More and more online retailers are seeing the benefit of integrating a product information management system (PIM) into their eCommerce business. Be it a finished third-party solution or a custom piece of software built from scratch – businesses are eager to invest in it. In fact, the entire PIM market is on the rise and is expected to be worth approximately $11.4 billion by 2024.
The growth in popularity of product information management software is driven by businesses needing to be more effective and efficient. Rapid technological advancements allow businesses to constantly improve and enhance the capabilities of their PIM systems, allowing them to bring even more value.
Save time and eliminate errors with efficient product information management
Product management in eCommerce comes with many challenges. These include (but are not limited to) loss of data, time wasted on entering the same information in multiple places, duplication of work between departments, sharing data between different channels and markets. Problems in any of these areas have a compounding effect on your business and take time for your staff to sort out.
The right product information management solution for your business will make life much easier. The system stores all product data on one unified platform. As a result, users can easily access and manage any item, change its characteristics or price, check its availability in stock(s), etc. This significantly reduces the number of errors and manual work that is required of your product managers. It also saves time, considering that an alternative to using a PIM usually includes working with several different applications, each dedicated to its own specific task.
Furthermore, custom product information management software allows you to tailor it to the exact needs of your business, and make management even more efficient. Here is an example of how a custom PIM solution helps a large online store of furniture manage the numerous items in their stock.
Reduce expenses, get more sales and increase profits
As mentioned above, a PIM solution reduces the amount of required manual work, resulting in more accurate product information and fewer errors. However, there is also an additional benefit of reducing the expenses for the previously mentioned manual work.
A system that automates internal processes and frees up your workers from routine tasks allows them to focus on other things. Things like researching your market, learning about the behavior of your target audience, and using the acquired knowledge to conduct effective and profitable marketing campaigns. This is not only advantageous for online retail. If your business has a branch of physical stores, they can benefit from this as well.
In addition, ensuring that your customers have access to accurate product information reduces the number of returns and abandoned carts. In fact, a study conducted a few years ago found that 42% of consumers return their purchases because of inaccurate product information, while 30% of all abandoned carts are caused by bad product descriptions. When also combined with the damage it does to the reputation of your brand, the effects of product information on your sales should not be underestimated. Having a unified system that stores and organizes all information will help you provide the best experience for customers, and simultaneously increase your profits.
As a bonus, reducing the amount of routine work allows your staff to focus on learning and developing as professionals. This can greatly boost their morale and dedication, and make them feel more satisfied in their work.
All eCommerce businesses can benefit from PIM systems
A product information management system ticks all the boxes for an eCommerce store. It organizes all product information, automates internal processes, facilitates the growth in revenue, and makes both your staff and your customers happier.
You may use a third-party PIM system (there are plenty to choose from), or obtain a custom solution, tailored specifically to all your needs. No matter what you decide, picking the best PIM software is the right course for developing your business.