CatalogsBuilder

PIMs have revolutionized data management since they were first introduced. We at CatalogsBuilder are a leading solution, enabling organizations to build rich product catalogs, enhance sales, promote customer support, create better products, and accelerate growth.

E-commerce expertise is becoming increasingly relevant for manufacturers. With over two billion people now buying online, goods can be found and purchased anywhere, anytime.

Due to this, it is becoming increasingly critical to be able to access comprehensive information about products. A product information management (PIM) system can be extremely useful in this situation. Data from PIM software can be managed in bulk centrally, allowing content to be optimized across a wide range of channels. However, PIM systems aren't just about centralizing data. And today, in this blog we’re going to cover in detail about what is PIM and why it is important:

PIM: What is it?

As the name implies, Product Information Management refers to a process and tools for managing product information within businesses, supply chains, and commerce.

Fundamentally, a Product Information Management system collects, manages, and enriches product information, catalogs products, and distributes it all in one place. Online product management is one of the crucial tools for retail businesses.

Its main principle of PIM is to contain sales-related information. Although there is a limitation to this system as it does not handle everything such as  prices or stock information.; it is a highly important and needed tool for any business.

PIM: Why do you need it?

PIMs are useful for retailers whose product information is dispersed across multiple channels. It establishes a concurrent enriched uranium workflow. Through one central spot, multiple team members can modify, edit, and distribute information about the product. The PIM system will protect the log of almost all of the data which has been conveyed and modified and thus will inhibit such adjustments beyond being nullified.

When a company really does have a wide range of products, the use of a PIM is the best decision they’ve taken so far.  Businesses with just a limited range of products, on the other hand, can benefit from doing so, especially when they have a high degree of complexity and customizations to control.

PIM: Why is it important for your business?

Product Information Management (PIM) platforms have indeed become increasingly popular among brand marketers. PIM is essentially a system for sharing and managing information in sales and marketing. To efficiently cope with the situation, it interacts with a growing percentage of samplings, product lines, and networks as well.

With the PIM solution, it is easy and simple to integrate and process the information. PIM  serves as the central storage system for a foundation's brand content and information. It offers a means for handling the entire data across all business units and user interactions.

1. Manage Multiple Data Variations with Ease

Many manufacturers must handle huge quantities of brand data collected from various sources and in a range of categories. Attempting to collect this information from multiple sources has become a thing of huge time spent and employment. Getting access to a unified view is indeed necessary to assure strong brand quality and established customer loyalty.

PIM systems combine with a variety of databases, enabling users to accumulate, handle, enhance, and distribute the whole of the marketing material from a centralized location. Content streams can also be designed in a very less time to gather data from your ERP software, distributors, or perhaps even Excel if the PIM software has been incorporated with your workplace toolkits (e.g. Microsoft 365). Manufacturing is crucial to the success of any business. A business's success depends on how fast it can produce its products. You will be able to provide every possible detail about your products to all of your channels if you implement Production information software.

2. Increasing Production Speed

Manufacturing is crucial to the success of any business. A business's success depends on how fast it can produce its products. You will be able to provide every possible detail about your products to all of your channels if you implement Production information software.

3. Enhanced Efficiency and Productivity

You can access all relevant information about a specific product through the central hub. You won't waste time looking up, cleaning up, or compiling information about your products. Instead of losing time onboarding new products, you could spend it expanding your product catalog.

Using a back-office system that allows you to manage products without affecting your online store, making your business more flexible and agile. By managing all of your product information with a PIM, you can ensure that it is correct.

4. A Higher Return on Investment (ROI)

The number of sales you receive can be dramatically improved with a modern, well-designed PIM. It has been reported that PIM enhances conversion rates and reduces return rates for companies.

Investing in PIM systems increases conversion rate by 4X and increases topline revenue by 40%, as reported by CatalogsBuilder.

5. Generation of Leads

Any business relies heavily on lead generation. More customers are acquired and converted through lead generation. In order to increase conversions, product information is one of the most effective tools. Providing your customers with complete information is a simple and effective way to make them happy.

In addition, a PIM solution lets you integrate accurate content, images, attributes, videos, comments, and comprehensive features to increase your sales.

6. Better Customer Experience 

Product information management (PIM) enables products to be tailored to the needs of the customer. Customers will be much more comfortable navigating through the site this way. Customers can search specifically, for example, to find a specific size or color. By doing so, they can quickly and easily find what they are looking for.

Site searches are 400% more effective than usual at converting customers. It is vital that your PIM feeds your website with clean, and accurate data as this enhances the brand's reputation and builds trust among customers.

7. Getting a 360° Overview of Your Products

By connecting assets with your product information, you can open up new possibilities in the context of your brand and engage customers in new ways. For example, you can:

• Inform your customers about your products in a trustworthy, consistent, and valuable way
  
• In addition, you can showcase the value of your product

Say, for example, you manufacture power tools. You might add embedded links to your products explaining how to build tree houses – based on your buyer persona. In real-time, similar interactions can be tailored depending on the profile of your customer.

8. Working in a Systematic Manner

Product information management facilitates the distribution of a wide range of goods. With CatalogsBuilder software, you can organize your products into categories which will make it easier for customers to navigate. Through systematic information, business owners will also have a better chance of converting their customers.

9. Enhanced Content Quality

Through enrichment, products are more likely to get noticed. Buyers have come to expect clear, precise product descriptions. It's likely they'll go to another retailer if they can't find what they want, or can't get it.

PIMs provide you with the tools for optimizing your product management practices. The end result is high-quality product information. Well-written descriptions are more likely to lead to a purchase from the right customer. It's essential to have image and video assets for products centralized for easy access in the checkout process.

10. Differentiate your Business with Unique Data

Extra detail is appreciated by customers, but unique, richly detailed data is something that makes your business stand out from the rest.

In the present day, consumers have a better understanding of global concerns, taking them into account (such as environmental concerns) when making purchasing decisions. All your products can easily be described with descriptive keywords, thereby increasing conversion rates. You can, for example, facilitate a more thoughtful purchase if you pull information from the boot, such as (among others):

What type of material is used to make the boots:

• Sizing options
  
• Choices of colors
• Footwear images and videos

Your SEO rankings will also benefit from detailed product descriptions. This method will make it easier for the search engines to find your products. Databases provide your customers with the ability to find the information they need to choose the best product for their needs. Moreover, your copywriters are able to create detailed descriptions of your products to guide your customers to purchase.

11. Keep Track of Product Life Cycle

Seeing a product emerge from beginning to end can be a pleasant experience. To ensure smooth product launches, however, a lot needs to be managed. Teams should also work together effectively to make sure each stage is completed on schedule.

It is possible to associate several primary product identifiers with PIM software. Products can be assigned a unique identifier at different points in their development, which will be universally recognized. The primary IDs of products are searchable throughout their lifecycle in PIMs, making them easy to locate. While audit trails show how the product progresses.

12. All-in-one source of Product Content

It is possible to distribute information about your product through your product information manager, as we mentioned earlier.

With your PIM, you won't have to waste time searching for the latest images or descriptions. When introducing brand-new products, it is possible to include additional images, articles, press releases, etc. A major benefit of PIM includes linking products, documents, and assets to catalogs so that everything is easier to find.

13. Consistency throughout the Product Line

Customer trust is built through brand consistency. The customer should feel the same way no matter where they are on the journey with the brand. Also, make sure your product messaging is always consistent. Among your options are:

• Maintaining a similar tone of voice
  
• Maintaining brand consistency

Ensure your online and in-store experiences are equally engaging. Customers can, for example, get a sense of how products will appear in person without visiting a physical store, by using augmented reality. Also, make sure your imagery meets your standards. Branding is in your products, so you don't want it to be muddled when customers see them. Remember, quality is the key to a better-looking product.

Product information can be standardized in PIM systems in advance, making it easier for you to deliver the right information when and where needed. You can also offer a positive experience for customers by offering accurate product data. Examples include:

• Filtering products
  
• Specifications clearly defined
• Digital assets with valuable information

Provide the most enjoyable shopping experience possible, to encourage repeat purchases.

14. Channels of Distribution

In today's world, shoppers take extra precautions when making informed purchases - particularly when buying online. More than 50% of online buyers won't buy if a product page fails to provide information about the product, which emphasizes the importance of creating a memorable customer experience.

When using PIM software, details about your products can be delivered effectively to your customers. Providing an engaging experience for your products builds customer loyalty.

Remember that the customer experience doesn't end with the sale. Customers are invited to review specific documentation, such as:

• Guides for installation
  
• Manuals of instructions
• How to care for it

All your data is centralized in PIM systems so you can publish this data on your website with ease (as well as other product data). It also makes it easy for your customer service department to find the documents they need at a moment's notice.

Conclusion:

With our PIM solution, we can help business owners grow their businesses. The services we offer are reliable and will lead to increased sales of products and take your business to the next level. To learn more check out our “What Is PIM?" article.

With CatalogsBuilder as your PIM partner, you have access to all of your data in one convenient, easy-to-use platform and better product information that leads to increased sales and lower returns.

Our PIM experts can help you revamp your product management. Contact us today.