5 Signs That Your Business Needs A PIM
Rich product data is an essential component of eCommerce success. Informative product data removes uncertainty and helps consumers make informed buying decisions, contributing towards more sales. So, as your business grows it’s important to consider how you manage your product data.
You may be managing your data in Excel or an ERP system. But to truly harness the awesome potential of your products, you need software that’s specifically designed to manage product data. This is where Product Information Management (PIM) shines.
Ready to take your eCommerce strategy to the next level? We’ve come up with five crucial signs that indicate you need a PIM solution:
- You’re managing over 10,000 SKUS
- You want to create exceptional shopping experiences for your customers
- You’re actively selling through more than one channel
- You’re ready to expand on a global scale
- You want to dramatically reduce product return rates
1. You’re managing over 10,000 SKUs
Managing thousands of product SKUs can be time-consuming. Each SKU comes with its own unique data, which covers everything from pricing and style to product size, colour and material. This can be hundreds of data points for a single product!
Keeping track of all this information manually is a monumental task and it’s easy for data to be lost.
PIM helps to remove the pressure of managing a high volume of SKUs by providing a single source of truth for your product data. It’s easy to track and organise all the information, ensuring consistency and accuracy.
2. You want to create exceptional shopping experiences for your customers
Rich product content is at the heart of the customer experience. Detailed product descriptions, high-quality images and accurate measurements all contribute towards a memorable shopping experience, and one that will help them make a purchase they will love.
PIM gives users the ability to create unique product descriptions that appeal to consumer emotions and needs.
You also have the ability to incorporate digital assets with Digital Asset Management(DAM). Digital assets help to create an immersive buying experience by enhancing the look and feel of your products.
3. You’re actively selling through more than one channel
Growing your business means expanding the channels that you’re selling products through. This could mean expanding into mobile, which has become one of the most popular eCommerce channels on the planet. In 2019, online shopping on mobile devices increased from 8% to 15%, while 67% of consumers have downloaded a retail app to make multiple purchases.
Selling through multiple channels is important because it’s a way of accessing new customers and increasing sales in different marketplaces. PIM provides essential value through easy channel creation. Whether you want to sell products on Amazon or eBay, managing and setting up multiple channels is straightforward.
Different channels/marketplaces will have different product data requirements, as well as different customer bases and therefore different customer expectations. Tailoring your data for these channels is easy when you have a central database in which to manage product information.
4. You’re ready to expand on a global scale
International eCommerce provides a key growth opportunity for companies that want to expand into new countries. China has emerged as a dominant eCommerce market, worth £570 billion, highlighting the sales potential for brands that are looking to grow beyond their borders.
Successful international eCommerce involves understanding the language and buying preferences of consumers in different territories. Adapting product data to meet these needs with localisation is crucial for internalising your eCommerce business.
PIM software makes it easy to store and manage your product catalog for multiple locales. Brands can also meet the product data regulations of different countries by being consistent with information like sizing and material.
5. You want to drastically reduce product return rates
Product returns are a common eCommerce challenge, costing the UK retail industry £60 billion a year. Online consumers often return products because they are dissatisfied, with 47% of people returning products because they felt the item didn’t meet their expectations.
Another common reason is inaccurate information. Approximately 22% of the returns are made because of the appearance of a product being different to what was displayed on a website.
By using PIM software, you’ll have greater visibility of your product data and be able to see every stage of a product’s lifecycle. This helps to provide the right amount of detail for a product and ensure that consumers have everything they need to make an informed purchase.
Digital assets are also key here: images, videos, size charts etc. All help to give the customer a more comprehensive look at what they are purchasing. With integrated DAM functionality, PIM systems make it easy to find relevant imagery and incorporate it into your product pages.
Putting the focus on your product data
If any of these signs sound familiar, then you’re ready to implement a PIM solution. With the continuous growth of the eCommerce industry, product data is only going to become more important. Focusing on your product information will ensure that you increase revenue, build relationships with new consumers and transform your eCommerce strategy for the better.