Customers are starting to do more research and shop around online before making a purchase. There’s the expectation of getting all the information they need around a product easily. At the same time, consumers want to have a consistent and enjoyable shopping experience. Accurate product data is key to creating these kind of experiences. And it’s for this reason there’s a Product Information Management (PIM) business case.
PIM helps businesses to create rich product data. The more informative the data is, the more confident a customer will feel about their buying decision. And as a result, this will lead to an increase in online sales.
The State of PIM for the Supply Chain
PIM has traditionally been used for marketing. It’s helped to set up the presentation of products to sales channels. However, as the market moves with the digital age, customers demand more from their supplier organisations. But companies are recognising PIM can make their supply chain more efficient.
To respond, the entire supply chain needs to evolve. Retailers, distributors and manufacturers all have changing requirements. For a start, the manufacturer must produce rich product data. Then, distributors must comply with retail demand for consistent content. And as a result, retailers are pressured by customers to deliver better shopping experiences.
PIM is Relevant Throughout the Customer Journey
PIM plays an important role throughout the buying journey. Here are some of the ways PIM tools are relevant at each stage:
- Engage – Product stories and inspirational or lifestyle content.
- Discover – SEO product copy, social media, publishing content on Amazon.
- Explore – Product visualisations, similar products and brands. Product bundles and kits, side-by-side comparisons and short-form videos.
- Buy – Product specifications, warranties and packaging.
- Use – Product manuals, how-to videos, care instructions and customer feedback.
- Ask – Product search for better customer service, product FAQs and product tutorials.
The Business Benefits of a Modern PIM Solution
A well-designed PIM system can transform the way a company does business. It can be far more than a tool to present products to customers. PIM can also be the catalyst for change within a company. Many organisations have become more aware of the benefits of PIM.
- Increased turnover – Help consumers find the products they’re looking for. This lets them buy directly and via distributor networks. Improve your up-sell and cross-sell opportunities. Produce targeted and larger product catalogues quickly.
- An expanded product range – Streamline how you take on product lines. Then you can introduce more niche products at a lower cost.
- Reduced costs – Free up your product managers to spend time where it matters. Do this with PIM’s automation capabilities. Improve the quality of your data. Get distributors on your side as part of a quality supply chain. Potentially work to lower margins and support distribution partners.
- Extension of supply chain – PIM has low setup costs and easy functionality. This means distribution partners can seamlessly be added to routes to market.
- Shorter time to market – Rapidly take on new suppliers and products. Increase speed to market. You can also benefit from working with cost-effective suppliers and products.
- A uniform customer experience – Ensure a personalised and consistent customer experience. Project a strong brand image and deliver up to date product data across all channels.
- An engaging customer journey – Utilise product visualisation tools to increase engagement. Manage digital assets and combine them with your product data.
- Controlled content distribution – Get greater control over which external parties receive product information. Provide varied product data through different sales channels.
- Managed complexity – Manage an increased range of complex product data. This includes digital assets such as photos or videos. According to Forbes, 90% of customers feel product videos help them to make a buying decision.
Pimberly can help companies achieve all these benefits. The system increases product revenue through creating accurate and rich product data. Improve conversions, average order value and ROI.
Pimberly also reduces your time to market. Set up workflows to promote specific products and distribute them through various sales channels. Become consistent with your product data and generate an omnichannel experience for customers.
Download our ‘Business Case for PIM’ White Paper for a deeper dive into how PIM can benefit your business