The sudden, pandemic-induced market uncertainty has put unimaginable strain on the CPG industry in more ways than one. To account for the complete shift in the customer mindset, CPG companies must redefine their growth strategies. They must equip themselves to offer cutting-edge experience to their customers by mastering product data, especially in the face of escalating competition with digitally active direct-to-consumer (d2c) brands.
An intelligent data-driven orchestration backed by PIM, can play a critical role in enabling this transformation. With actionable insights at their fingertips, CPG businesses can fuel hyper-personalized product innovation and support fluctuating demands.
PIM — The Key to Succeed for CPGs
In order to meet the growing demand in the selected product categories, CPG companies must develop capabilities around single global view of products and efficient data syndication to drive innovation and customer engagement for multiple markets/customers. However, this can be a challenge when product data management ventures are based on non-standardized, siloed information. Product Information Management (PIM) software can bridge this gap quite efficiently. From providing a single source of truth and real-time collaboration to improving brand transparency and reducing operational costs, PIM can effectively sustain growth for CPGs in this new normal.
1. Improve assortment, search, and filter:
PIM can not only enhance customer convenience but also analyze data to provide information as per customer preferences. It can aid searches across a wide array of products, provide the right filters, and categorize products into relevant buckets – enhancing customer experience.
2. Provide omnichannel experience:
PIM makes it possible to relay uniform product data and content across multiple channels while ensuring consistency, accuracy, relevancy, and elimination of human errors. Customer experience is elevated further with streamlining processes, optimizing shipping, and carrying out targeted promotions.
3. Insights on customer preferences:
Enabling hyper-personalized shopping experiences can significantly enhance customer loyalty. PIM can help CPG companies derive actionable insights into customer preferences. It can also allow CPG businesses to analyze evolving customer choices to execute unrestricted product innovations and customizations whenever required.
CPGs Need to Harness the Power of PIM to Drive Differentiation Across the Value Chain
1. Better Data Management
By leveraging superior quality, single-source data from a robust PIM system, companies can transform end-to-end product information flows, support processes, and improve product data collaboration with key retail and channel partners. What can better product data management do for CPGs? The possibilities are endless. It can:
- Provide quality product information throughout the product ecosystem.
- Facilitate accurate data sharing with partners, decreasing the time-to-market.
- Build the ability to adapt and deliver products quickly in newer markets.
2. Pimcore PIM turns Your Product Data into Useful Information
Pimcore PIM provides high-quality, clean, consistent, standardized data, and automatically synchronizes data updates, so that no discrepancy remains when the data passes through multiple departments, business functions and systems, both internally and externally—turning product information meaningful. Pimcore PIM can help you with:
- Flexible data modeling: Pimcore offers over 40+ high-performance data types that simplify handling millions of products across diversified attributes.
- Better data quality: Pimcore platform provides a wide array of functionalities that can play a pivotal role in ensuring both the quality and completeness of data.
- Data integration and delivery: Pimcore integrates and consolidates any type and any amount of digital data. With its multi-domain and multi-vector compatibility, Pimcore allows a high degree of adaptability.
Seamless Workflow Management
In CPG organizations where multi-functional teams work in tandem, it is essential to organize and maintain product information to ensure seamless collaboration across different departments. Efficient workflow management is therefore imperative for sharing reliable data even outside the organization via sound product data syndication. It increases productivity, minimizes errors, and helps mitigate risks. It can:
- Help users create business specific rules to ascertain threshold for publication readiness
- Efficiently maintain and organize product information for e-commerce catalogs and stores
- Help companies stick to requirements of channels they’re interested in publishing on
1. Pimcore PIM Streamlines Your Workflows with Ease
Pimcore PIM’s ability to function as an open-source workflow management system proves advantageous by allowing the users to initiate and edit workflow based on their requirements. By providing a workflow engine that can define business rules and processes, Pimcore can:
- Address evolving product management needs: Pimcore PIM allows not just free flow of information, but equips enterprises to control and steer it as per their changing requirements.
- Process data in real-time: Pimcore provides automated updates and custom checks for your product information. It ensures uniform quality and authenticity of data across systems, location and formats in real-time.
- Empower collaboration: Pimcore PIM platform provides the much-needed reliability of data by making it available in a standardized format so different teams can seamlessly collaborate.
2. Reliable Brand Management
A large number of CPGs not only depend on sound product information but also on digital assets, as images, videos and multitudes of other digital media are crucial for uniform, and effective brand management. To maintain a consistent brand image CPG organizations must implement PIM and DAM (Digital Asset Management) to:
- Ensure information and digital assets maintain consistency across multiple channels.
- Create an engaging and personalized customer experience.
- Maximize brand image through uniform product content, thereby improving customer retention.
3. Pimcore helps You Improve Customer Experience to Fuel Brand Loyalty
Pimcore offers PIM and DAM in a single platform to help CPG brands gather, organize, and use their digital data and assets. This data forms the basis of appealing product content which customers appreciate at a personal level. Pimcore’s integrated PIM and DAM solution eases brand management, while strengthening the brand promise for CPGs. Pimcore’s PIM can help shape brand value by:
- Improving brand transparency: Pimcore’s integrated data delivery systems provide uniform and reliable data across channels. It enables stakeholders with increased visibility, collaboration, homogeneity, and transparency needed for superior brand image.
- Providing high-degree of customer trust: Pimcore allows companies to ensure that brand homogeneity and positioning stays intact, so that customers’ trust in the brand is never compromised.
- Ensuring relevant, contextual omnichannel information: Pimcore helps CPG brands to maintain consistent, contextualized, information across every customer-facing touchpoint, strengthening their brand voice and reliability.
Simplified Operation
With a large number of teams working simultaneously on product ideation, development, and customer service, there is huge scope for operational complexities. In order to simplify that, backend teams need a system that can be accessed and operated with minimum training and experience. PIM can help CPG brands to easily manage multi-store front operations by:
- Injecting speed and efficiency into operations through automating repetitive tasks.
- Providing right product data, to the right people at the right time for maximum operational efficiency.
- Enabling seamless integration with different enterprise resource planning (ERP) and product life-cycle management (PLM) systems.
Pimcore Optimizes Operations by Interfacing with Other Systems
Pimcore PIM offers you exceptional flexibility to achieve your business specific goals. It can adapt with a variety of 3rd party platforms, legacy or homegrown software. Its ease of usage helps organizations accelerate innovation and productivity. Pimcore demonstrates its advantages by:
- Cutting-down operational costs: Pimcore’s open-source PIM platform helps organizations fulfill their requirements and solve business problems without additional overheads.
- Simplifying integration and usage: Pimcore’s flexibility makes it easy to integrate and extract data from all kinds of enterprise product data storage systems.
- Automating tasks, putting resources to better use: By eliminating human intervention in various tasks, Pimcore gives an opportunity to put enterprise resources to better use.
Pimcore lets CPG brands manage their product data and deal better with competition, disruption, and amplify enterprise growth.
Pimcore has successfully assisted a variety of CPG brands restrengthen and regain their market position by providing PIM and DAM in an integrated platform, resulting in faster time-to-market, operational excellence, smarter collaboration, and higher customer gratification.
If your CPG brand is struggling with product data management on a daily basis and is looking for a solution— look no further, as Pimcore knows what you need.
