This blogpost outlines the struggles a retailer may experience if they don’t have a PIM solution. It also discusses how a PIM solution can maximise a retailer’s success.
We often state that product is a key pillar of retail. (We consider the other two pillars to be a retailer’s stock, and their customers.) Without effective product management, and therefore a strong product pillar, retailers cannot be successful.
What do retailers struggle with if they don’t have a PIM solution?
Before deploying a PIM solution, the majority of retailers rely on an innumerable amount of spreadsheets to manage their product data. Not only is this hugely time consuming, but it increases the risk of data inconsistencies. This method also means that digital assets are stored across a whole range of systems, with some getting lost or mismanaged.
Today’s retailers also juggle countless channels, from websites to social media to physical stores. While managing data for just one brand can be daunting, some of our clients feed their data to over 20 partners. This is an extremely time-consuming task without a PIM solution.
Legacy systems can also hinder growth and adaptability. When expanding a business, retailers don’t want to discover that their legacy systems are unable to support the introduction of new product ranges.
How can a PIM solve these problems?
“But how can all these problems be solved?”, we hear you ask! A PIM solution, of course. A good PIM enables users to define a single representation of product information, eliminating the need to spend extensive time manually inputting the same data into various systems. Product data is also stored on one easily accessible platform, streamlining a retailer’s processes.
A good PIM solution should also reduce the time it takes retailers to push products to market, whether targeting existing or new channels. LK Bennett (a client of ours), for instance, calculate a weekly saving of up to 20 admin hours when using our PIM, Origin. This doesn’t account for the additional time saved when completing other product management tasks.
With regards to legacy systems, an efficient product management system should support a retailer’s growth. Origin, for example, is completely customisable and new features are added and adjusted based on client requirements.
For an overview of Origin from the viewpoint of one of our clients, watch this video featuring Richard Surman, Head of IT at Crew Clothing.
To learn more about Origin, or to book a demo, simply email origin@retail247.com.
