Providing customers a better experience is stretching yourself to the extent that you can understand the customer’s experience thoroughly. As an e-commerce businessman, you must have already understood by now, the importance of customer experience.
You might have tried everything in your hand to make sure that customer’s queries are solved before they have been raised, but till now you have tried without back support or a PIM system. Although let’s be honest, your business needs a good brand name along with monetary profits and that comes with a price list.
What is a Product Information Management (PIM) System?
PIM system-Product Information Management is a system, which stores important product-related information and content at one secure location. The product-related information contains product data, product images, and the entire journey of the product from its origin to its sale.
The product information is stored securely in one place so you can search the data flawlessly. PIM ensures that you are well-equipped with product data before launching a new product. PIM makes the tedious searching process of digital assets so smooth, which you have not experienced before without PIM.
To learn everything about the Product Information Management platform, you must read What is PIM? – An Ultimate Guide for Product Information Management.
Why Product Information Management (PIM) system is Important for Business
PIM system is important for a business that seeks to expand their market globally as well as to cope up with local competitors. The key importance of the PIM system is;
- To expand Business: You expand your business by launching new products, to launch new products you need reliable and truthful information to showcase your customers. As PIM stores the bundle of product information at a secured location, you can reach out the information and check if your new product is ready to be launched or not.
- Customization and localization: With PIM you can deliver customized services to your loyal customers. PIM’s record will let you know regarding the preference of the customer over particular product and stat’s will help you determine which products need modification.
Quick Success to Global Market: PIM helps you in reaching the global market and adds your scalability. With the right information by your side, you can be ready with the change of the trending products in the market. You can make sure your business is able to cope up with the demands of the global market with the help of the PIM system.
To know more about the benefits of Product Information Management platform in detail, don’t miss to read What Are the Benefits of PIM (Product Information Management) Systems?
Who needs Product Information Management (PIM)?
From marketers, retailers, brand manager, e-commerce manager, and data governance teams everyone needs PIM to meet their respective business needs. Marketers need PIM to deliver an Omni-channel experience. Retailers need PIM to sustain a stronger relationship with suppliers.
E-commerce business managers need to understand the quality of product data so that he/she can make an informed decision. They need high-quality product data to carry out their business needs, and PIM fulfils that. The Data Governance team, who needs to keep track of compliance needs PIM to meet the compliance needs. Thus, from the initial layer of business to top management everyone needs PIM.
Do you want to know how a Product Information Management platform helps your different teams to streamline their workflow and improve productivity? – Let’s Connect
7 Vital Signs That Indicates a Business Needs a Product Information Management (PIM) System
As already stated, every business needs PIM. If your e-commerce business is facing problems or if below 7 signs are present in your organization, then be aware, as you need the assistance of PIM to solve those problems.
1. Scattered Product Information
No matter, if you have a small e-commerce platform or a larger one; scattered product information is way too dangerous. Half information or pieces of scattered information is one of the vital signs that you need PIM.
Scattered Information will consume too much of your time and efforts to make itself a valuable asset. Some important data may be lying in one system while other related information of that data may be lying on a completely different system. This will drain out your energy.
2. Time Consumption In Data Finding
It is quite obvious that if two related product information is lying in two different systems; your employees and teammates will spend a lot of time finding that data. This activity is time-consuming and does not make any sense.
You need a system like PIM, which will store the data at one secure location so your feasibility of searching data will be smooth. If employees will consume their time in finding data, then when will they deal with their actual job responsibility?
3. Conflict Product Information
Your business will have multiple departments, and every department likes to think that they are a key aspect of an organization. The multi-department will have multiple data and it will be a tough call to make to decide which product information is correct.
The conflict of product information will not only create conflict between departments, but it will also put you in the middle of nowhere. How would you be able to make an informed decision related to the product if you are not sure of the product information’s accuracy?
4. Inconsistent Format of Information
If you measure the distance in the kilometre and your manufacturer measure distance in the mile, then there is no way in the middle where you two are going to meet. If information is stored in an inconsistent format, then only one who stored it will be able to extract it.
Other employees will have no clue about the information and even though the information is available in front of their eyes, they will not be able to make use of it. The inconsistent format is equally horrible as inconsistent information.
5. Learning mistakes post-sale
If your sales team has inaccurate data then they are going to make this mistake. Your sales team may use outdated data and then realize that data was not supposed to be used by them. The presence of outdated data more than the updated data will lead to making a lot.
This is a serious mistake, after-sales; there is nothing you can do to rectify the mistake. The presence of this blunder is another sign that your business needs a PIM solution.
6. Customer receives inaccurate product information
Inaccurate product information is a worse thing but it becomes worse when the customer receives inaccurate product information. When inaccurate or scattered information is roaming in the system, there are high chances of customers coming across inaccurate information.
The inaccuracy in the information will lead your customer to return the product and that will eventually lead you to lose precious loyal customers. Nobody wants to lose a customer and fortunately, PIM’s presence will make sure to keep your customers loyal to your brand.
7. Customer receives wrong product
This is the worst nightmare of any e-commerce businessman. It is quite rare to happen, but still, with inaccurate product data and inaccurate customer data, you may end up delivering the wrong product to the wrong customer.
This is one of the biggest signs that you need a PIM system. The wrong delivery to the wrong customer is a huge step down for any business and you do not want to put yourself in one of those businesses.
Thus, the above 7 are crystal clear signs that your business needs a PIM system to survive and to lead the competition.
Read 8 Most Common Product Information Management Challenges to know about the challenges that your organization is facing in the absence of the right Product Information Management platform.
What kind of data is in a Product Information Management (PIM)?
PIM is a dictionary of data that has all product-related information; be it technical data or descriptive data or product rich data or digital assets. Technical data includes specifications, measures and ingredients of the product’s technical information.
Descriptive data and product rich data contains the journey of the product. PIM also stores digital assets, which includes product’s images, videos and related PDF information.
Key Benefits of Implementing Product Information Management (PIM) System
1. Data Transparency
With PIM, rich product data is fragmented in one single frame- in one single platform with security; so data becomes transparent to all concerned persons. This transparency has many benefits; your inter-department will never have differences of interest with product information.
A streamlined process will be generated through which every employee can track and record the status of work. Employees can have access to retrieve the information whenever they need it. The transparency will boost up their job engagement.
2. High-quality Data
Another great advantage of having a PIM system is high-quality data. You will never run out of high-quality data that is accurate and consistent. PIM dismisses unwanted and unused data so that only rich product data becomes handy to you.
PIM can take information from different sources, can sort out the information, and makes sure that you are equipped with high-quality data. PIM also takes care of duplicate data and removes it securely without interrupting other related data.
3. Cost-cutting and Time-saving
PIM is a cost-cutting and time-saving option. It performs the work of many systems at once; you do not need different systems to store and manage data, with PIM you can have all. It saves you from investing in different software.
It makes your working smoother and makes sure that all employees are putting in their optimal inputs. PIM supports employees by giving them freedom of searching useful data in no time and thus saves time and money both.
4. Centralized Information
PIM makes your information centralized and authentic. You or your employees do not need to jumble between the platforms to get the information. At one central and secure location, you can track the information and use it.
Thus, with PIM you make your data live eternally. You will never lose your data, thus you will never have to re-generate the same data. You make your data secure and centrally available to all. The searching becomes smoother when data is stored on a central platform.
5. Helps you in setting brand image:
With PIM, you can deliver a rich customer experience to your loyal customers. The loyal customers will spread a good word for you, and that will build your good image. Without putting any effort or without investing in branding; you create a brand image with PIM.
PIM also helps you in setting your foot in the Global market. Through its multilingual feature and many other features, you will be able to complete your global competitors.
If you want to explore everything about Product Information Management platform implementation, check out 15 Best Practices for Successful Product Information Management (PIM) implementation.
Do you want to leverage all the above listed benefits by implementing a robust and reliable Product Information Management platform in your business ecosystem? – Get in touch
How does a Product Information Management (PIM) system optimize the price lists?
Price optimization is a process, in which you find or decide the sweet spot for the price that gives you maximum profit. The price optimization also gives you the ultimate amount- the amount which your customers are willing to pay for the specific product.
PIM is a source carrier of product and customer information, thus it creates a balance between customer’s data and product’s pricing and adjusts the price- which your customers are willing to pay. PIM knows your customers better than anyone else so that analyzes the data by itself and helps you in deciding a price.
The best price strategy is to create a cluster of customers and decide what exactly each group is willing to pay against the product. This strategy helps businesses in boosting up their overall profit.
4 ways Product Information Management (PIM) can make your customers happier
Customers have access of accurate product information
Customers become happy when they get exactly what they had asked for. PIM makes your customer happy by helping them in providing accurate product information. The customer gets to go through product information thoroughly before purchasing the product.
Right product with the right information
With PIM, you are not fooling your customers; you are only showing them the products that they are going to have. Customers do not like to ask for a product and then return it because it does not match the criteria as they had seen in the virtual image of the product.
Meet customer’s demand
Customers become happier when they get the latest trending products from your platform. With PIM, you can easily launch the new product without going through many more troubles, and thus you can fulfil your customer’s demand in a jiffy.
Better customer experience
With PIM, you can store the customer experience against each product, so when next time the same customer asks for the same product; you can improvise or modify the product before handing it over.
Do you want to keep your customers happy and satisfied through the Product Information Management platform? – Talk to an expert
Conclusion
Product Information Management is a ladder to reach the mountain of the competitive world. You need to make your customer happy; a happy customer is a measure of a successful business. To keep customers happy, you can’t dodge the fact that you need ultimate profit. You must set an optimized price that your customers are willing to pay.
