The Relation of Product Information Management (PIM) to Retail Success
Today, every product has a variety of information. And each piece of product information is vital to influencing buyers since every buyer does in-depth research before zeroing on any product. When you deal with tens of thousands of products and their different data types and attributes, a streamlined product data becomes even more critical to ensure a higher sale.
Just think about any online store, and you will get the idea what magic product information produces in the presentation layer of marketing and sales channels.
A product information contains many components and maintains huge catalogs, bringing together the attributes of products with merchandising elements such as images, videos, audios, descriptions, and bundles. These key product facts induce greater product salability across multiple platforms to your customers— while maintaining brand visibility and consistency. When these elements are represented elegantly at the customer-facing end, it can even impact the overall customer buying experience.
Another factor is time-to-market. Retail sector has become a fast paced industry where every day 4Ps of products could be changed and refreshed. You need a process that works like a well-oiled machine to keep your customers updated and engaged— across the board. And, you can better engage with buyers when you have a:
- Fully centralized system— Define, create, and sync master data of product information across multiple channels
- Rock solid operational capability— Use master data in day-to-day operations without any delay
- Analytical capability— Reports and insights to make faster, accurate decisions
Beside that, PIM addresses the dynamic nature of constructing and reconstructing compelling packages and offers in an environment that any user can work in, regardless of their programming skills. PIM platform makes product visualization—easier; workflow management— quicker; mass product updates— faster; and integration with content tools (WCM, DAM, eCommerce, etc.)—seamless.
A flexible PIM and MDM platform enables you to harmonize product information lifecycle, including appending, modifying/updating, deleting, validating and securing access to the product information. With a single source of reliable product information, it makes easy to enrich product information across all touchpoints such as website, mobile app, social, in-store point-of-sale, and physical store. Simply, PIM and MDM have become a crucial aspect of retail success.