Introduction to Product Information Management
As we all know, retail is a fast-moving and competitive industry. In an attempt to attract as many shoppers as possible, retailers continue to expand their product catalogues and as a result, face the overwhelming task of managing ever-growing product databases. From online shops to physical stores, ensuring product data is correct and up-to-date across all channels is an essential activity for all retailers. This is where a Product Information Management solution comes in.
Otherwise known as a PIM solution, it serves as a central hub for all product data, from descriptions and sizing information to sharing that data with channel partners. By streamlining the management process of product data, a Product Information Management solution improves operational efficiency and customer satisfaction, as well as brand loyalty.
In this blogpost, we explore the top 10 benefits that a Product Information Management solution (or PIM) delivers. Whether you are an emerging retailer looking for a system to grow alongside your business, or a larger enterprise looking for expansive product data support, Retail247 can help.
The Benefits of Product Information Management
1. Centralised Product Data Storage
A PIM solution brings all of your product data into one place, making it a much easier task to access, manage and update said data. Rather than trawling through hundreds of spreadsheets and multiple software tools, businesses rely on one single source of true data. This consolidation drastically reduces errors and ensures that every team works with the same product information.
2. Enhanced Customer Experience
Correct and elaborate product information enables customers to make informed purchase decisions. With a Product Information Management solution, retailers are able to enrich and enhance their product data (including descriptions, images and composition details) to provide a seamless shopping experience. In turn, this leads to higher customer satisfaction as well as lower return rates and a positive reputation.
3. Faster Time to Market
Launching new products across various sales channels is a time-consuming and manual process without the right solution in place. A good PIM solution eases this process by enabling bulk updates and automating tasks. Our clients have found that with Origin, the Product Information Management solution from Retail247, they can expand their product portfolio due to how easy it is to launch new products.
4. Improved Visibility
A standout feature of a good Product Information Management solution is the ability to create and manage customisable dashboards. Every employee within a retail business has unique responsibilities, and a one-size-fits-all dashboard can hinder productivity rather than improve it. With customisable dashboards, each of your users can tailor their homepage to prioritise the information they work with/need visibility of the most.
5. Improved Collaboration Among Teams
Product Information Management systems provide a unified platform where all departments can work together, without error and inconsistency. Teams can easily access and update product information, ensuring alignment across a business.
6. Scalability to Manage Growing Product Catalogues
As your business grows, so does the size of your product catalogue. A PIM solution like Origin scales alongside you, allowing you to handle a vast number of SKUs without compromising efficiency and accuracy.
7. Increased Efficiency in Managing Multiple Sales Channels
It’s never been more important for retailers to operate in an omnichannel way. In order to maintain success, retailers must ensure product data is up to date and consistent across all sales channels. A PIM solution makes this process simple by enabling you to manage all sales channels from one system. This saves time, ensures consistency and reduces manual tasks.
8. Reduced Errors and Inconsistencies
More often than not, manual data entry leads to errors and inconsistencies, which results in frustrated customers and a damaged reputation. Deploying a Product Information Management system eliminates this risk by automating data management tasks and providing validation points before products go live.
9. Improved Product Lifecycle Management
Most Product Information Management solutions do not have PLM (Product Lifecycle Management) features. However, this is not the case with Origin. Origin has extended capability to address functionality typically associated with PLM solutions including Critical Path Management, Sample Management, and Margin Management. Origin provides a structured and centralised platform, providing support at every stage in a product’s journey.
10. Streamlined Onboarding of Channel Partners
Channel partners play a crucial role in expanding retailers’ reach. However, onboarding new partners can be a time-consuming process for all involved, particularly when it involves sharing vast amounts of information, all of which must be received by partners in varying formats. A Product Information Management system simplifies and accelerates this process, ensuring it’s an easy process for both retailers and their partners.
Client Testimonials
Our clients have experienced huge benefits after deploying our PIM solution, Origin. Hear from two prestigious retailers below:
“Origin was chosen as our PIM solution due to its depth of capability, as well as Retail247‘s experienced team. Working with Retail247 on the deployment of Origin has been a positive and collaborative experience. Both the deployment and the solution itself has exceeded our expectations, and I look forward to our continued partnership.” – Axel Stelk, Co-Founder and COO at Piglet in Bed
“Origin has greatly elevated the ways of working for multiple teams across the business by streamlining various processes and vastly improving business efficiencies. Having a close-knit relationship with the team and our business consultants has greatly benefited the project, and has enabled us to be dynamic and proactive when prioritising workflow.” – Sarah Middleton, Business Analyst
For more information about our Product Information Management system, read our Origin eBook. There you will find a comprehensive overview of key features and benefits, as well as more client testimonials. Start your product data journey today by reading the eBook, and unlock the full potential of your business. >>> click here to read! <<<
