Product Information Management (PIM) has become the key to staying ahead in retail. Let’s review some of the key benefits of having a comprehensive and robust PIM system and how it can help your business stay on top of the competition.
Getting your products into the market faster than ever
No matter what industry you’re in, if you sell your products through multiple different channels, then having a robust PIM system is key to success. The reality is, when you need to coordinate with a new carrier of your products, there can be a lot of hoops to jump through. Especially if you’re big, you may find yourself going through multiple different data sources to carry over the information needed for inventory fulfillment.
Say I’m a large furniture retailer, and I sell my furniture pieces through several different vendors throughout the United States. We’re talking over 100 stores nationwide! If I make any changes to the information of my 1000s of products being sold, it’s going to be a hassle to make sure all of those changes have occurred correctly across all of these sales channels.
With a robust PIM system, I would be able to make these information changes from a single central source that holds all of my product information, These updates would then occur accurately throughout all of the stores I do business with.
Luckily for us, there are many PIM systems in place for retailers these days. In particular, InRiver is an excellent system that allows you to put all of these sources – and therefore important product information – into one place, streamlining your business processes.
Industries to benefit the most
While this kind of system is beneficial for all industries and companies of varying sizes, it’s especially helpful in larger companies, where there are inventories across multiple regions that need fulfillment. InRiver is great for this because it allows you to streamline your order process and easily carry over your product’s information when they go to their destinations. Gone are the days of painstakingly coordinating between different suppliers to ensure information is actually going the right place.
Here are some more important characteristics of a business that will benefit greatly from a robust PIM system:
- If you have a high volume of products. If you have anywhere from 10,000 to 15,000 (or more) different products, you’ll have to invest in a PIM system. Such a high volume of products means a high volume of customer information too. So in the above furniture example, things like product origin, size, material, and most importantly price, are stored and instantly adjustable.
- Many methods of selling products online. Systems like InRiver can make it easier to accommodate certain aspects of your online store, such as cross-selling, up-selling, product categories, and product comparisons.
- If you have a large range of different product offers. A robust PIM system will be super useful in an industry where you’re selling things at different times and for different reasons. For example, if you have products that are only sold seasonally or more common ones that are part of a special short-term offer, then you’ll benefit greatly from superior PIM capabilities.
Even if your business doesn’t have all of these qualities yet, they’re important to know for the future. If your business is expecting a lot of future growth, it could very well be time to invest.
Leveraging robust PIM, the numbers
In particular, PIM systems like InRiver can help your company achieve some rather impressive results when it comes to efficiency and revenue. Namely, achieving the ideal efficiencies in product information management can help you:
- Achieve a 20% increase in revenue. As stated above, PIM supports your company’s strength with things like cross-selling and special offers. On average, companies can achieve 10-30% more revenue from the effective use of these product selling strategies.
- Drastically reduce business costs. Without a PIM system in place, it could take you up to 4 whole weeks to make important changes to your product information. PIM systems like InRiver drastically reduce this time and therefore save you a big heap of cash in the process.
- 30% reduction in catalog errors. With a good PIM strategy, you’ll be able to reduce the number of errors in your catalog. Fewer errors mean less time and money fixing them, and therefore more revenue.
Now if that doesn’t spell out why PIM is so important for staying ahead, then I don’t know what will. There’s a reason the biggest and most far-reaching companies a robust PIM system in place.
Transform your PIM strategy with Luminos Labs
Is your business gearing up for a big shift in e-commerce strategy? Looking to create a central source of product information for all of your goods nationwide? Luminos is here to help. Our team of experts works 24/7 to provide you with the smoothest implementation and most reliable maintenance when it comes to your e-commerce platform and experience.
We’re always interested in doing the best for our clients, and we’ve helped many achieve increases in AOV, some by as much as 22%! If you’re looking for help with e-commerce implementation, Azure cloud services, or general digital strategy, please don’t hesitate to reach out.