What is PIM and Why it is Important?
Product Information Management or PIM refers to centralized software tools that help organizations manage product data across departments and throughout the product lifecycle. PIM allows businesses to maintain core product information in a centralized database so it can be syndicated to different systems where it’s needed. With most businesses selling products through multiple channels today, it has become crucial to have accurate, consistent product information available wherever customers are searching or shopping. PIM systems help ensure this by keeping product listings, specs, images, pricing and other vital details in sync across all selling venues.
Centralizing Product Data with PIM
One of the main benefits of Product information management (PIM) software is that it centralizes previously disparate product data sources into one single system of record. Prior to PIM adoption, organizations often struggled with product information existing in siloed databases, spreadsheets and even individual documents on different employees’ computers. This made it difficult to get a comprehensive view of products and resulted in inconsistencies creeping into listings on different sales channels. With a PIM in place, all core product data like names, descriptions, variants, attributes, pricing etc. resides in the centralized PIM database instead of being scattered in separate data “islands”. This eliminates data duplication and inconsistencies as well as makes the process of updating and maintaining products much more efficient.
Streamlining Product Listing Processes
Listing products accurately on various websites, marketplaces and retail POS systems is a complex undertaking for most businesses. Without a PIM, getting updated product information to each of these selling venues often involved tedious, error-prone manual processes. PIM automates and streamlines this listing workflow significantly. Organizations can configure the PIM to automatically syndicate new or changed product data to all the appropriate downstream systems simultaneously via APIs or scheduled data pushes. This removes the inefficiencies of manual listing processes and helps ensure accurate, consistent product information is always available wherever customers are shopping.
Improving Product Experience for Customers
Consistent, accurate product information available in multiple locations improves the overall experience for customers as well. With a PIM powering product listings across sales channels, customers will always see up-to-date details like descriptions, specs, pricing, availability etc. regardless of where they engage with a company’s products. They won’t run into outdated or conflicting information that can damage credibility and lead to confusion. This level of product data consistency delivered by PIM significantly enhances customer experience and satisfaction during research and purchase processes. It helps brands present themselves as organized, trustworthy sellers to online audiences.
Driving Omnichannel Retail Success
The rise of digital commerce and omnichannel retail strategies have made centralized product information management through PIM an essential part of the infrastructure for many businesses today. Customers now research products online before buying in-store or buy online and pick up in store. They freely move between channels like websites, mobile apps, social commerce, offline retail points and more within their shopping journey. For retailers to deliver a seamless omnichannel experience, they need a single source of accurate product content that can power every sales touchpoint. This is what a PIM system provides, enabling consistent product experiences for customers no matter which channel they engage through. It helps drive sales across physical and digital storefronts by bringing new levels of unification to multi-channel commerce operations.
Supporting Enhanced Product Marketing
Advanced PIM solutions provide more than just centralized core product data management. They also support enhanced product marketing efforts in strategic ways. For example, many solutions offer attribute-based targeting capabilities. This allows companies to create customized campaigns, emails, advertisements or recommendations based on product attributes like category, price, color, size etc. Marketers can define segments of products that certain marketing communications will include. PIMs also support product information syndication to channels beyond basic listings like search engines, comparison shopping sites, retailer approval systems and more. They deliver the structured product content required to power effective product marketing across owned, earned and paid digital media.
Enabling Omnichannel Personalization
By serving as the hub for collecting robust product attribute data, a comprehensive PIM also supports advanced omnichannel personalization. Leveraging attributes about individual products, merchants can deliver tailored recommendations, content and offers to customers across different touchpoints based on their previous interactions, purchase behavior or stated preferences. For example, someone who looked at hiking backpacks online could receive notifications about complementary accessories in-store. Personalization at this level requires having clean, consistent product attribute records housed in a centralized data repository – which is the role PIM excel at. Advanced PIM platforms empower marketers and retailers to capitalize on product attributes to deliver highly personalized omnichannel experiences for customers.
Streamlining Product Information Processes
In summary, implementing a robust product information management system allows organizations to achieve new efficiencies across core product processes like maintenance, listings, marketing, selling and more. By centralizing previously scattered product data sources, companies gain a simplified single source of truth for all product content. This removes duplication of efforts and eliminates inconsistencies that can damage the customer experience. At the same time, PIM automates complex listing workflows and supports enhanced levels of multi-channel personalization, marketing and selling initiatives. Whether companies are B2B, B2C or omnichannel retailers, the right PIM can fundamentally streamline their product information processes in transformative ways.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
