Making the Business Case for PIM
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 in creating amazing online experiences. And, for that reason, there’s a Product Information Management (PIM) business case.
PIM helps businesses 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 organizations. But companies are recognizing 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. Consequently, retailers need to deliver better shopping experiences for their customers.
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 visualizations, 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
Powerful PIM systems transform the way you do 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 and there are vast benefits of PIM. For instance, you can:
- Increase 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.
- Expand your product range – Streamline how you take on product lines and introduce more niche products at a lower cost.
- Reduce costs – Free up your product managers to spend time where it matters. Improve the quality of your data with PIM’s automation capabilities. Get distributors on your side as part of a quality supply chain. Potentially work to lower margins and support distribution partners.
- Extend your supply chain – PIM has low setup costs and easy functionality, so distribution partners can seamlessly be added to routes to market.
- Reduce time to market – Rapidly take on new suppliers and products. Increase speed to market and benefit from working with cost-effective suppliers and products.
- Create a uniform customer experience – Ensure a personalized and consistent customer experience. Project a strong brand image and deliver up-to-date product data across all channels.
- Craft an engaging customer journey – Utilize product visualization tools to increase engagement. Manage digital assets and combine them with your product data.
- Control content distribution – Get greater control over which external parties receive product information. Provide varied product data through different sales channels.
- Manage 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 helps you achieve all these benefits. The system increases product revenue by 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