9 Ways to Conquer Modern Marketplaces With PIM

Pranu Dhyani

Brands & Communications

Businesses use various tools to handle product information, but a major shift has been seen towards Product Information Management (PIM) in the last few years.

In modern marketplaces today, businesses witness ruthless competition. Though entering the market is not easy with increased saturation, growth is a bigger challenge that businesses face. But being ‘consistent’ with the business growth is a challenge in itself. As a business grows, the size of its product catalogue grows too, and along with it comes loads of data. A product has a plethora of information associated with it like the price, image, video, dimensions, weight, barcode, manufacturer and all the other technical details that define a product.

Dealing with data on multiple channels is a cumbersome task and is highly prone to errors that might cost sales and profits. Hence it becomes essential for a business to keep the data structured and unerring.

Let’s see how PIM is helping businesses to conquer modern marketplaces with a bang!

Data Quality

The most vital for conversion is that retailers provide accurate information about the product as it’s a major sales driver. Incomplete or erroneous product information makes it highly likely for conversions not to happen. Buyers require complete information about what they are spending their money on. Hence, it’s imperative to keep the data accurate and ensure high readability.

PIM plays its part here reasonably by allowing businesses to handle enormous amounts of data efficiently by avoiding redundancy, and repetition and ensuring consistency. Complete product information also makes it easier for the products to be found on marketplaces leading to increased sales.

Multichannel sales

PIM pushes data to multiple channels with accuracy and consistency making omnichannel presence smooth and efficient. PIM helps keep data in sync on multiple channels allowing cross-selling and up-selling and enhances customer experience manyfold.

A business should be able to cater to its customers wherever they are. Whether they buy from a physical store or any mobile app, if the data is centralised, businesses will know who their customers are and what they like, leading to a better customer experience and increased sales.

Schemes, Promotions and more

PIM offers various possibilities which can drive engagement and lead to conversions. You can plan amazing subscription strategies and create bundles of products with its help. It proves to be lucrative and provides customers with an enhanced shopping experience. Subscriptions increase brand loyalty and help with customer retention. Users can better plan sale days for occasions and grab customer attention by offering discounts and unique deals.

Growth by Cross-border selling

PIM supports cross-border selling through its various features that enable a business to meet its cross-border challenges. One of the major challenges that businesses face is linguistic translation and managing multiple price lists. PIM takes care of the problem for them and allows businesses to capture different markets and enlarge their customer base.

Cross-border selling has been gaining ground and all businesses are competing to go international with the help of their eCommerce stores. Businesses that use PIM can plan sale days according to different regions and schedule pricelists to meet their requirements.

Product Information Management allows seamless product data syndication and helps businesses to launch their products faster to market.

Marketing

PIM makes it easy for marketing teams to create and distribute marketing content like product images, videos, or blogs over various channels. Extensions like SEO help further leverage PIM to the best of its capabilities and market the products better. Collaborations are easy as all the product-related information is in one place which helps keep the information in sync without any disparities.

Improved productivity

PIM saves a lot of time and labour. Businesses with humongous catalogues flood loads of data for the teams to handle. There are myriad tasks like

Importing and exporting data
Pushing product information on various channels
Updating variants of products
Interacting through various mediums to communicate changes
When automated with the right tools, these tasks save a lot of man-hours.

Enhanced analytics and decision making

PIM enables enhanced decision-making allowing businesses to make use of analytical tools and helps them get actionable insights into customer behaviour and activities. This helps in better understanding and decision-making for future courses of action. Understanding the customers is the key to better product development and sale.

Faster time-to-market

PIM can significantly push your products faster to market as the product information that has to be syndicated on any channel comes from a single source of truth terminating the need to create new data repeatedly.

PIM also offers auto-scheduling features that keep you ready for important sale days without having to waste time.

Better user experience

A satisfied and happy customer is key to increased sales. High-quality images, great readability, comprehensiveness, and complete information result in an enhanced experience ultimately making it easy for customers to make a favourable decision for the businesses.

Improved conversions and reduced returns

The major factor that drives a customer’s decision to buy a product is how comprehensible is the given information and whether there are ample of images or videos available that can help a buyer understand the product. Many a time buyers receive a product that looks different from what they perceive it online which results in returns. PIM helps reduce returns, makes customers happy and increases conversions. A happy customer is a potential promoter that may bring more conversions with word-of-mouth.

Conclusion:

Product Information Management allows seamless product data syndication and helps businesses to launch their products faster to market. It’s basic to understand that what comes first to the market catches more attention and gets hold of major market share provided the product is worthwhile.

Businesses incessantly look for ways to put their products faster to market and get better insights into their performance. This helps them to plan future projects better. PIM helps them increase their ROI and proves to be a great option when it comes to leveraging technology to serve the purpose. Investing in PIM contributes to making data handling smooth and efficient and increases revenues for organisations.