In our previous blog, we have explained what Product Information Management is and which advantages it can bring to your business. In short, a PIM system allows you to manage your product data in detail, guaranteeing quality, streamlining the people, to serve different channels.
Let's now focus on the reasons why you should implement a PIM solution.
7 common challenges you can overcome with PIM
To start, a PIM could be the perfect solution to help your team with troubleshooting in case you are dealing with any number of the following situations:
- You’re having difficulties collecting, checking, unifying and publishing of all of your product content. These pieces of information come from many sources and sometimes from a variety of providers. Coordinating everything is becoming a nightmare.
- There are inconsistencies and a lack of homogeneity across the product data, as it is received from different sources and sent to several agents who can each alter the product data: traders, sales reps, your marketing team, distributors, content providers (translators, copywriters...). The chaos is even greater if each department has its own storage of documents and information.
- Delays occur in your launch deadlines. You find hold-ups and bottlenecks in the process of adding, launching or updating a product, which harms your sales plan. This can happen because there are too many intermediate steps in requesting data from third parties, internal and external checks, exports between sources and formats, handwritten additions…
- You find errors in your product data in marketplaces and printed catalogues.
- The volume of data and SKUs in your catalogue is growing.
- You have many product launches and updates throughout the year.
- Your performance rates are negative: there is too much abandonment of shopping baskets, customer complaints about product information being incomplete, confusing or erroneous, too many returns, or low conversion rates in both digital channels and stores.
If you are finding yourself in any of the aforementioned situations, a PIM solution can definitely help you overcome those challenges. Acting as a central hub for all product-related information, in fact, a PIM will ensure data are always consistent across all channels, both offline and online, streamlining your daily work while providing improved experiences to your customers.
3 business opportunities you can catch with PIM
A PIM solution will not only help you overcome such challenges - it will also enable to catch new business opportunities and acquire competitive advantage on your reference market.
So here are three additional reasons why you should implement a Product Information Management system.
Sell across many digital channels
PIM is the ultimate multichannel solution. Therefore, to achieve e-commerce success, you need to give consumers options to interact with and purchase products through a medium that is most natural to them – whether that be your e-commerce website, online marketplaces like Amazon, social media or even printed catalogues.
Companies that want to launch a multichannel or omnichannel strategy for sales and marketing (and therefore survive in a competitive landscape) increasingly rely on PIM technology to streamline product management processes and create a reliable and secure synchronized network.
Enter new or growing markets
Expanding into new and growing international markets is becoming more and more important for e-commerce retailers. For instance, expanding your businesses reaching the Chinese market along with other growing markets like India and Mexico is something many retailers can’t afford to miss out on.
Among the challenges that selling into new markets presents stands out translating product information into local languages, currencies, units of measure and so on. Implementing a PIM solution makes managing these changes and additions much more efficient, lowering the barriers to achieving growth in new markets.
When selling internationally, it’s important that your products are translated and converted properly to stop the information from getting lost in translation. PIM solution could often integrate translation services and agencies.
Improve customer experience
With so much competition in the world of e-commerce, providing a great experience for your customers is key to standing out in a crowded marketplace and compelling consumers to convert.
The customer journey from Awareness to Retention and then Advocacy is all but straightforward: that’s why telling a consistent story across the channels is not an option. Creating the experience your customers want requires you to connect all phases of the customer journey to make them more original, more personal and more engaging.
Implementing a PIM solution will help you harmonize product information across all channels, devices and languages helping your business to tell a consistent product story.