Growing companies need more sophistication in their project management, and modern PIM software has evolved to involve the collection, management, and distribution of product data across multiple distribution channels, including marketplaces, social sales channels, and advertising platforms.
Product information management (PIM) has been implemented by eCommerce businesses globally. PIM can also be synched across your entire tech stack, making it your sole source of product info.
Important Features of Product Information Management Systems
Before deciding on a PIM system, here are some things you need to consider:
- How far has the PIM system come over time, and what new features and developments are they looking to add?
- Is the onboarding and implementation process quick? How long does it take?
- What is the integration with partner networks like? Is integration internal? Will optimization need to be handled by a developer, or is it pre-built?
- Is there a limit to languages, sales channels, stores, and currencies?
- Is there real-time data synchronization?
- Is the product information sourcing method compatible with your product provider?
- Will you spend more to leverage multiple manufacturers’ feeds?
How to choose between different PIM products and solutions
Compare the PIM products and solutions you have your eyes on using this feature list:
- Advanced pricing engine and rules
- Advanced search tools and merchandising
- Bulk product editing
- Bundled products and variant products
- Customized product readiness status reader
- Customized business objects
- Customized API Endpoints
- Data modeling, conversation, and normalization
- Digital asset management
- Easy-to-build custom product features
- Electronic Data Interchange and Product Feeds
- Fixed content scheduling
- Legacy data conversion
- Live online training sessions
- Multiple currencies and language support
- Integrated Enterprise Resource Management
- Integrations for Customer Relationship Management
- Integration Platform as a service
- Integration for shipping and fulfillment
- Integration for order management
- Publication on Google Merchant center
- Publication on 3rd party marketplaces
- Publication across eCommerce platforms
- REST API
- Role settings and user permission
- Synchronized cross-channel inventory
- Secure backup processes
- Smart categorization
- Sitemap generation
Why businesses need to use PIM
One thing to avoid when going through the taxing process of scaling your business is disorderly information storage, as well as the use of outdated or incorrect product information.
PIM helps you to manage issues like documentation, referencing, translations, localization, media, etc. it also prevents the usual discrepancy you might have to deal with when working manually, especially in a medium-sized company with a large volume of products and data.
When managing multiple things such as locations, price lists, languages, and currencies, you are at risk of using incorrect data, making wrong product updates, spending more on inefficient processes, and having dissatisfied customers. You might also notice overstocked or understocked inventories as well as failed product branding.
However, all the above details need to be complete so that your customers understand the value of your products and have the right information (text and visuals) to make a buying decision.
As you scale up your business, you need to synchronize all your processes so that you can manage product information better, run successful campaigns, and increase sales.
PIMs for Data Collection
PIM solutions are great at information collection and are flexible enough to suit your eCommerce needs. They collect and store data such as:
Product usage data
This entails detailed product descriptions and usage guidance, which makes your product experience great for customers. More detailed information makes the customer understand the nature of the product fully.
Digital contents are important in eCommerce, and PIM can help handle your product images, videos, gifs, and all media types. It’ll use the best media file for every given channel and improve your product descriptions.
Advantages of Implementing a PIM
Here’s what you stand to gain from implementing PIM solutions for eCommerce.
With PIM, the first thing is a central database or one source of truth for product data. This makes it easy to share the same information across multiple channels and make updates easily from a central point.
When you have a working central database, all other channels will source up-to-date information from the central location.
Fewer manual entries
When you source data from other locations using PIM and send them to your store and sales channels, you have fewer manual data entries. Once you enter the information in the central location once, you can use it everywhere.
When updating, you only need to update once and it’ll sync the change across all systems and channels.
With PIM, you can get product information from your supplier’s database, make necessary edits, improve the description and make the details more compelling before posting.
When you get information from the data source, the information is precise and free of mistakes, especially when dealing with technical info. All you need to do is make it attractive and appealing to the customer.
Growth and Scalability
With all the time saved from duplicative work, thanks to an accurate information channel, you get to save time and money that you can invest in your business.
PIM also offers you a back-end infrastructure that can handle business scale-up.
Efficiency across all channels
The scalability supported by PIM will improve efficiency across all your channels. You’ll be able to export data easily to all channels and you can expand sales channels while maintaining data consistency and correctness.
Your marketing team will also leverage the centralized database to tailor their marketing campaigns according to product information, unique channels, and the nature of an omnichannel platform.
Likely Disadvantages of Using a PIM
It is nearly impossible to find software that fits all of your needs totally. With that in mind, you might find out that some PIM software products won’t be easy to customize for some unique fields you need for certain products.
You might also need time to learn about the software, which could slow down your processes and result in low adoption until you get a hang of things.
It won’t be possible to enjoy all the advantages in the area of sales reporting and inventory without integrating your PIM into your ERP.
Some PIM systems are designed for large-scale businesses, making it hard for smaller businesses, especially in the area of custom requirements and price. Some other PIM systems have poor integrations.
Regardless of these disadvantages, you can enjoy a world of amazing benefits once you understand all the functionalities of the software applicable to your business. You’ll also find the right software to improve your business.