The bigger your product catalog gets and the more sales platforms you operate on, the greater the chances your company is dealing with a big scope of product information. There can be plenty of data errors, duplicates, and inconsistencies.
This is where product information management software (PIM) comes in handy. Let’s explore the product information management best practices to see what are the critical PIM features and how eCommerce leaders prospered after implementing a PIM system.
What Is Product Information Management Software?
Product information management software is a tool used to gather, manage and spread product information across the multiple-channel environment.
According to Forbes Insights, data-related issues cost the majority of businesses over $5 million yearly, which clearly shows how costly ineffective product information management is. PIM product information management software, on the contrary, eliminates data errors, enhances your customer experience, boosts the brand’s reputation, and brings in more sales.
Brands that are starting to sell on various platforms, that require growing or localizing their products in multiple markets, should seriously consider investing in a product information management system.
Best Product Information Management Software: Must-Have Features
Top product information management software includes some vital features that benefit the business.
1. Simple integration with the software ecosystem. PIM should easily connect with your ongoing technical infrastructure and other data assets you plan to apply in the future. A successful product information management tool seamlessly integrates with your actual ERP, provider’s product data, phone applications, product catalogs, and other systems.
2. Automated data import. The simplicity and convenience of data importation should be at the core of PIM, especially when your business uses many devices and operational systems.
3. Data validation. The top software on the product information management market offers a validation workflow, which means that PIM has certain data quality rules that control if data is up-to-date and accurate.
4. Data analytics. Nowadays content analytics is among the hot product information management trends. Built-in analytics help you monitor how great your online performance is and what existing problems need your attention.
5. Automated data transformations. Converting data into the proper formats of the respective retail platforms is an important feature of top product information management software. Especially helpful are bulk editing capacities that make your data more consistent and save your time for creative activities that add more gain to your business.
6. Intuitive interface. The best product information management software should have an interface, understandable not just for technical personnel of your company, but all team members. It should be easy to use and should not require hours of technical training.
7. Scalable data governance. This must-have feature allows you set-up proper user management within PIM: you can smoothly set roles within the system and manage the access rights. It also provides an integrated product view that fits that particular user’s needs and rights.
8. Automated content delivery and PIM syndication. Enabling automated content delivery and product data syndication means that product content complies with different sales platforms’ requirements. Ecommerce content syndication is highly valuable to keep up with all the changes and updates in the ever-changing digital retail world.
Product Information Management Best Practices
The best practices of PIM implementation demonstrate how properly organized and accurate rich product information can change a brand’s visibility and reputation, draw customer’s attention, reduce product returns and increase sales.
The leading brands also managed to improve their customer experience after they discovered the existing problems with the help of product information management software.
For instance, the PIM system helped Procter & Gamble discover that 3.6% of its purchases contained outdated products. Another example is Johnson & Johnson: with the help of the PIM solution, the company discovered that product data inaccuracies led to 2.5% out of stock with its biggest distributor Walmart.
Coca-Cola, the world's biggest beverage company, demonstrates how implementing a product information management system can make an amount of complex data benefit the business. The company turned 250 datasets into one and started using forward-looking analytics to get a better comprehension of how the brand and products are doing globally.
Bosch, one of the leading technology manufacturers, used to have disorganized information management, with data being scattered across the company, which led to inefficient operational activity and slow time-to-market. With implementing PIM, the company introduced a new ordering system that generated a 21% increase in sales and also reduced the time spent on working with data by 80%. It allowed the team members of the technology giant to spend time on more important business initiatives.
AVON, a major global beauty company, needed a product information management software that could flawlessly work in many languages in 100+ countries, with a focus on extensive publishing tools. After implementing PIM, the company was able to manage rich product data for output in many channels: website, mobile, and high-quality printed product catalogs.
Nikon, a huge multinational optics and imaging products company, also made the most out of PIM implementation. PIM solution allowed the brand to come up with localized images, videos, technical specifications, and other information of outstanding quality, which significantly improved customer experience. It also helped to create an understandable product taxonomy, given common multiplex relationships between sold items.
Implementing product information management software proved to be successful for brands in various industries, which clearly shows that consistent and compelling product content is never out of date. Yet, it’s important to move with the times and learn what’s new in the product information management market.
Highway to PIM with Gepard
Ready to rank equally with eCommerce leading brands? Then don’t think twice and implement PIM with Gepard. Hand over this job to our team of committed developers who have been helping the major eCommerce players in the EMEA market for more than 15 years.
Do not hesitate to fill in the contact form to talk about your individual needs with our devoted eCommerce consultant.