Is a PIM system right for you?
As consumers gain an ever-increasing array of knowledge at their fingertips, they’re using it to learn as much as they can about products before they buy. With shopping becoming an increasingly omnichannel experience, product information needs to be accurate on all of those channels. Manually updating these channels can work for a while, but scaling hundreds of thousands of products can take up an inordinate amount of time. If managing product information is taking up valuable resources, it might be time to consider implementing a Product Information Management (PIM) system.
A virtual information hub, a PIM system provides a single-platform solution for all of your product information. This “single source of truth” is where any changes are made. From there, the updated information can be applied to the various channels you sell through. Rather than manually updating every channel individually, these large-scale changes allow for fast, customizable updates. This freedom is especially important when dealing with multiple locations and languages, allowing you to provide a more personalized product information experience. It can help strike a balance between a “one-size-fits-all” solution and a cumbersome “one-size-fits-one” approach.
Easier for you. And your customers.
Along with making your life easier for your team, a well-utilized PIM system can improve the customer experience, making life easier for your customers as well–a win for everybody. According to a Forrester report, about four out of five customers say that product information is essential to their buying experience. Furthermore, Shotfarm found that 87% of consumers would be unlikely to return to a retailer who provided incorrect information.
Now that consumers have gotten used to having information about a product, it stands out when they can’t find it–or when it’s wrong. Inconsistencies across channels create confusion, and that confusion hurts your brand. It can lead to a higher rate of return, and even cart abandonment. You don’t want to lose a customer after they’ve already decided to buy from you.
Send me your PIM
The days of single-channel shopping are numbered, with as many as 65% of all purchases taking place across multiple devices. Because you don’t know exactly where customers are going to be, you have to be accurate everywhere. And the more pages you have to update, the more likely something is to get overlooked. One neglected webpage could undo all your other good work.
Further complicating matters, those multiple channels could include a physical store. More than half of buyers visit a physical store before making a purchase online. The reverse is also true: a significant percentage of shoppers search online before buying in-store. In other words, that’s a lot of potential missteps when updating product information. Even if you can successfully manage your channels individually, that may take time away from other projects that need attention.
PIM as part of a transformation
The need to update quickly and across multiple channels is relatively new. As ubiquitous as the internet is now, it was less than two years ago that mobile browsing surpassed desktop browsing for the first time. As a result, legacy systems that have slowly evolved over the years are at a severe disadvantage relative to Digitally Native Vertical Brands (DNVBs). Older businesses just weren’t built within a framework that is flexible enough for perpetual change.
Implementing a PIM system is an essential step in a digital transformation. Its inherent flexibility provides the adjustments necessary for adapting to the ever-changing needs of a customer. While much has been said about proactive personalization, reactive personalization is also critical. Customer feedback provides another opportunity to better the shopping experience. For this reason, DNVBs give product managers the freedom to implement changes that improve engagement and increase the chances that someone will complete a purchase. The frequent testing, experimentation, and data collecting required in the modern marketplace are impossible to keep up with if your systems are slow to adapt.
A worldwide platform
Globalization of the market through the internet has connected people and products in a way that’s unparalleled in human history. The vast amount of information available has empowered consumers to sift through this global marketplace to their satisfaction. It has fundamentally altered the way people buy and sell, and there’s no putting that genie back in the bottle.
Speed and service are baked into the marketplace. For companies built outside of the digital space, keeping up with these increasing demands can be difficult. It can feel like a never-ending cycle of merely trying to catch up. A PIM system that allows for centralized management could be an essential step toward incorporating with the digital space.
If you’re interested in learning more about how a PIM system could help streamline your business, we’d love to hear from you. Remember that there’s no cost for an initial consultation. If you’d like to stay up-to-date with the world of digital commerce, subscribe to our newsletter.