The world of e-commerce is advancing every day, and there are multiple contributing factors behind it, mainly technological development. Anyone can now create software and applications to build an online store and manage the inventory without needing a physical store. However, the key to a successful e-commerce website is a strong connection between the content creator or developer and the company. There needs to be a timely exchange of necessary and accurate content for the website, so that product descriptions are not outdated and the data is adequately presented. A good e-commerce store promises an excellent brand image, increased conversion rate, and higher ROI.
To help with this, Product Information Management (PIM) comes into the picture and makes the transmission of information more manageable and more efficient. This system is beneficial for online retailers as it makes tasks easier for the workers and helps in keeping the inventory updated. It is helpful for product managers, marketers, and data teams to keep track of various types of product information.
A product has many different forms of data, such as how-to manuals, emotional data, product stories, ingredients, usage data, specifications, descriptions, and even media files. Product Information Management (PIM) in eCommerce helps compile all of it in one place and categorize it according to the need of the hour. Here are some pros of PIM in eCommerce that we can’t ignore:
- Improved Customer Satisfaction
Customer satisfaction is one of the primary goals of any organization, and with the rising competition in the market, it has become essential to the growth of the business. Many market research studies define PIM as one of the leading factors behind customer satisfaction in e-commerce stores. The clarity of product photos, descriptions, and relevant reviews has a massive impact on customers’ shopping experiences.
Like a brick-and-mortar store, e-commerce stores should also have the perfect presentation for their products. Blurry or pixelated photos with unnecessary descriptions can adversely impact brand image and make the process unlikable for customers. PIM helps e-commerce stores by accurately placing descriptions and pictures so customers can easily find what they’re looking for.
- Better Product Data Management
As a business expands, it wants to meet the diverse needs of customers, and hence, the number of products also increases. When an e-commerce store offers a wide range of products or has an extensive product line, it also has a lot of data to sort through. With every passing moment, the website generates more and more information that needs to be grouped, ungrouped, and entered into the system. It can be tedious to catalog, categorize, manage, and systemize the incoming data.
However, it becomes easy to computerize the process with a good and reliable PIM system that automizes the process. It creates a database with complete product information in different versions and languages, appropriate to the needs of its user. This data management reduces the lead time and improves project management as decision-makers work with quality data and timely update product information.
- Reduced Risk of Errors
Mistakes are bound to happen when there’s a heavy workload and someone has to do it manually. Errors occur due to many reasons, such as time constraints, limited understanding or knowledge of the subject, or lack of adequate skills. Human capital is undoubtedly essential, but its best use is strategic and critical thinking to reach proactive decisions. On the other hand, machines are better for completing automated and monotonous jobs. They don’t have burnouts and limited attention spans, and hence a good PIM software is likely to reduce the risk of errors in product management of an ecommerce store.
A product information system has incoming data from ERP, POS, warehouse, and procurement systems, plus product and data suppliers. Manually monitoring and controlling this data can lead to costly mistakes, and hence PIM is an efficient tool for e-commerce stores.
- Enhanced Work Efficiency
With the availability of technical tools that can automate monotonous activities like data entry and categorization of information, the chances of work efficiency are higher. Using an integrated system for product information management can save a lot of person-hours and redirect the use of human labor towards more useful work like strategic thinking and decision-making. There are fewer complaints and returns from customers and, hence, much more profitable sales.
A PIM software allows retailers to import data from multiple sources into an integrated form and build a tunnel to transfer data to relevant channels accurately. There is no need to use a different system to manage workflow and make quality assurance more efficient because it acts as a one-stop solution with PIM. And as users can easily automate several data enrichment processes, they spend less time on data entry which frees up resources that they can use to optimize sales and profits.
- Omnichannel Integration
Many e-commerce stores are working as a part of the omnichannel retail system, and the need for reliable data on products in each place is increasing. All these systems must be integrated and need shared databases to keep the product information updated across all platforms.
The product information management system helps synchronize the information for all channels, such as digital third-party, consumer, or internal media. It provides a centralized source of information that users distribute and share among appropriate channels to make work easier for marketers. System integration is also easier with PIM across all e-commerce plan forms, as most of them work on a SaaS basis which makes it quick and easy. Software systems like Enterprise Resource Planning (ERP), Content Management System (CMS), Digital Asset Management (DAM), and Customer Relationship Management (CRM) can integrate with the PIM system. When all of them work together, your e-commerce store becomes coordinated and organized, reducing costs and increasing growth opportunities.
- Increased Revenues
Reduced costs and expenses are one way to improve the bottom line, but a better option is a sustainable revenue stream. Your e-commerce store will generate higher sales with a high conversion rate.
PIM offers many benefits conducive to revenue generation and profitability of the business. With relevant and accurate product descriptions available on the website, customers will find it easier to navigate the site and browse through products.
It also reduces the chances of consumers turning away because of an ineffective search hierarchy. If they don’t find what they like, they can see the next best product relevant to their search. Overall, this will improve the profitability of the business.
Conclusion
In conclusion, PIM is an excellent tool for the successful and smooth running of e-commerce stores. It’s a perfect way to keep track of incoming product information from various sources and integrate different systems and omnichannel. It improves a company’s profitability by enhancing its revenue, lowering costs, and increasing productivity. And it helps with data management, leading to reduced errors and increased customer satisfaction.