In recent years, e-commerce has experienced steady and significant growth around the world. The estimated sales of e-commerce will reach 7.4 trillion dollars by 2025. This is a more than 60% increase over 2021. The pace of the eCommerce market seems to be unaffected.
Running a business in this rapidly-growing industry requires that your company be proactive and consider custom e-commerce solutions development to keep up with market changes, PIM software is one of the key elements that can take your business to the next level.
What is Product Information Management?
PIM is Product Information Management software. It centralizes all your product data. It enriches and collects information and makes it easy for all stakeholders and sales channels to access the information.
The PIM solution allows you to improve your product data management and thereby improving the customer experience and increasing revenue.
Also read: 6 Marketing Tips for Bringing a New Product to Market
How Does Product Information Management Work?
This software might sound like a great solution for your business. But how does PIM actually work?
PIM software stores product information in one central storage. It supports the import of product data from multiple sources. It allows users to edit and add product data in real time, enrich product sheets, and distribute the information automatically to all required channels. PIM can be linked to various marketing and sales platforms.
PIM solutions store all product data that you can imagine. This includes basic information such as SKUs and models, product images and specifications, warnings and warnings, and advanced information, such as marketing descriptions and text, product stories, and manuals. This list can be customized to meet your company’s specific needs.
You can set up PIM tools to notify sales and marketing teams that there have been changes. This allows them to update their materials, actions, and their fields of responsibility in a product sheet. It acts as a product-centered communication device that keeps everyone updated in a timely fashion.
PIM software aids marketing teams in data analysis. The data structure allows them to set up product placements based on specific regions. The platform allows you to group products, assign metrics and track them. You can make changes to the entire group in one click.
Best Practices in Product Information Management
These are the most important practices that will help you succeed in product information management.
Centralized Storage
Data management is a team effort that involves putting all information in one place. It must be easy to access for everyone and consistent. You’ll reduce errors and increase your control of the project.
Seamless Workflow
PIM software speeds up processes and creates a smooth workflow. This software reduces micromanagement, frees up time for product quality, and brings products onto the market. You can easily adjust PIM software to fit any company size, so you can increase the speed of your company’s work at each stage.
External use should make the PIM software comparable to your sales channels. There is no need for extra attention to data distribution. If you need to launch worldwide sales quickly, we recommend that the PIM software support a localization tool.
Product Knowledge
You want your products to succeed with the conversions and revenue they generate. Optimizing your products’ performance is key. Product information management is an important element. The following are some ways to explore products from every angle:
- Creating unique product information that is clear to customers;
- Add a high-quality image to attract attention.
- Make the data SEO-friendly
- To find the best product information match, you can perform A/B testing
- Identifying sales channels and adapting product sheets to fit each channel.
- Analyzing metrics to optimize your data for conversion growth.
You shouldn’t expect these steps to be completed once in the rapidly-evolving e-commerce marketplace. You must keep your eyes on the long-term game and make adjustments to increase your revenue.
This endless process of finding the right PIM solution is much easier and less stressful than if you did it the traditional way.
Also read: Top 10 Product Management Tools and Software
How to use a Product Information Management System
It is important to understand how PIM works, but it is equally important to be able and willing to use one. There are many PIM software options on the market. All of them function as a centralized and structured database. You should consider your business needs before you decide on one. What size is your product catalog? Which are your sales channels What markets are you targeting? This will help you narrow down the best-fit solution field.
Analyze your team’s requirements and interface needs. The interface you choose should be very user-friendly. This will ensure that your team doesn’t spend too much time trying to figure out the workflow.
As a product information manager example, you can always choose the best option for your business.
It is always a smart decision to look at current product information management trends in order to stay on top of the best practices and possible solutions for your business.
Conclusion
Although it is relatively simple to implement, the right product information management solution can be extremely beneficial for your company. It will allow you to efficiently manage your data, respond quickly to changing market conditions, keep track of progress, and make it easy for your team to work with data seamlessly and almost effortlessly. These benefits will lead to higher conversion and revenue growth, it is clear.
