ETIM 9.0 has been released – what should be considered?
Since December 2022 there is a new update to ETIM 9.0. Almost 5000 change requests submitted from 20 countries have been processed, 200 new classifications are included in the new version.
As we already mentioned in the article “PIM simply explained“, PIM systems focus on workflow automation, among other things. By minimizing manual processes, the aim is to reduce error rates in data maintenance, optimize cross-departmental collaboration, and accelerate the delivery of data to the relevant channels.
With a PIM system, companies can quickly distribute all necessary data and media assets to all relevant channels. In this way, they ensure consistent product communication in the onlineshop, on the website, in the product catalog, on the marketplaces and other brand contact points.
“As internet access and adoption are rapidly increasing worldwide, the number of digital buyers keeps climbing every year. In 2020, over two billion people purchased goods or services online, and during the same year, e-retail sales surpassed 4.2 trillion U.S. dollars worldwide. In the year of the pandemic, global retail e-commerce sales grew with more than 25 percent”.
Source: Statista “E-Commerce Worldwide – Statistics & Facts”, 2021
With the ever-growing number of digital buyers, companies must always keep their product information up to date so that their customers have quick access to all the important information for their information and purchasing process. If potential customers are missing important product information, they will quickly leave the channel and jump to the competitor’s offer. In times when customer experience is becoming increasingly important for differentiation, retailers also need to go beyond just selling products and nurture and strengthen their customer relationships with compelling content. To ensure an outstanding product experience, multimedia content such as images, videos, and 3D visualizations are therefore becoming increasingly important for state-of-the-art product communication.
Regardless of the amount of product data to be managed, PIM systems ensure the reliable distribution of up-to-date and complete product information. At the same time, PIM systems bring order to the tasks of teams. Companies agree that data security and monitoring are important. With a product information management system, they can conveniently manage their product data and the access to editing the data. Authorizations can be used to define specific roles in the system for different user groups. In this context, roles can also be managed at combined levels, e.g. for selected product categories, for certain attributes, for editing the original language or for the authorization to publish or delete the data records.
To meet the specific needs of e-commerce companies, PIM systems have the important function of easily assigning products to individual groups. This makes it easier to categorize products and simplify the alignment of product attributes. The defined categories and attributes support customers in detailed product searches and product comparisons. The numerous filter options also enable improved navigation in the corresponding output channel. Customers and prospects find what they are looking for more quickly. Furthermore, a PIM system also creates relationships to related products, which makes it easier to exploit additional sales potential in e-commerce:
“70% of online customers purchase from foreign websites and 80% of retailers around worldwide agree that cross-border trade has been profitable or sellers have successfully increased their sales as much as 1,000% after expanding their marketplace presence globally.”
Source: eMarketer “Global Ecommerce Forecast”, 2021
The globalization of the e-commerce market is progressing rapidly. Manufacturers and retailers should therefore increasingly consider selling abroad and recognize it as an opportunity to increase sales. For small and medium-sized companies in particular, it is also advantageous that opening up new markets via the Internet is possible without high investment and thus without major financial risks. Companies do not need a subsidiary or a sales force on site. Logistics are also not a major problem today, as the major parcel service providers now deliver to almost all countries.
Although economic and environmental factors are an increasingly minor barrier to internationalization, internationalization does present some technical challenges, such as
The technical challenges listed can be successfully mastered with a good PIM system. The localized product data in the PIM system ultimately forms the basis for efficient expansion into new markets.
Feel free to contact us and learn more about how we can support you in your expansion plans in a non-binding online demo.
More articles:
Since December 2022 there is a new update to ETIM 9.0. Almost 5000 change requests submitted from 20 countries have been processed, 200 new classifications are included in the new version.
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