Why every eCommerce business needs a PIM and stay within budget?
E-Commerce is all about taking your business online. This means being able to handle more data every time your business grows. Product management team needs to take care of all the attributes of a product like color, size, weight, labels, pictures, videos, suppliers, warehouses, vendors, and much more.
As business grows, this technical data grows simultaneously. And if the product management team has to manage all the data manually, then this can lead to lowered productivity and increased errors.
Let us understand this through an example.
is a distributor of branded clothes and along with several physical stores spread across the country, they also have a good online presence. They have an eCommerce website available for their customers which offers close to 20,000 products. Each product has 50 attributes like color, size, images and so on. In the new year, BuyMe has decided to launch 3 new brands that will eventually raise the total number of products by another 15,000. They have also decided that they will translate the eCommerce website into 3 new languages.
All these changes would mean that the product management team has to manage millions of data entries and data management demands a lot of man-hours. Also, this won’t be a one-time activity since this number will keep increasing as the business expands its product range or channels or languages.
This is where Product Information Management (PIM) comes to rescue. PIM acts as a backbone for multichannel retail operations and supports the team by automating all the data management aspects.
PIM tools can easily configure a wide variety of product information. This lowers the burden on the team, offers flexibility and accuracy, manages increasing complexities, enhances productivity, and increases Return on Investment.
In this blog, we will understand the advantages of using a PIM and why every business, no matter how small or big, must consider using PIM to save costs and earn profits.
Advantages of PIM
- Saves Time.The project management team saves a lot of man-hours on manually feeding the information. In addition, the chances of double or multiple data entries is negligible, increasing data accuracy.
- Automate. The entire product information is fed onto a single central interface, from where the information duplicates itself across all systems like logistics, warehouses, and so on.
- High Quality. Whether it is product specifications or pictures, all of the data is maintained at its highest quality. PIM eliminates the chances of any incorrect price list or product details.
- High Efficiency. For any eCommerce business, it is important that you provide efficient sales channels to your customers. This means that your customer can choose to purchase the desired product through web, mobile, or physical store. This is also known as the omnichannel approach. Also, an increased number of channels means increased chances of sales.
- Faster Marketing. The presence of a central product information system will help you market your products faster. For instance, you can successfully conduct an instant product launch on your eCommerce website. This will eventually help you to lower New Product Introductions (NPI) timelines.
- Performance Analysis. PIM allows you to check the market performance of every product available on your site. Real time performance analysis allows you to strategize and plan to improve business operations.
- Communication. PIM can communicate with other systems and platforms, allowing eCommerce websites, web services, or online portals, to automatically access and revive product information from the PIM and reflect the same elsewhere.
PIM saves Money
The importance of PIM can never be stressed enough. Product Information Management (PIM) is one of the strongest drivers of ROI. This is because of a simple fact – PIM enhances employee productivity and reduces the time they need for manual work and streamlining of processes.
PIM automates and streamlines the product information entries saving ample time of product managers and making them more productive. Research shows that PIM enhances productivity by almost 50% to 70%. As productivity increases, the ROI also increases.
If you own an eCommerce site you will want your customers to get the same accurate, updated, consistent, and consolidated product information across all channels. Because this information will eventually define your sales and revenue.
An efficient PIM solution will help you leverage the right product information to engage customers and influence their buying decision.