The many ways in which a PIM benefits your business
“Zero in” – to capture sales more quickly
Customers want a vast product range at their disposal. Savvy online shoppers need to be able to zero in on what they want quickly. They don’t want to have to look through hundreds of options when they actually hate cropped trousers or 80% of the styles are not available in their size. They want to use an intelligent, (or “fuzzy”) powerful search function to be able to filter and choose. They want to personalize their options to their exact buying objectives. With technical innovations, these product attributes are becoming more subjective and personal. Attributes are beginning to be matched by AI-driven, hyper-personalized shopper data. This approach creates a tailored and emotional buying experience.
Categorizing all this product data makes your product inventory work much harder to capture sales. The accurate data processing needed to achieve this level of product management requires the capabilities of a PIM.
Game-changing product attribution is essential for fashion companies
Your fashion business is not just impacted by the number of product SKUs you manage. It’s also the complexity and taxonomy of your product information.
- With many products fitting in one or more category, how do you structure and categorize them?
- What is their hierarchical relationship?
- How do you associate related products together to increase your AOV? (accessories, upsells, cross-sells, “if you like this…”)
Your PIM handles all of this, quickly and simply.
Use product attribution tags to capitalize on trending search terms
Lifestyle product attributes such as vegan-friendly clothing and environmentally manufactured fabric are now front and center. Green fashion clothing choices are more limited, so buyer intent is higher in these segments and they are less price-sensitive.
So-called “cause branding” enables your consumers to shop with emotionally conscious goals in mind – The flexibility and product-focused approach of your PIM enable you to attach more intangible attributes to your products. There is a growing trend for marketers to capitalize on the “warm glow” effect. This is the feeling that people get when they help someone else or purchase conscientiously with others in mind. Examples of these could be whether a product’s fabric is organically manufactured, fair trade, traceable, sustainable, environmental, and ethical.
Outlist your competitors
When consumers shop around, they may compare two similar or even identical products. They may want to really drill down on product details and answer their burning buying queries before they hit “buy now”. Adequate and mediocre product descriptions that are average or as good as your competitors will not give you the competitive edge in a side-by-side product comparison war.
Your product listings must differentiate from your competitors. You need accurate and consistent, products with masses of enrichment and potentially language translation. Listings are checked and optimized before being diffused into your distribution channels.
To stand out, you have to better your competitor’s product listings:
- Rich and descriptive product storytelling bring garments to life
- Stunning high-definition images with rich alt text, zoom, and views from different angles
- Hyper-personalized buying experience
- Product videos – Maybe catwalk videos or offering different views of the garment
- Influencer marketing or celebrity endorsements
- The highly successful lookbook or “shop the look” cross-sell strategy
- Garment styling and accessories
- The provenance and ethics behind your material sourcing
- Educational “how-to” guides
- Detailed brand information
- Buyer reviews
All of the above creative product strategies rely on a PIM to deliver successfully.
Omnichannel – “Savvy” fashion consumers are everywhere, on everything
The power of today’s online fashion is with consumers. They control what, where, and how they buy. Successful fashion brands are both style-conscious and tech-savvy. The online fashion world is currently embracing digital transformation on an unprecedented scale. (Imagine online shoppers using their webcam to model sunglasses on a virtual reality mirror of themselves). High street stores are quickly pivoting to technology-based channels like social and voice search. Our consumers expect diversity. They want to access our products on multiple platforms on any device, including mobile and tablet. They want a familiar shopping experience. They prefer to shop in their own favorite marketplace. There has never been a more compelling imperative for fashion brands to adopt these trending technologies and remain responsive to consumer behaviors.
A successful omnichannel strategy means that each buying experience needs to be relevant to every digital channel. Details are adapted to resonate with each customer interacting with your business via those channels. Clever technology built into your PIM enables you to deliver heavily tailored, contextually relevant product information for each channel.
Leverage marketplaces at the touch of a button
Very few fashion retailers sell via their own website alone. A website-only approach is very self-limiting to our audience and reach. Savvy apparel brands identify all their marketplaces and plug into them. They understand that their consumers want to buy from their own preferred marketplace. Amazon/eBay etc. They reach their customers wherever they choose to shop. A PIM enables them to control all products and descriptions on all platforms at the touch of a button.
Drawing them into the honeypot
Your PIM enables you to match the right products to the right people. Social media platforms enable you to micro-match buyer interests to key product listings. The whole process becomes personal. They had no intention of buying. The person scrolling was not looking for anything, they certainly hadn’t searched, but like a magpie, they spot something shiny and enticing. Because you use a PIM, your product listings are on point, your images are high definition and super baited. Using social media as a sales platform enables you to unfurl the tendrils of your marketing reach into unchartered waters. You reach much further gaining disruptive sales you would not have capitalized on using any other platform.
Social network integrations enable our consumers to shop directly on Instagram, Pinterest, and Facebook. Instagram checkout enables your customers to purchase directly within the platform without even transferring to an online shop.
Your PIM enables you to rapidly integrate these platforms, using data analytics to get them performing super-fast. With everything stored in one single place, PIM software enables you to quickly launch a Facebook, Pinterest, or Instagram store.
Capitalize on highly motivated buyer intent
According to Shopify, customers are 1.8 times more likely to buy a product they searched for. This means that all products should be easily discoverable for people who search for them. However, not all customers have the same names and expressions for things. Your PIM enables you to tag your products with alternative descriptive words, names, and terms that are commonly used, ensuring that they come up in a fuzzy search.
Your PIM also ensures that the correct product is served for a particular search word. For example, if they search for black leggings, they see pictures of black leggings. Inaccurate results irk and alienate our buyers. Precise product information is critical for a sleek and compelling shopping experience.
Reach more eyeballs with amazing SEO
Keywords, meta tags, and product descriptions are automatically stored by your PIM in a logical website hierarchy that search engines love. Your products are served up in searches more often. Your PIM enables you to gain more impressions, more often.
Your PIM makes API management and administration a breeze!
The level of interoperability needed between shopping channels, devices, third-party applications, and customer touchpoints is insane. Keeping track of it all can be challenging. Most of the interoperability is achieved through clever APIs. Setting them up, checking they are functioning correctly and managing platform software changes can become a technically challenging and unwieldy task.
APIs enable fashion brands to seamlessly create new digital experiences on diverse touchpoints – for example, Buy Online, Pickup In-store, (BOPI) endless aisle, and mobile POS. The fluid convergence of multiple technologies empowers you to harness more sophisticated sales techniques. This helps you smash your online sales target. Your PIM manages your APIs seamlessly taking your technical integration challenges away.
Seasonal sales events and pop-up campaigns – Your PIM enables you to be more responsive
Investing in a PIM enables fashion retailers to take a much more agile approach to sales preparation.
Black Friday sales, for example:
- All sale preparations can be done beforehand, avoiding a time squeeze and pressured deadlines
- Product descriptions are written and images pre-prepared
- Sale pricing is pre-assigned
You can assign all of this to a specific discount/sales campaign within a specified date range. To push your sales campaign live simply flip specific campaigns live. Your PIM automatically flips them back to normal pricing when your specified date ranges expire. You can also control specific discount codes and promotions in this way. This reduces the number of pricing errors within sales, reducing unnecessary admin and retaining your hard-earned profit margins.
Automation of excess stock management
A decent PIM solution enables you to automate your excess stock management. It gives you the ability to push excess stocks onto separate sales channels like eBay at the touch of a button.
You can even set stock criteria. For example:
Potential Criteria…
|
Potential Action |
If your stock is on sale for more than 100 days |
Automatically discount by 20% |
If we exceed stock levels of 40 |
Automatically push surplus items onto eBay |
Minimize profit-eating SLOBs! – (Slow Moving and Obsolete items)
Even with an amazing ERP system, stock management can become a huge and unwieldy job. SLOBs and poor stock management can bleed the profits out of your business. A mismatch between supply and demand generates an avalanche of surplus stock, ending in heavy discounts. Stock management within fast-moving inventory and rapidly changing seasonal collections can be time-consuming. Manually tackling this job can lead to regular counting, sorting, and checking. This can become a full-time role. One that is completely unnecessary!
Automating this stock rotation with a PIM enables you to sell as much stock as possible at full price, which is critical in the fast-moving fashion industry. You can automate several time-consuming manual stock management processes. Get your stock working harder for you by seamlessly integrating your PIM with your ERP and enhancing the best bits of it. Your garments retain their profitability and resist obsolescence.
Avoid costly fulfillment errors
Real-time, precise visibility of your inventory eliminates fulfillment errors that occur due to the gap between demand and supply. You avoid selling products you don’t have (resulting in late shipments). Conversely, you also avoid being left with unsold products at the end of the season. Accurate stock levels enable fashion retailers to carefully forecast their inventory, reduce their costs, and meet fluctuating market demands flexibly.
Reduce our Margin-Eating high online fashion return rates
At around 25% (Salescycle) fashion eCommerce return rates are super high. The inherent complexity, manual nature, and liquidated stock involved in product returns mean that they sneakily erode our profits. There are many reasons why online fashion return rates will always be higher than other industries. Some of them are inevitable, such as serial returners, or people ordering more than one size or color because they’re not sure. But there are many ways to tighten up on the main culprits for high return rates and bring them tumbling down.
Research shows that 45% of returns (Return Logic) are down to inaccuracy (sending the wrong product or inaccurate depiction).
The main ways to reduce your return rate are:
Reason |
How to overcome |
Understand your customers and what they want |
Use AI-driven analytics of your buyer data |
Offer detailed and accurate product descriptions |
Your PIM automates this process making it super easy. Your PIM automatically eliminates errors |
Serve up high-quality product visuals |
The task of managing diverse media is much easier with the digital asset management (DAM) component within your PIM |
Continually analyze your buying process |
Your PIM enables you to respond to your client’s buying behavior in real-time |
Time to market optimization
In the furiously paced fashion industry – Speed is everything. Customer tastes constantly change. What’s in and what’s out changes rapidly, with many style trends not even lasting a season.
Time-to-market is a key success metric for online fashion companies. Many completely change stock as soon as the new season’s collections hit their shelves. That’s why they need a product information process that is completely elastic and flexible, seamlessly gearing up and down at short notice. Storing product information in spreadsheets and silos does not enable this fluidity. Using fragmented and dated systems turns product management into a rigid, laborious process. That’s why fashion retailers without a PIM quickly fall behind their competitors. They are self-limiting their own growth and survival.
Reducing your time to market has a real impact on turnover. Media enrichment can be a long-winded and error-ridden process, your PIM massively accelerates it.
Time to Market Goals:
- Launch new collections on time – Ensuring that they are perfectly synchronized with your marketing campaign launch
- Commercialize your products as quickly as possible
- Close the gap between your product arriving in stock and communicating its sale as much as possible
- Increase the number of full-priced selling days per season
By automating your product information management process PIMs reduce the time to market for fashion brands from 2 weeks to just 24 hours. A whopping 14 times faster!
(Super) Fast fashion
Earlier, we described online fashion retailers as the Marines of the eCommerce world. If everyday fashion retailers are the Marines, that makes fast-fashion online retailers the Elite Special Forces. If you think the seasonality of everyday fashion brands is brutal, the timescales of the fast-fashion world will make your eyes water. No sooner has fashion week ended than the designers are cutting up cloth to emulate the latest catwalk trends.
Within 24 hours of spotting a garment on a celebrity or catwalk:
- A proof-of-concept garment is designed and created
- Designs are quickly sent to the manufacturer
- Fabric is printed, cut up, and sent back within 24 hours
- When the garment is approved, a batch is ordered in the most relevant sizes
- If that style becomes a quick, seller higher volumes are then ordered
They often feature a “Shop the look!” outfit, including how to accessorize. You can often see the photo of the celebrity sporting the entire look.
It can take just 3 weeks from when the garment is designed and ordered from the manufacturer to going online.
How do they achieve this with such tight garment production windows?
- They use Product Lifecycle Management software (PLM) to automate the product design lifecycle
- Their PIM keeps the product enrichment process super slick
- They launch and take orders online in days
- They use Agile marketing techniques
- Often, the style is featured on their website only. Garments are only manufactured as orders start to come in
This entire process needs to fit in the very short window of when the item and look are trending. This can be a month or two from when the celebrity is spotted wearing the item. This makes the selling window really short. Flexibility becomes really important when there is no margin for error.
Reducing and optimizing your time to market is paramount to capitalize on fast fashion trends. Your PIM’s data centralization & process automation capabilities play a critical role in making fast fashion turnarounds a success.
Your PIM makes selling overseas easy
Put your international expansion on speed to reach new markets with high potential.
Your PIM makes multilanguage sales much easier. Consumers are more likely to buy if products are shown in their own, natural first language and currency. Your PIM enables multiple languages to be stored for many different geographies. You can set your PIM up to automatically translate international sizing options (for example UK to EU sizing).
If you want to sell in Germany for example, select your product and put it on your German website. Your PIM creates a feed that looks at products and identifies all product attributes where German is missing, it can then scrape all the attributes and automatically send out to your translation company.
Save time – Automate your language translation process
- Your PIM analyses product descriptions grabbing the missing data
- This is then sent automatically to your translation company
- Your freshly translated product description is then pulled back in automatically
This entire process takes minutes instead of days and removes human error.
Even if you don’t use a translation agency, a PIM gives you the missing data, making the process easier.
Leverage sales through Alexa and voice search
More and more people are buying products without even going on a website. They simply ask Alexa and listen to the results. They are less constrained by the amount of product descriptions space that’s available on a website.
For our products to be served up for words people say, rather than type in, our information needs to capture lots of rich detail regarding its attributes, features, and categorization. Alexa and Google search are trending so quickly. Many people use voice search all the time and rarely type into a device anymore. Voice technology adoption by retailers will grow 127% in the next year. – (Source is Salesforce)
The accurate data processing needed to achieve this level of product information categorization requires the capabilities of a PIM.
Enhanced design – Unleash boundless creativity
Epic fashion trends come from a world of unlimited creativity. The minds of the world’s best fashion designers truly know and understand their wearers. Using a PIM breaks down the traditional admin barriers of product management. Speeding up your product production cycle and making it more efficient enables creativity and innovation to own the process. Making the impossible, possible.
Reduce the complexity of running an international team
Fashion products are often manufactured in different parts of the world. By nature, these teams are geographically dispersed and split across multiple time zones. They still need to collaborate to accurately produce and sign off our product descriptions. A PIM ensures that all product actions, communications, and stages are stored centrally. This enables all members of your team, regardless of their location to work together seamlessly to drive your products towards completion.