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.
What is PIM?
Product information management, or PIM, is defined as a software that processes all the data that is required to market and sell products. It provides a central hub of data to help your company stay on top of all information concerning your product catalogue, such as size, descriptions, reviews, etc. PIM systems are designed to make eCommerce easier for companies with large and varied inventories and sale channels. This makes them particularly suitable for B2B and B2C companies.
The growth in popularity of product information management software is driven by businesses needing to be more effective and efficient. Rapid technological advancements allow you to constantly improve and enhance the capabilities of your PIM system. This, of course, helps provide the best possible service to your customers and brings in even more value.
Save time and eliminate errors with a product information management system
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.
The right product information management solution for your business will make life much easier. The system stores all product data on one unified platform. This allows users to easily access and manage any item, change its characteristics or price, check availability in stock, etc. This significantly reduces the number of errors and manual work that is required of your product managers. It also saves time as the alternative to using a PIM system usually means 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. This ensures that you are able to manage your business as efficiently as possible. Home Furnishing Nordic invested in a custom PIM solution to better manage their eCommerce business and with great results.
PIM software helps reduce expenses, get more sales and increase profits
As mentioned above, a PIM solution reduces the amount of necessary manual work. This results in more accurate product information and fewer errors. However, you also get the additional benefit of reducing expenses related to that 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 your cart abandonment rate. In fact, one study found that 42% of consumers return their purchases because of inaccurate product information. Furthermore, 30% of all abandoned carts are caused by bad product descriptions. Providing inaccurate descriptions will also damage the reputation of your brand. With this in mind, you cannot afford to underestimate the effect product information can have on your sales. A unified system that stores and organizes all information will help you provide the best experience possible for your customers. This, in turn, will 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
Product information management systems tick all the boxes for an eCommerce store. They organize all product information, automates internal processes, and facilitates the growth in revenue. Additionally, they make both your staff and your customers happier.
There are plenty of third-party PIM systems to choose from that will make your eCommerce store run more smoothly. You can also opt for a custom solution that is specifically tailored to all your needs. No matter what you decide, picking the best PIM software is the right course for developing your business. If you need further assistance or have a custom solution you need developed, contact us!