Product information is gaining a lot of importance due to the drastic change in shopping trends. Customers these days prefer comparing the products of their choice based on their product information before making the purchase. For this reason, it has become important for every enterprise to provide the best and most accurate product details to their end users across all the channels. The high-quality and real-time data will help e-commerce by enhancing sales and driving growth in business.
What is a PIM System?
The product information contains different types of details like the product description, technical specifications, graphical details like images, videos, audio clips, statistical details, costing, etc. All these details are available from various sources in different formats. The organization needs to implement an application that will help in managing all the product information at a single point.
The Product Information Management (PIM) system efficiently helps in product data management. This system enables collecting the data, compiling, organizing, storing, and secure sharing of the data with different teams. Implementing this PIM solution helps the organization harmonize and centralize their product information while leading to business growth.
The Features and Functions of a PIM System:
There are several functions and features of the PIM system that make it one of the mandatory applications required in the organization. It helps enterprises involved in the eCommerce business by harmonizing and centralizing their product data, which plays a key role in its success. A PIM system acts as a win-win solution for both customers and owners. For customers, a PIM solution delivers exactly what they are looking for from eCommerce companies like
- Product Categorization
- Searchable Product Data
- Product Data Segmentation
- Sharing & Publishing Product Content on Multiple Channels
- Data Enrichment Through Digital Asset Management
Apart from that, here are the key features and functions of the PIM system that take eCommerce businesses to the next level and satisfy the needs of modern customers.
- Ease of data collection: For e-commerce shop owners, importing is very important as it involves multiple devices or multiple products in their business. The customers try to import the product information from various places, and this should be without any technical glitches or issues. The PIM solution makes use of the fact that customers can access the data from any device at any place with ease.
- Advanced product data analytics: The PIM solution enables storing and optimizing data at a centralized location. It also allows for creating personalized reports and identifying the areas that need improvisation. The PIM System includes an inbuilt function for analyzing and aggregating product information from different page views and listings. This helps the enterprise get details of product performance. It also enables the users to perform product comparisons, group categories, etc.
- Bulk editing capabilities: PIM stores the data centrally, so editing the details allows making the changes across all the channels at once. This helps in saving time, effort, and energy. That time can be utilized for more important tasks.
- Creating and managing categories: PIM helps the clients with easy management of data into several categories on eCommerce stores. This can be done based on segment lists, specific traits, etc. Implementing a PIM solution allows for creating personalized URLs, custom categories, etc.
- Advanced Filtering Options: The PIM solution includes advanced filtering options that allow the users to find the product of their choice quickly and seamlessly. It has several filtering capabilities that include multiple attributes and conditions. It also allows for saving the filters for future use.
- Seamless integration with other systems and channels: For efficient working of the different processes and operations within the organization, there are several applications required. PIM allows for ease of integration with these applications, thus making it easier to collect the data from the different applications. The PIM system also allowed for integration with other shopping platforms that are useful for e-commerce stores.
How Does A PIM System Contribute to Ecommerce Growth?
A PIM system acts as a central hub for data and contributes immensely to the eCommerce workflow. The presence of several digital tools within the PIM system enhances the e-commerce business performance through enrichment and meaningful product data. There are several benefits gained by implementing the PIM solution integrated with the e-commerce system.
In addition, PIM eCommerce improves product data processing, which will lead to sustained customer retention and an increase in business ROI. The contribution of the PIM system to e-commerce growth and development includes:
- Coherent product data: Implementing the PIM system allows for providing accurate product details to customers across various channels. The details provided by PIM are well-structured and clear, thus gaining the customer confidence in the brand and business. It also allows for providing timely delivery details to the customers, thus enhancing the customer experience.
- Improved search results: The enterprises include several channels for expanding their business across the eCommerce market. PIM for eCommerce allows for organizing the product information using several attributes that make it easy to improve the product search. It improves the SEO rankings, thus making the product visible through several search engines.
- Efficient in-store upsells and cross-sells: PIM allows for storing the data at the centralized location as a single repository along with the details related to the cognitive analysis method for optimizing interconnections between the items. It helps in understanding the upsell and cross-sell potential.
- Better shipping services: PIM tools allow for improving the online ordering procedures, tracking shipping details, and providing quick and safe delivery.
- Enhanced inventory tracking: Customer demand prediction is very difficult to predict. PIM helps in understanding the needs of their customers and also allows inaccurate tracking of the inventory details. It strives to provide the best shopping experience for its customers. It keeps track of inventory and avoids situations of out-of-stock and overstock.
- Customer Experience: Customer satisfaction and gaining customer confidence are of utmost importance for the growth of the business. The PIM toolkit helps in providing customer-centric products by incorporating smart data-driven algorithms. This helps in providing personalized products to the customers on demand.
- Reducing return rates: Product returns arise when customers are not satisfied with the products they receive. PIM in eCommerce enables the sharing of true and accurate product information with their customers along with graphical images, videos, and other details. This helps the customer to visualize the product before purchasing it. This helps the customer to connect to the product, and thus the changes in product return also decrease.
- Product upgrade: PIM keeps track of the product information and also stores the details of customer reviews. With the input from the customers, the product development team can make changes to the product to serve their customers with improvised products. With the technology change, the demands of the customers keep on changing and based on their requirements, the products can be improved.
For success and to lead in the e-commerce market, the enterprise should implement the PIM system. This will help in meeting the needs and expectations of their clients and thus boost their business. The PIM solution integrated with the e-commerce ecosystem will help in reducing the workload, enhancing the performance, and efficient scaling of the business.