Product Information Management is a disruptive technology that in recent years has been experiencing exponential growth in the retail industry. So, what exactly is it and what does it do? PIM is the process of handling every information that is needed to market and sell products in the market through distribution channels. It involves software that is used to manage the data involved in the product's catalogs, weights, sizes, reviews, descriptions, certifications and so much more. There are numerous information management software acronyms each with its purpose such as:
- Product experience management (PXM). PXM is a process where a business organization delivers to its customers an experience of its goods and services throughout the entire customer lifecycle.
- Product data management (PDM). A PDM is used to share internal product data. In most cases, the difference between the information here is useful to product designers and engineers.
- Product content management (PCM). A PCM is usually used as an add-on to enhance the products and taxonomies in an e-commerce platform.
- Master data management (MDM). This is a universal repository for the information of the entire business organization. It contains information regarding machinery, staff, processes, and most importantly, products.
What Information does a PIM Manage?
- Technical specifications such as sizing, measurements, and materials.
- Taxonomies such as product tags, relationships, and categories.
- Key product characteristics such as titles, descriptions, and SKUs.
- Marketing data such as sea descriptions, keywords, and titles.
- Digital assets.
- Localized data
Advantages of a Product Information Software
A product information management is a type of software extension that integrates with other e-commerce platforms like WooCommerce, Magento, or Shopify, and other software systems and data sources. It works as a multichannel marketing tool to give you control over all aspects of your e-commerce strategy in real-time. Here are some benefits of having this software:- It eliminates the manual uploading of business information. In turn, the business can increase its productivity and management efficiency of how they handle their product information.
- It provides clear and detailed product descriptions to minimize the likelihood of product returns.
- It creates flexible workflows by assigning relevant tasks. This helps to enhance communication across various teams in the organization.
- It helps to improve sales by developing rich product stories.
- It develops new shopping channels as well as expands to foreign markets. As a result, the return on investment of a business increases consistently.
Which Companies Require a PIM Solution?
This software solution plays a significant role in:- Marketplaces and retailers. Retailers need to account for both online and offline customers. They prefer a consistent experience throughout their sales channels. This software helps them greatly by increasing product time to market. Retailers use it to design an omnichannel experience to increase their revenue.
- Manufacturers and brands. Manufacturers are the main source of product data. They must have accurate data to meet their customers' needs. This software solution allows manufacturers to fully own their product information and use it to expand their business and unlock new channels.
- Distribution. Distribution sits in the center of the supply chain and distributors have a lot of product catalogs to look after. Also, they must feed several channels with product data. This software solution allows distributors to process enormous volumes of data rapidly. As a result, this helps to increase their product range and consistency across their distribution channels.