Choosing the Best Product Information Management System for Your Business
Technology is all about making life easier and as a business owner, you need all the assistance you can get. PIM software will be the best tool you could invest in to make your business choices that much easier to make. Check out below more details on how to choose the Best Product Information Management System.
What is Product Information Management?
The term commonly abbreviated to PIM is the process of managing the information needed to advertise and trade products through various distribution channels. This kind of system gathers all the product information you have, such as images, contacts, and files, into one organised system. This is ideal for retailers that want to support a multichannel marketing strategy and makes sales through various platforms. PMI systems are great for B2C business and B2B companies. To keep up with the diverse metropolis of online sales, you need to be able to provide for consumers all over the world, in multiple languages and geographical locations. Without a PIM solution, you would be making crucial decisions in metaphorical darkness, with no insight to guide you in the best way to excel and succeed.
This process is made even more helpful will the development of PIM software.
PIM software does the hard work for you and manages your information on a unified dashboard, helping you to visualise the information about your products. These tools enable you to upload, amend and circulate data from SKU-level across all your varying eCommerce channels. PIM software acts as the hub at the centre of your product management, saving you time and energy by distributing the needed information across the board of channels simultaneously.
It is estimated that the product information management market will be worth an incredible $16 billion by 2025. The growth is continuous so keep up with the trends, you need all the modern technology to help you stay ahead of your competitors. PMI tools are becoming the standard across the eCommerce industry so if you’re cautious about them now, it’s likely you will have to revaluate your thinking in the months and years to come.
Why is PIM Software so important?
While currently, it’s mainly wholesalers and retailers that are using PIM systems, there recently has been an increase in producers and brand owners choosing to simplify their work processes and manage their product information in this easier way. Basically, it’s a useful tool for any company that handles a lot of product information and would benefit from the help that a system like this can provide. There are several reasons that business owners have jumped into the world of PIM software. It would be especially beneficial to you if you have the goal to expand your business and boost sales. Consider these reasons that are influencing many companies to implement a PMI system:
- The data is transparent and reliable, and you can count on the accuracy of the information that is gather. Unlike the human errors that can occur in manual management, this is an option you don’t need to second-guess.
- The product data is of a higher quality as it takes relatively little time to gather a wealth of insights.
- The software will ensure that the same data standards are maintained for all the product information that is collected.
- The process of adding new products is extremely streamlined into a much more efficient task.
- The standardisation of data will improve the experience for your customers. They will have access to relevant, accurate data.
- The process of integrating with other existing software you may use, such as your CRM, warehouse management and marketing software, is a lot simpler. This will improve the quality of the data and remove a lot of the stressful workload from your shoulders.
How Much Should You Expect to Pay for PIM Software?
While some basic software is free to use, this comes with limited resources and functions. As with most things, a good system costs money. You can expect to pay anywhere from $199 a month, up to $1000+ a month. The price will often fluctuate depending on your business needs, such as the number of SKUs, users, distribution channels and other factors.
What are the Advantages of a PIM Software System?
Let’s delve in to the advantages that a PIM software system will bring to you and your business.
- It supports your customers buying experience. The customer experience is standardised across all your channels, and this shows your audience you are a consistent vendor. Names and prices match the back office and all your channels. You do have the power to amend the information available on different channels.
- It will boost your sales. An element in PIM is search engine optimization which boosts your traffic and conversion rate on your online shop. With better product information, online conversions can increase by up to a staggering 56%!
- It will make your customers happier. Buyers expect comprehensive and accurate product information so that they can make the best purchases. The more information you can provide about your products, the less enquiries you will receive over the phone or on the comments section of the product listing. Furthermore, the customer will be more satisfied with the product and less likely to return the item when it matches the expectation that they built up using the product information available.
- It will make expand your product range. When your data is comprehensive and correct, you will have the opportunity to sell a greater number of products without losing overview.
- It will increase the efficiency of your internal process. This last advantage is one that is the most likely to encourage a business owner to implement a time saving system like PIM software. Many companies give testament to the fact that a PIM system can boost your productivity and decrease the frustration you feel when managing your product database. It will save you a lot of time and hassle when new product information can be prefilled with existing information. The clarity of the workflow increases, and mistakes are identified earlier.