Accurate description of products is an important part of retail and e-commerce. Now that the world is returning to normal after the pandemic, the importance is even greater. The outbreak of the COVID-19 virus accelerated the digitalization process around the world. Interestingly, e-commerce may be the biggest winner after the change. According to Statista, more than two billion people made purchases from online stores in 2020. And now in 2022, there is no sign of a reversal in that trend. This means that all e-commerce players need to up their game. If a company wants to succeed, there can't be any gaps in its product database. That's why PIM called in life. Want to know what PIM is and if you need one? This article breaks down this software and provides warning signs that your business needs PIM.
Product Information Management (PIM) systems collect all data, details and descriptions of products in a central location for easy monitoring, updates and distribution across different channels. From basic product descriptions such as color, shape and size to accompanying digital assets such as images and PDF files, a company needs a comprehensive database for each of the products in their stores and stores. PIM software is designed to meet this pressing need.
As a business leader, it's up to you to make the big decisions. That's why you need to decide whether you want a PIM System needs for your business. To help you decide, here are the 5 reasons your business may need PIM:
PLANS FOR MULTI-CHANNEL MARKETING STRATEGY
In addition to your website, your company probably has products spread across several online outlets. If so, PIM can bring much-needed consistency to those marketing channels. Integrating this software into your business will perfect your omnichannel marketing strategy at every point of sale.
CUSTOMER COMPLAINTS ARE REGULAR AND REPETITIVE
There is a significant correlation between product data and customer satisfaction. Perhaps your customers are complaining about receiving the wrong goods or noticing conflicting prices in different online stores. Then this is a sign that your company needs PIM. You improve your customer experience while projecting a trustworthy image of your brand by simply using a PIM system.
REVENUES ARE DISAPPOINTING
Poor sales can be one of the reasons why your company needs PIM. Remember that 88% of the shoppers prioritizes the completeness of product data before making an online purchase. In addition, up to 30% of the products purchased online are returned by dissatisfied customers. These two metrics show how crucial the accuracy of the information available to buyers is. Proper implementation of the PIM strategy also improves your search engine optimization (SEO† As a result, customers come across your products more often. Today's shoppers want all the information they can get before making a decision. Specifying this while making your products searchable will invariably increase your sales.
STAFF PRODUCTIVITY IS LOWER THAN EXPECTED
A large catalog can be too much without the right system. Valuable hours are wasted entering and updating new and existing inventory information. Dissemination of data across spreadsheets and ERPs means your staff will spend more time searching for product information. As a result, productivity continues to decline. This is an important reason why your company needs PIM. Incidental to frequent disagreements between departments due to conflicting information in the database also do not help. Such disorganization and inefficiency make it difficult for your brand to compete in the cutthroat world of e-commerce. However, investing in a PIM system that unifies the location of information and improves accessibility solves this.
INTENTIONS TO EXPAND THE BUSINESS
Has your management decided it's time to expand your reach to new e-commerce platforms or even to regions, countries or continents, do you need more efficient ways to scale successfully? That's a clear sign that your business needs PIM. Meeting the demands of new channels where you want to showcase your product or translating your content into the predominant language of new areas you want to market are tasks that can jeopardize expansion plans if done incorrectly. A PIM software eliminates the chance of errors and guarantees speed and accuracy.
Finally, we've listed 5 valid reasons why your business needs PIM. Do any of those situations apply to you? Then it's the clearest possible indication that it's time to incorporate product information management software into your business structure. Don't risk being left behind in the ever-changing world of e-commerce. PIM improves e-commerce for virtually all businesses that sell products or services. So don't be left behind.
