Customers need to make informed decisions before they buy any commodity. Before a purchase is made, a customer wants to know how the product will be of benefit to him or her. They want to be sure of the features and they are keen to know if it will truly solve the problem they are purchasing this product for. They also want to be sure the product specifications meet their requirements. Providing rich product information is key to converting sales and keeping loyal customers.
Unfortunately, most companies struggle with managing and providing the right product information that customers demand today. Bad or inadequate data results in poor customer experience and lost sales opportunities. For example, with a shabbily written product description, a company puts its designers, merchants, marketers, sales managers and product managers at risk of misinterpreting the product details. When product information is not properly synchronized across the enterprise, different departments interpret it wrongly and customers might end up buying a product which is not exactly what they wanted or thought they’re getting.
Product Information Management (PIM) is a direct and modern solution to tackling the issues raised above.
Why you should use PIM to organize Product Information
Traditionally, product information has been managed using software like Enterprise resource planning (ERP) systems in large firms or in excel spreadsheets or home-grown systems in smaller firms. A PIM (Product Information Management) is a more detailed, focused and targeted means of managing product data for company operating efficiency. PIM enables the centralization of product data from internal and external sources to help provide an exceptional experience for the buyer. Legacy systems are inflexible and often prevent a company from creating rich product data experiences for its customers.
Consistency in product information is key to acquire and keep loyal customers. With advancements in internet and stiffer competition, it is easy for customers to go to the next online shop if they observe inconsistencies or gaps in information such as product descriptions and features. Managing product information using PIM is the modern way of organizing business online. PIM provides consistent details, better quality and provides all the answers that will keep the customer glued to you. PIM is best used for when there is a high quantity of products and product data, diverse marketing funnels and sales channels, lots of suppliers and a large volume of product data management needs on an ongoing basis.
PIM also harmonizes the information between different sectors of the business. It keeps team members, stakeholders, partners and customers informed as the status of products and services change. PIM communicates these changes fast so as to increase efficiency, decrease time to market, and increase sales. PIM is easy to use and integrate and eliminates over-reliance on spreadsheets. It is very scalable and centralized at the same time and it helps produce accurate product data that stays consistent over time as it establishes a central source of information which stays true. Also, by using PIM, a company can provide a compelling product and customer experience that can accelerate sales.
PIM is a modern way of doing business efficiently as it helps better manage risks and lower costs. This increase in efficiency makes work a lot more fun, increases worker’s productivity and creates more wealth for the company.