Product Information Management (PIM) is a collection of practices and tools for managing product information across enterprises, distribution networks, eCommerce, and consumers. A product information management system (PIM) gathers, organizes, and augments product information, develops product catalogs, and delivers data to sales and eCommerce channels all in one site. It is a critical tool for retail companies that handle merchandise online, in particular.
"Classic" PIM systems cannot handle all product-related information. Usually such information as prices, discounts, or stock information is not incorporated into the PIM system.So other sources will have to be used to get this information. This system's main idea is to manage and deliver marketing and descriptive product data only. Some PIM software like AtroPIM can be used as a middleware and thus, are able not only to enrich product data but also to transfer all other product-related information which is usually not available in the PIM software.
So, what is the significance of PIM?
There's a lot to appreciate about it: it's software that evaluates, stores, manages, and helps you market your stuff, so what's not to like?
1. Increased productivity and efficiency
Your team can use the central hub to find all necessary information about a product in one place. It is time-consuming to look for, clean up, or piece together your product information. The time you would have wasted may have been better spent onboarding new goods and increasing the size of your product library.
You can work more agilely if you have a back-office system for all your products that your team can access and edit without affecting your eCommerce business. Your team may focus on making your product information as accurate as possible with a PIM organizing all your product information.
2. Higher-quality product content
A product information management system (PIM) provides you with the necessary infrastructure to streamline and optimize how you operate with your products. It indicates that you can write high-quality product information and well-written product descriptions to get the correct customers closer to purchasing. It's critical to add product photos, videos, and other assets to a single spot to get a product past the checkout.
3. Boosts staff productivity and happiness
Handling data is becoming suffocating in organizations, and employees may become overwhelmed in their attempts to handle it. It might be time-consuming to update the same information across multiple systems manually. More importantly, when a mistake is made that results in a company loss, it might impair one's self-esteem and morale. A PIM environment makes your employees interact with data only when necessary. So they can spend time satisfying clients rather than dealing with the data.
4. Makes it easier to adopt new technology
Today's businesses are experiencing a technology revolution. There's business-oriented technology like machine learning, AI, and automation on the one side. Customer experiences, on the other hand, are being disrupted by AR, VR, AI, personalization, and other technologies. Good, organized data is an everyday necessity across all of this new tech. Using a PIM application to centralize and manage your data, your company may profit from these improvements.
5. Structures as Catalog
PIM's capacity to aggregate information in numerous formats is one of its main advantages. Many platforms demand that you follow their catalog format, and a PIM can automatically broadcast different information to several channels. As a result, in eCommerce, PIM ensures that all company's marketing team members are on the same page. A PIM generates high-quality reports on the content and data updates, as well as a history of changes and alterations. It also allows team leaders to keep track of the catalog's changes and edits.
6. Easy Market acquisition
It shortens the time for a new product to reach the market. The importance of the first-mover advantage in a competitive global market cannot be overstated. By streamlining recent product/collection marketing efforts, a PIM allows you to get your wares to market quickly. Products may be rapidly categorized and assigned properties and formats with a PIM, cutting down on the time it takes to get them up and running.
7. Reduces the number of product returns
One of the leading causes of product returns is missing product information. Buyers expect one thing but get another, costing you money and a future business. You can remove data errors, identify missing data, and make changes across channels in a centralized manner using a PIM.
8. Improved customer service
PIM Systems helps to build customer-centric products and categorize them. They help to make the site's navigation much more user-friendly. When users conduct precise searches, such as looking for a specific size or color, all relevant products appear. Customers' inquiries are shortened due to this, as they can find things more quickly and easily.
9. Increased return on investment
A modern, well-designed PIM can dramatically increase the number of sales and the average value of the shopping cart. Many businesses that use PIM report higher conversion rates and lower product returns. Companies that invest in PIM System get up to 40 percent lower returns and a four-time boost in conversion rate.
10. Aids customer retention and sales
Today's tech-savvy shoppers want accurate and thorough product information at their fingertips. They compare facts online before making a purchase decision, even while conversing with salespeople in-store. You'll lose your consumers' interest quickly if what you're stating about your product is wrong or inadequate. A product information manager will assist you in accurately structuring and disseminating your product information.
Why do so many merchants and manufacturers select PIM Software?
A PIM System like AtroPIM has far more benefits for organizations than just a clean and transparent data management system, and it makes you pleased! AtroPIM is 100% web-based, mobile-friendly and has vast configuration possibilities. You will be able to create more qualitative and marketing-relevant product information that will increase your revenue. It is cost-effective and less time-consuming on data maintenance, enrichment, coordination, and dissemination.
AtroPIM's effective communication system collects data from various sources and has it processed by your personnel in a single location. You have several options for controlling and influencing the quality of your data and related operations, giving a review of performance. It uses synergies and benefits from the prompt publishing of consistent, high-quality data providing high-quality outcomes.