As we all know ecommerce market has seen a huge demand in the recent years and it is expected to get to full bloom by 2025. With increasing sales and productivity the litmus test for getting the sales performance records under one roof is very essential. Any ecommerce platform needs to track the product information for each sales from customers to shipping to its product partners. This often becomes a toll taking process, that’s where Product Information management system comes in to play.
What is Product Information management?
Product Information Management (PIM) is a system designed to manage ecommerce product information under one roof. PIM is basically the magic behind creating and managing store and share product information with different sales sections, such as e-commerce websites, marketplaces, social media platforms, and print catalogs.
The PIM or Product Information management can be termed as all in one tool for ecom category as it helps to keep accurate, up to date and consistent flow of data regardless of where it is being used. The management system also helps in automation as in for collecting, processing and publishing product information to reduce time cost and increase efficiency.
PIM typically includes features such as data modelling, data validation, workflow management, and data synchronization. PIM systems can also integrate with other software systems such as ERP, CRM, and DAM, to provide a complete solution for managing product information throughout the entire product lifecycle.
How we can execute Product information management ?
Centralized Data Management: PIM is designed to provide a single, centralized source of product data, which helps ensure that product information is consistent and accurate across all channels. To best use PIM, businesses should ensure that all product data is stored in the PIM system and updated regularly.
Automated Data Collection and Validation: PIM can help automate the process of collecting product data from various sources, such as suppliers, manufacturers, and internal systems. To best use PIM, businesses should set up automated data collection and validation workflows to ensure that product data is accurate and up-to-date.
Improved Data Quality: PIM systems provide tools to improve the quality of product data, such as data normalization, data enrichment, and data governance. To best use PIM, businesses should regularly review their product data quality and take corrective actions to maintain high-quality product information.
Multi-Channel Distribution: PIM allows businesses to distribute product data across multiple channels, such as e-commerce websites, marketplaces, and print catalogs. To best use PIM, businesses should tailor their product data for each channel, ensuring that the data is optimized for the specific channel’s requirements.
Analytics and Insights: Product Information Management systems can provide valuable insights into product performance, such as sales data, product views, and customer behavior. To best use PIM, businesses should use these insights to optimize their product data and marketing strategies, leading to improved sales and customer engagement.
Product Information Management (PIM) has several advantages for businesses, including:
Increased Efficiency: PIM centralizes product information and provides tools for automating data collection and validation, which can improve the efficiency of the product management process.
Improved Data Quality: PIM provides tools for improving the quality of product data, such as data normalization, enrichment, and governance, which can lead to more accurate and reliable product information.
Consistency Across Channels: PIM helps ensure that product information is consistent across multiple sales channels, such as e-commerce websites, marketplaces, and print catalogs, which can improve customer experience and reduce errors.
Faster Time-to-Market: PIM allows businesses to quickly create and publish product information across multiple channels, reducing the time it takes to bring products to market.
Increased Sales: PIM provides insights into product performance, such as sales data and customer behavior, which can help businesses optimize their product data and marketing strategies, leading to increased sales and revenue.
Better Customer Experience: PIM enables businesses to provide accurate and complete product information to customers, leading to a better customer experience and increased customer satisfaction.
Scalability: PIM can scale to handle large volumes of product information, making it suitable for businesses of all sizes.
Overall, PIM can help businesses improve their product management processes, reduce errors, increase efficiency, and ultimately increase sales and customer satisfaction.