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Learn About Product Information Management Systems

Product Information Management (PIM) solutions have become increasingly popular among e-commerce brands, manufacturers, and retailers over the past years. According to Verifiedmarketresearch, “Product Information Management (PIM) Software Market size was valued at USD 7.45 Billion in 2020 and is projected to reach USD 15.83 Billion by 2028, growing at a CAGR of 9.87% from 2021 to 2028.” This shows the adoption of PIM software isn’t slowing down anytime soon. 

As an eCommerce vendor, you should already be familiar with the challenges of constantly maintaining an ever-increasing number of Stock Keeping Unit (SKU) list. Your company growth also means constantly updating list prices, labels, and product descriptions. 

Organizing this product information manually can be daunting and expensive. Without an integrated system to facilitate the transfer of data among your sales, marketing, and customer success teams, keeping up with product updates will result in a number of data silos across your organization. There is a genuine danger of providing customers with inaccurate or outdated information.

Hence, the rise in brands across the supply chain increased adoption of a PIM software solution.

Why take the PIM route?

One thing is for sure, PIM adopters are outperforming their competitors who are non-adopters. As your business and inventory grow, so does the need for a PIM solution. PIM software is a highly advantageous option for brands involved in digital commerce aiming to invest in technology and processes that alleviate the data management challenges, offer suitable e-commerce solutions, and improve the overall customer experience.

What is Product Information Management (PIM)?

Product Information Management (PIM) systems enable users to store, enhance, and manage intricate product information. These tools centralize product-related data, simplifying the process of updating and managing correct information across various marketing channels and touchpoints.

PIM system should be integrated with your eCommerce platforms, customer relationship management (CRM) systems, and enterprise resource management (ERP) software, guaranteeing that the latest product information is readily available and updated throughout your organization. 

PIM systems are especially good for eCommerce companies that undergo frequent changes to their product catalog, sales strategy, and marketing communication.

Source

How does a PIM work?

PIM software like Pimcore offers powerful product information management and data governance capabilities that enable companies to establish a unified, singular repository of high-quality product information and content. A PIM system helps streamline internal processes (workflows) to help provide consistent, accurate, and high-quality product information to customers.

Why does a PIM require a workflow?

A workflow refers to a defined pathway, process, and series of rules/steps that a PIM work item, (such as a product SKU), goes through from the initial idea stage to its finalization. By establishing a PIM workflow, managing product data becomes easier.

A workflow helps you improve team collaboration, eliminate missing product data, launch products faster, accelerate approvals, and more.

The typical PIM workflow includes stages such as:

• Creation of well-defined and standardized editorial workflows to manage, update, and share accurate and reliable product information across different online and offline channels​.

• Configuration of digital assets, data objects, documents, and more to support varied processes such as data maintenance and product information lifecycle.

• Implementation of a custom view of data records for all internal and external stakeholders based on their roles and responsibilities.

• Development and implementation of end-user workflows for editorial tasks and product data management, allowing sales, marketing, eCommerce, and product management teams to sync product data with relevant digital assets.

When and Why should you be using a PIM System?

If you handle complex product contents and relationships, have a high number of SKUs, sell products through multiple channels, collect data from multiple suppliers, and more. You definitely need a PIM system. A PIM system helps you:

• Gather technical information from engineering and product platforms.

• Develop marketing content based on complete product information and specifications.

• Enhance product information with search-engine-optimized descriptions, photos, and videos.

• Localize product listings for various regions, regulations, and languages.

• Distribute product listings across digital and print catalogs, as well as e-commerce syndication platforms and publishers.

• Maintain and update e-commerce listings as products undergo changes.

• Achieve smooth multi-channel marketing capabilities.

Do I need a PIM Solution?

To answer this question, you need to consider the fact that PIM solutions are the future of product data completeness and accuracy. However, needing a PIM solution depends on your short-term and long-term goals for your e-commerce business.

Mapping out what you want for your business and where you want to be in the future with your product data can help you decide what PIM model is best for your business.

Businesses that could benefit from using a PIM Solution

Every organization or business in a product-focused industry can adopt a PIM solution. Let’s take a look at some of the businesses that could benefit from using a PIM system.

• Manufacturers:

   Manufacturers being the original source of product information, need a PIM system to have a unified view of product information, including the Cost of Goods Sold (COGS). With this, manufacturers can make modify product pricing based on changes in supplier prices.

• Retailers:

  Retailers need PIM systems to collect and manage product data in their inventory management and point-of-sale (POS) systems. Inventory management and POS systems handle the organization of products in warehouses and sales points. By incorporating PIM systems with these external applications, retailers can establish a  single source of truth (SSOT) for product data.

• Companies selling on multiple channels:

   When companies showcase their products across multiple channels and marketplaces such as Amazon, a PIM system connects all the product information to the channels so they only have to manage it in one place.

• Companies with unclear internal processes:

   A PIM solution is ideal if a company has unclear internal processes, and needs to gain control over their product information because it provides structure, visibility, and control. Working with a PIM means fewer applications, fewer integrations, and less complexity.

• Companies selling in multiple languages:

   Nowadays, customers shop from every part of the world and region. For companies selling in multiple locales and countries, a PIM can manage product translations (localization) and adapt the distribution as required.

Wrapping Up

As discussed earlier, choosing a PIM solution depends on your goals and business requirements.

Whatever you decide on, Hamari is the software development agency, always ready to answer your questions and help you get started on your PIM implementation journey. Let’s get in touch!