How to successfuly implement a Product Information Management (PIM) solution and benefit from omnichannel consistency? We offer the following 7 best recommendations based on “The next generation of PIM” report prepared by Ventana Research.
Acc. to Ventana, by 2021, 50% of organizations will use a modern dedicated PIM to manage product processes and provide high-quality product experiences. Click To Tweet
Consistent, accurate, and actionable product information is essential to any successful e-commerce business. Therefore, PIM is becoming a new standard for all multi-channel retailers, who want to stay competitive in the upcoming years.
Here are 7 best practices for successful PIM implementation based on a report prepared by Ventana Research – a respected benchmark business technology research company.
Define roles and responsibilities
Your team can join forces in enriching product information. So, it may be beneficial to include marketing, sales, customer service, and operations in the process of product content production. Choose software that has specific capabilities for creating different roles i.e. admin, read-only or publisher. With strict access control you can also invite suppliers to collaborate on the products descriptions and thus, ensure they will provide you with the right data in the right format.
Standardize your product information
Having one central repository for all product information gives you a single-view where you can easily search, update and publish product-related content across various channels, devices and languages. Furthermore, a quality PIM platform not only solve common issues such as eliminating errors and ensuring consistency but also help companies gain competitive advantage through faster time-to-market and improve the cross-sell and up-sell potential of products.
Don’t use multiple systems
According to Ventana Research, 56 percent of all companies have more than 5 systems containing product data. Using too many tools means your product information is scattered across different systems which are usually incompatible. Also, there are too many disparate forms of data and there is no centralized information repository; instead there are multiple unsynchronized metadata stores. At this point, managing product information is frustrating and time-consuming, and mistakes are inevitable.
Use PIM to improve the customer experience
According to a B2B Marketing/Earnest survey, 96 percent of respondents said CX would influence whether they purchase from you again, and 83 percent would give a referral as a result of a positive experience. You will quickly realize that the PIM platform can add significant value to business-to-business and business-to-consumer efforts.
Forget about the spreadsheets nightmare
One thing is for sure, when your SKUs come in hundreds, spreadsheets are no longer up to the task. Develop a path to eliminate countless spreadsheets battles in your company and save time required to manage product information accurately.
Data integration is crucial
Most companies have more than 5 systems that contain product data, which must be integrated to produce a single, consistent set of information. In this context, it is not surprising that data integration is the top technology used to support PIM. Determine whether such a tool is necessary, and look for products that can streamline this critical preliminary part of the process.
Establish ongoing plans
If you’re planning to change the way you manage your product information in the next few months, be sure to build a strong business case, promote awareness of the need for improvement, and find resources and a budget to make it happen. Also, it might be a good idea to contact a software company that offers smart, cloud-based, easy to implement PIM solution.
When considering PIM software, draw up a checklist of what it should be capable of, such as
- running in the Cloud
- enabling wide collaboration
- offering bulk editing
- having a powerful Digital Asset Management
- harnessing machine learning and AI