and marketing business
It is crucial for any marketing business to manage, produce and sell products via effective marketing at every touch point. PIM is very helpful software for Omni channel sales.
➯ Customer care department
If you are into customer care department then you would surely receive complaints and queries related to your business products, right. Sometimes, customers make special requests for product-related information or its documentation. With the proper implementation of PIM, you can provide customers all the relevant information associated to your product.
➯ Procurement department
Procurement department can also use PIM to store and collect product information such as prices, product quality, contract details, and supplier decision.
The final words
The product information management is the best solution for your business to manage stock inventories information. When you leverage PIM in your business, you will realize how PIM makes it faster and easier solutions to create and deliver compelling products experiences. I hope now it is clear why you would need PIM for your business in 2021. You can also learn about our work for more information.
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