Special report prepared by Ventana Research, a respected benchmark business technology research firm, conclusively proves that the best solution for managing tons of product-related content is using a dedicated Product Information Management (PIM) software. Here’s why.
Product data quality affects the revenue
Consistent product information is one of the most important assets to any smooth-running, successful e-commerce business. Ventana report shows that 62% of all companies say that quality of product information management is very important to their business.
However, despite the obvious evidence of a widespread need for rich, compelling and accurate product content, only half of all companies (50%) are confident in the quality of their product information.
More importantly, far fewer said they completely trust their product information processes – internally (16%), for B2B purposes (18%), and for B2C product information management processes (23%). Furthermore, 49% of companies are not satisfied with how they create a single product record.
Multiple systems vs PIM platform
This lack of enthusiasm arises for a variety of reasons. However, the most important one is having multiple systems and thus, having the product information scattered across many places.
Unfortunately, having multiple systems is a common problem for today’s e-commerce businesses. Ventana report finds that fewer than 3 in 10 companies are using a single Product Information Management platform. One-quarter (28%) have 11 or more systems containing product data. Most (56%) companies have more than 5 systems. Meanwhile using too many tools makes it difficult to support a consistent version of product information.
Acc. to Ventana Research, organizations that don’t have a single source of product information most often use Excel spreadsheets (46%) to manage product data. At the same time, 47% of companies that use Excel spreadsheets to manage product information sadmitted that they often find product-related mistakes. Sometimes (19%) those errors have a major impact on sales performance.
PIM findings from Ventana Research
The benefits of using one dedicated PIM platform is confirmed by the Ventana Research observations:
- 74% companies claim that having a single PIM software solution allowed them to eliminate errors and mistakes in product information
- 61% companies said it also improved the customer experience
- 58% claimed that PIM allowed them to gain competitive advantage through faster time-to-market with products and
- 58% said that PIM made the product information available in a consistent manner across all sales channels
- 55% confirmed that PIM improved the cross-sell and up-sell potential of products
A single Product Information Management system provides unified product content which leads to better shopping experiences, satisfied customers, increased traffic and better sales.
Schedule a guided tour with a Bluestone PIM expert to learn how PIM can help your business sell more products in the digital channels.