With product information management or PIM solution, things in the retail business will be easy. This software can offer significant help to the success of retail business success. It can completely manage your product catalog by organizing:
• The high volume of product data
• Customer information
• Multiple sales/marketing channels
• Dynamic product range
The definitive function of the PIM solution is to provide a system of managing and maintaining all product information, product catalog, and services to your prospective clients. If the above-mentioned characteristics apply to your retail business, learning more about a PIM solution may be helpful for you.
Why Should Retailers Invest in a PIM Software?
You can bring the power of PIM in your retail business for brand consistency, to manage and curate product information, for multichannel retailing, and to improve customer experience. Various types of PIM solutions are available in the retail space. However, one of the best and most used of all open source PIM solutions is Pimcore that is for larger retail companies who are looking for a customized PIM solution. It is also adapted to the retail business processes and individual company needs. The most important benefits of Pimcore PIM are:
• Support functions - PIM, MDM, DAM, CMS, E-Commerce
• A fully-fledged platform for ecommerce retailers
• It is expandable
• Support in translating content into other languages
• Share product data across multiple retail channels
• Create product catalogs in a faster and easier way
The growing retail industry and its growth rate have led to an increase in demand for quality product data. International retailers have also realized the importance of PIM solutions. They are optimizing their business model, revenue figures, and costs using PIM solutions.
According to a report by Zion Market Research Firm, the global PIM market will grow up to USD 15.8 billion by 2021 from USD 5.1 billion in 2016.
In today’s competitive world, it is important for retailers to have control over retail workflow processes quickly, for which they need data integration and product-related information more often. Here there is nothing more useful than a PIM solution which could significantly help retailers in doing product management and in improving customer experience, and increasing profit margin.
PIM Simplifies It All
A PIM solution is designed to serve as a central repository for all of your product information. This simplifies the data management and product enrichment process. It also eases the syndication of accurate and timely data across many e-commerce channels.
The PIM solutions work with all major eCommerce platforms. For instance, you can manage your eCommerce experiences with both Magento and Shopify integrated with PIMs. It makes managing your product catalogs easily. While it’s true that every ecommerce platform needs to manage its product information natively and the syndication is also needed in retail organizations, which are often unavailable. This is where a PIM can be useful.
PIM Improves Omnichannel Retailing
PIM solution also helps your retail business tackle challenges related to an omnichannel strategy. It allows you to easily create content in multiple languages, add catalogs, and add new categories of content.
It is valuable for retailers. The more specific you are in the product description, the easier it is for you to create promotional sales offers, purchase orders, targeted discounts, and more.
With the help of a PIM solution you don’t just write a description for example, “sneakers”, but you can also specify the color, size, and shape of the sneakers. Improved product information adds considerable value to the omnichannel customer experience. PIM implementation offers more opportunities for enriching the product information that is making the product search process more successful.
PIM Automates Retail Operations
PIM solution not only manages your product data, but it also increases productivity among your staff by automating manual data processes, marketing products through different channels, and sharing information quickly between multiple teams. Utilizing an effective PIM solution provider like Syncrasy, your retail staff can work independently making everyone‘s work easier in the long run. Some of the notable benefits of using PIM solution for managing your retail operations are:
• PIM help correcting silos and bottlenecks in your team
• Eliminate the need for a manual data entry system
• Sort through data quickly
• Help to reduce wasted resources
• Get your store live faster than your competitors
The good news is that there are many PIM solutions out there for retail businesses to choose from. Selecting the PIM depends on your unique business needs. So, if you are looking for a PIM solution for your business, check out Pimcore PIM, DAM, CMS solutions for a complete rundown of features and implementation service.
In the end, PIM creates better product experiences that mean better sales and revenue. If you are looking to feed consistent and streamlined product information across your retail platforms, then a PIM solution is the right fit for you. A PIM solution helps you to build product experiences that in turn will lead to creating better customer experiences, digital experience management, and your sales efforts.