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"5 top reasons for the introduction of a PIM"

Excerpt: The quality of product data often decides the purchase. With the implementation of a PIM system, companies can save time and money. We listed the top five reasons.

Essential benefits of a PIM

Product information appears in many places in companies and generates a great deal of administrative work. In most cases, the information is used in a wide variety of places and for a wide variety of purposes. In addition, there are numerous formats, different languages and regions, not to mention the diverse channels in which it must be maintained. This creates numerous data silos with a high susceptibility to errors.

A centralized PIM-Solution can remedy this situation. For a successful business, product information must be quickly available, complete, consistent and error-free. We have compiled the top 5 reasons to implement a Product Information System (PIM).

#1 Product data in one place – Single Point of Truth

All types of product information (product descriptions, photos, videos, sales texts and other product attributes) are fully bundled in the PIM system and are available to you up-to-date and comprehensive. Product information is usually generated in different departments and in different formats. They have to be imported from numerous systems (e. g. ERP, CMS or Excel) and then enriched and synchronized. No problem, because with our interfaces data from external systems can be comfortably integrated into the PIM system. This gives you a central place in the company where all product information is managed. Typical connections include e-commerce platforms, marketplaces and publishing solutions. All relevant interest groups, e. g. employees, sales partners, distributors or external agencies, always access the current and complete database.

#2 Improved Omnichannel Marketing

On all channels and customer-oriented touchpoints, up-to-date and accurate Product catalogues are published so that the information is accessible to the customer at any time. This creates an effective omnichannel presence.

Omnichannel is what consumers expect, but hardly anyone offers it smoothly. Whoever succeeds first will own the future.

Source: Achim Himmelreich, Director Digital Transformation at Capgemini

#3 Customer engagement

Depending on the industry and business model, customers contact a brand at different touchpoints. These can be different devices, the website or other portals. A detailed overview of the most important touchpoints, as well as helpful recommendations on how to coordinate them, can be found in this post. Consistent quality of product data can significantly influence customer confidence through the credibility of the information. Let’s be honest: the more accurate and authentic the descriptions are, the more trustworthy they appear. Each of us has come into contact with bad product information. The result? Longer purchasing decision processes, poor conversion rates, up to higher return rates.

#4 Exploitation of sales potential

Often, high-selling cross- and up-selling potential is not fully exploited because customers are not shown the right product relationships. It is known that the probability of purchase increases when personalized offers are displayed to the customer. At the same time, cross-selling strengthens customer loyalty, and the retailer’s offerings appear to be diverse. As a retailer, you benefit from increased sales from cross- and up-selling. The optimization of product attributes and the configuration of metadata have a positive effect on search engine optimization (SEO) and thus improve the website ranking. Use all these options to significantly increase the conversation rate.

#5 Long-term cost reduction

We have already given four good reasons for using a PIM system. Another important aspect is the cost and the question of how these can be reduced in the long term. The automated workflows in the PIM optimize performance so that annoying waiting times do not occur. Since the data is centrally bundled, product information can be qualified and enriched in one place, so that customers do not buy the “cat in the bag. ” Because complete product descriptions incl. the associated media assets reduce false orders and thus reduce the return rate. And you know best how expensive a return is for your business. In our article “ROI in PIM-Projects”, we explain in detail how much time and costs you can save in the individual disciplines in day-to-day business with PIM.

This is only a small part of the benefits our prodexa PIM system offers. We know that there is much more. If you would like to learn more about the prodexa Cloud, our specialists will be happy to demonstrate the use case that is right for you in a no-obligation online demo.

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