In the age of hyper-connectivity and omnichannel sales, consistency is paramount. Technology provides new opportunities to connect with customers who increasingly expect a conversational style of interaction across channels.
Today, retailers are taking a more omnichannel approach to seamlessly integrate web and in-store experiences. For this to happen, they must drive more value from product information management initiatives to succeed in delivering unified retail experiences for customers.
With high-quality, reliable, and accurate product data, retailers can better structure and consolidate their campaigns across different sales channels while delivering personalized customer experiences.
75% of shoppers are more likely to buy from brands that offer a personalized shopping experience.
Here, a product information management (PIM) system plays a crucial role for contextualization and channel-based tailoring of the digital commerce experience with an improved buying cycle, improved brand reputation, and customer loyalty.
When harnessed to their full potential, dedicated PIM tools can add value to the entire data lifecycle and help analyze the retail buyer’s journey.
Why PIM for Retail
PIM creates a single, trusted source of product information for retailers dealing with long value chains, multiple third-party suppliers, and siled internal/external systems.
Ergo, there are no glitches in the information ingested via a chatbot, social media handle, or even an elaborate email, and the customer switching media doesn’t experience a disconnect.
With accurate and up-to-date product information management represented across all retail channels, retailers can optimize personalized customer experiences to earn their trust.
- Consolidate and centralize complex product information and content from diverse sources such as spreadsheets, CSV format, ERP, PLM, file systems, vendors, and more.
- Provide flexibility to manage data modeling, custom product hierarchies, product data validations, and version control
- Create and enhance catalogs using comprehensive and up-to-date product information such as product descriptions, images, videos, specifications, and more
- Keep a closer eye on product data quality for reliability and confidence
- Export and publish product data in different formats across multiple touchpoints with customers, channel partners, suppliers, and agencies with industry-standard data pools
- Create personalized, print-ready sales and marketing materials such as price lists, brochures, white papers, and up-to-date presentations.
- Provide robust product data syndication capability to automatically syndicate product data across hundreds of channels and platforms
- Create up-to-date, reliable, and high-quality product data feeds optimized for a specific channel
- Easily integrate with different marketplaces for faster import and export of product data
- Automate product information translation processes to minimize repetitive manual activities
- Provide digital asset management capability to manage, transform and integrate images, graphics, documents, audio and video for different marketing and brand communication campaigns.
Growing adoption of PIM systems
As retailers move from multi-channel retail to unified retail, new technologies are being introduced to digitize the physical store, improve operational efficiencies, and enable real-time data and analytics.
Product data is used for operational excellence and to create deeper intimacy across commerce and service channels. They can even reshape their strategy from product information management to product experience management to unlock greater business value.
One way to do this is by connecting product information with product analytics to optimize product experiences for customers. It also allows you to create vendor and vendor portals with intuitive user interfaces so you can quickly upload product data for faster deployment of new and existing products.
PIM adoption in the retail industry has grown due to AI and retail analytics throughout the eCommerce sector. In the age of reviews, real-time feedback, and social media, optimized product information can make all the difference.
Retailers must present product information in a way that is complete, accurate, consistent, and easy to digest. When a customer browses product listings, they can use any available method (text search or voice command search), so detailed information must be conveyed for a text or voice conversation.
An effective PIM solution is sure to increase brand presence, increase customer loyalty, boost overall collaboration, and drive revenue.
By optimizing product information with a robust product information management (PIM) solution, personalized and quality product information induces an engaging customer experience and increases the likelihood of purchase.
What are the main PIM systems for retailers?
- Multichannel Agility, and many more…
Every PIM system comes with its pros and cons.
You should consider based on your exact business requirements. Many PIM systems do not come out of the box, so customization and implementation factors must also be considered when making the final decision. Know Top 9 Product Information Management (PIM) Software Solutions to Integrate Your Product Data.
Constant and complete product data administration allows retailers to accumulate new prospects, improve buyer lifetime worth (CLV), create omnichannel experiences, and collaborate effectively with completely different stakeholders.
It may possibly even assist save time micromanaging knowledge and automate numerous handbook knowledge entry capabilities to place retailers in general management of the enterprise. From a holistic standpoint, higher enterprise outcomes will be achieved with higher product knowledge administration.
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What Challenges Does a PIM System Solve For Retailers