Every wasted minute searching for product details or correcting inconsistencies can eat into your bottom line. This is where Product Information Management (PIM) comes in.
For many years, PIM software flew under the radar. Companies simply didn't realize how much better data management could be, or how much time it could save their teams on repetitive tasks.
Today, if you're a large retailer, manufacturer, or distributor without a PIM system, you're missing out. At the very least, it's holding your company back from reaching its full potential.
For those who are new to product related software, the PIM solution is a centralised system designed for storing, managing, and enriching all your product information. It acts as a single source of truth, ensuring everyone across your organisation has access to accurate and up-to-date product data.
But the benefits of PIM go far beyond data accuracy.
So, stay tuned, as we explore 7 ways a PIM solution can drive business value and boost your team’s productivity:
1. Streamline Product Launches and Updates
Launching a new product or updating existing offerings can be a logistical nightmare. Imagine marketing scrambling for images, sales struggling to answer customer questions, and e-commerce launches delayed due to missing product specs.
Not to mention, if you’re in the B2B space, your suppliers are frustrated with the number of descriptions and attributes that are difficult to track and make sense of.
PIM solutions offer a powerful remedy, streamlining product launches and updates for smoother execution and faster time-to-market.
With all product information readily available within one central management system, teams can collaborate seamlessly. Marketing can create compelling product pages quickly, while sales reps can confidently answer inquiries, and your e-commerce platform stays updated in real-time.
Example: An activewear company uses PIM to streamline seasonal product launches. They pre-load all product details, including high-resolution images, size charts, and fabric information, into the system well before launch day. This allows the marketing team to create engaging campaigns in advance, leading to a smoother and more efficient launch.
2. Reduce Errors and Improve Data Quality
Inconsistent product descriptions, inaccurate specs, and outdated pricing can all lead to customer frustration and lost sales. Manually maintaining product information across multiple channels is a recipe for error.
PIM offers data validation tools and workflows to ensure consistency and accuracy. You can set up rules to automatically flag missing information or formatting inconsistencies. This reduces the time spent chasing down errors and allows teams to focus on more strategic tasks.
Furthermore, PIM can identify and clean up existing data inconsistencies. Additionally, AI-powered features can automatically enrich product data by suggesting relevant attributes, classifications, or even translations for international markets. This reduces manual effort and ensures comprehensive and accurate product information.
Example: A furniture retailer uses PIM to manage product descriptions for thousands of items. They set up rules that require specific details like material composition, dimensions, and weight to be filled for each product. This ensures that all product pages on the website and catalogs offer a complete and accurate picture of what the customer is buying.
3. Empower Teams with Self-Service Tools
Imagine empowering your marketing team to update product descriptions themselves or allowing sales reps to access high-resolution images for presentations without relying on IT. PIM makes this possible with user-friendly self-service tools.
Team members can easily access the information they need, update product details within defined workflows, and even personalize content for specific channels. This reduces dependence on IT and frees up valuable time for everyone.
User-friendly interfaces have significant value; they streamline workflows and save time for tasks like product updates, content creation, and omnichannel marketing. Employees can focus on more strategic initiatives. PIM empowers teams to become self-sufficient data stewards, ultimately leading to a more agile and responsive organisation.
Example: A food manufacturer uses PIM to empower its marketing team to create localised content for different regional markets. They can access product information in multiple languages, update nutritional information according to local regulations, and even generate custom product flyers for specific retail chains.
4. Enhance Collaboration and Break Down Silos
Without a central repository, product information often gets siloed across different departments. This can lead to miscommunication and delays.
PIM fosters collaboration by providing a single platform for all product-related data. Team members gain real-time visibility into product information, eliminating the need for endless email exchanges or chasing down updates in multiple spreadsheets. This transparency promotes collaboration and faster decision-making.
With high-quality product data, teams can make data-driven decisions faster and more efficiently. They can identify trends, analyse customer behaviour, and optimise product offerings based on real-time insights.
Check out how Starboard, a leading water-sport brand, implemented a PIM solution to their advantage and find out when the right time is to embrace it:
Example: A sporting goods company uses PIM to facilitate collaboration between its product development, marketing, and sales teams. The product development team can share new product specifications directly in PIM, allowing marketing to start brainstorming campaigns early on.
5. Improve Customer Experience and Boost Sales
Accurate and comprehensive product information is essential for a positive customer experience.
PIM ensures that all your touch points – website, catalogs, and social media – provide consistent and detailed information about your products. This empowers customers to make informed purchase decisions and increases the likelihood of sales conversions.
Just to give you an overview, according to the National Retail Federation, returns are a major cost for retailers. In 2022, consumers returned a staggering $817 billion in merchandise, costing businesses an estimated $101 billion. Retailers need to explore innovative solutions to streamline return processes, improve product information, and potentially implement stricter return policies (while maintaining customer satisfaction) to mitigate these growing costs. One of the key solutions is improved data quality, which reduces errors and improves customer satisfaction. This translates to a measurable ROI, which boosts your bottom line and keeps you competitive.
Example: An electronics retailer utilizes PIM to offer rich product experiences on their website. They use high-quality images, 360-degree product views, and detailed technical specifications in their product pages. This allows customers to thoroughly understand the products they are considering, leading to higher conversion rates and reduced returns.
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6. Support Sustainability Requirements
The EU is ushering in a new era of product transparency with the Digital Product Passport (DPP). This initiative, linked to the EU's Sustainable Products Regulation (ESPR), creates a digital record containing detailed information on a product's life cycle. From material origin and recycled content to repairability and disposal, the DPP empowers consumers and businesses to make informed choices and promotes sustainable practices.
To become more sustainable, brands need to adopt a circular economy approach throughout the entire product lifecycle. This means considering environmental impact from material sourcing to product design, marketing, and end-of-life. For instance, the fashion industry has a significant environmental impact. Sourcing materials and production generate high emissions, and a massive amount of textile waste ends up in landfills.
PIM solutions can empower brands in this journey. Since the software centralizes product data, it makes it easier to track materials, their origins, and their environmental impact. PIM solutions can empower brands in this journey. This transparency allows brands to make informed decisions and showcase their sustainability efforts to customers and investors. Additionally, PIM facilitates designing durable products and providing after-care instructions, encouraging customers to extend product lifespans.
Example: A clothing brand can utilize their PIM system to record the origin and environmental impact of all materials used (organic cotton, recycled polyester, etc.). This allows them to source from sustainable suppliers and track their progress towards eco-friendly practices.
7. Enable the Adoption of AI with Data Management
Fast forward to 2024, and vendors worldwide are releasing PIM solutions powered by AI. These AI features are transforming how businesses manage product data, unlocking a new level of automation and efficiency.
One key area of impact is data enrichment. AI can automatically classify products, suggest relevant attributes, and even translate product descriptions into multiple languages. This eliminates tedious manual tasks, freeing up valuable time for teams to focus on strategic initiatives.
AI also shines in data quality control. By analyzing vast amounts of product data, AI can identify inconsistencies and missing information. This allows for proactive error correction, ensuring data accuracy across all channels.
Furthermore, AI can automate repetitive tasks such as data mapping and content creation. For instance, AI can generate product descriptions based on existing data or recommend high-performing product images for marketing campaigns. This automation streamlines workflows and allows teams to dedicate their energy to higher-value activities. The power of AI extends beyond initial data entry. Incorporating AI into your PIM solution is an investment in productivity.
If you want to explore more ways in which AI is transforming the PIM industry, check out our latest guide on how AI boosts PIM.
Example: A clothing retailer uses AI in their PIM to analyze descriptions of similar items. The AI suggests missing details like "machine washable" or "breathable fabric," enriching product data and saving hours of manual editing for staff.
Key Takeaways
Is your product data stuck in the slow lane?
In the age of the empowered customer, legacy PIM solutions act like a brake on growth. Imagine all this time wasted on data inconsistencies and siloed information, creating communication gaps.
By establishing a central repository for all product information, a PIM system ensures consistent, accurate data is readily available across your entire organisation.
The result? Increased efficiency, boosted revenue, and happy customers who get the information they need to make informed purchasing decisions.
Bluestone PIM can help you leverage your product catalog for maximum impact. Schedule a no-obligation consultation with our friendly advisors to discuss your specific needs, or check out Bluestone PIM's features in action and discover how it can transform your business.
