PIM strategy

Why Every Retailer needs a PIM Strategy?

The experience customers have with your brand depends on your PIM strategy. Many brands are now building their presence online, and it becomes necessary to have an accurate and consistent catalogue with offline stores. Especially when companies are running an omnichannel business, they need to create a cohesive business that combines offline and online channels into a unified brand identity. As per a Forrester Study, 87% of the shoppers stated that they had left a B2B website because the product description and information did not match their needs. According to a report from Kearney, providing more accurate, more consistent, and complete product information can increase the conversion rate from 17% to 56%. To manage the data, responsibilities, and multiple channels, you need a PIM strategy. With offline sales dipping due to the pandemic, companies need to create an online platform that becomes the window to their brand regarding products, price, catalogue, assistant, impulse/add-on sales, and checkout.

And the only way to do all of this successfully is with data. But not just any data is valuable. Data needs to be relevant, high quality, real-time, and highly accurate. This data will help you improve the customer service experience by showing the correct product information, inventory levels, personalized recommendations, and shipping information.

When to use a PIM strategy?

If two or more below characteristics apply to your company, you may need to use a PIM strategy.

  • High Volume of Product offerings

  • High Volume of customer information

  • High product range (seasonal products, short term offers, temporary collaborations)

  • Multiple sources of product data

  • High Volume of returns

  • High number of marketing channels (omnichannel)

5 Key Benefits of PIM strategy

  1. Better Product Data Management

    Companies introduce a lot of new products, their portfolio of offerings in their growth stage. It gets progressively more burdensome for companies to keep a track of all its product’s information. This disorganization of the product information can lead to poor customer experience.

  2. Time Efficiency

    You do not have to spend time on manual and constant data entry work with a PIM strategy. PIM can let you focus on the tasks that are important while it takes care of the redundant tasks. It also helps improve your search for products and inventory information about the products.

  3. Ownership

    A PIM system provides tools that can streamline interdepartmental collaboration, create ownership, and provide transparency. It has tools that internal employees can utilize to access comprehensive details about the products, internal audits, periodic reports etc.

  4. Cost Savings

    Higher accuracy of data reduces management risk of wrong decisions and prevents the cost of having incorrect product data. Implementing a good PIM strategy can help reduce operation and supply chain costs. In addition to this, a supplier can use the PIM data for audit and can utilize this information to improve their product delivery. Companies can refill their out-of-stock items before the customers feel dissatisfied with out-of-stock products.

  5. Easy Integration

    PIM requires minor customization than what ERP requires to integrate into the business enterprise systems. This flexibility assures the time to market new products is reduced while also saving on management costs.

    To efficiently manage and curate product information, brand consistency, market trends, multichannel publishing, and blogging needs, a robust PIM strategy that is flexible, scalable, and easy to configure is the foundation for any retailer’s online presence. But remember, any PIM strategy is as good as the data you collect. With PIM, you provide superior customer experience, understand how data impacts profits, customers, and adjacent processes, and introduce data accountability, ownership, and responsibility in your organization, thereby making your business more equipped for future digital transformations.

Reach out to understand how Nvizion Solutions has helped global brands like Puma, Basics, KennaMetal, and many more with their product strategy and what it can do to help you improve your product experience. Nvizion Solutions has empowered the brands monetize their product data through PIM implementation using leading PIM tools including Informatica P360 and Stibo STEP.