The world of retail is changing, and businesses that can adapt to this change will be well-positioned to succeed in the coming years. As more retailers move online, there’s a growing need for an efficient system to match the demands on eCommerce sites.
Product Information Management (PIM) is one such system. It can make managing data and products much easier while improving the customer experience (CX). This article will explore how PIM systems benefit eCommerce stores in 2022 and beyond.
Improved Customer Satisfaction
Customer satisfaction is essential to all businesses, but it’s especially vital for eCommerce businesses. Customers are more likely to make repeat purchases and recommend your products to others if they are satisfied.
But what exactly does customer satisfaction look like? How do you know if customers are happy with their experience shopping on your site?
Product information management (PIM) is here to help! First, let us understand what is PIM exactly. It is a software app that collects information about every product sold through your website.
It also includes data on page visits, time spent browsing each page of content, and items added to carts but not purchased. The information can be used by you or shared with market researchers to understand better how visitors use the site.
It gives them insight into what customers want from the various aspects of the shopping experience. It includes content management systems like blogs or product pages. It helps them to make adjustments to improve overall satisfaction levels.
More Accurate Pricing
Product Information Management (PIM) is a proven method of improving your business’s efficiency. PIM can achieve it by improving the accuracy of your data about products and pricing. Here are some examples:
PIM reduces the need for manual data entry. It saves time and money and reduces human error by eliminating manual entry errors that typically occur when entering data.
PIM helps you to be more accurate with your pricing. By applying rules based on product SKUs (Stock Keeping Units), PIM can provide better insight into the product pricing. It is according to the features, manufacturing costs, and other factors that affect the price.
These may include competitor prices or demand for the goods it sells at certain times during the year. It means that online prices will always match up with those in stores, giving customers an incentive to shop online.
Also, they may return soon after making their first purchase online without feeling like they’re being ripped off.
Reduced Time To Market
One of the most important benefits of product information management (PIM) software is reduced time to market. Speed is a competitive business advantage today and has been for some time now.
There are three main areas where speed matters: customer satisfaction, customer retention, and customer acquisition.
For example, if you’re an online store selling shoes, then speed can help you generate revenue faster by reducing the time between receiving and shipping an order.
It means that when potential customers place their demands, they should receive them more quickly than competitors who don’t have PIM software. That’s because PIM tools allow an entrepreneur to get products into stock quicker by coordinating with suppliers faster than ever.
Enhanced Product Assortment
Product information is integral to the success of your business. More accurate product information means you’ll better understand what products to offer and how to market them effectively.
A better understanding of your products translates into a better assortment for customers. That means more sales from existing customers and new ones attracted by the enhanced product assortment.
Improved customer satisfaction comes from having all the information they need in one place. That includes product details like size, color options, or price breaks based on the quantity purchased.
If customers need help finding something specific, they can search for it quickly with their mobile devices without using catalogs.
Increased Sales
The benefits of product information management to eCommerce businesses go well beyond the ability to increase sales. You can also improve customer experience and search engine optimization by providing better product information.
When a shopper is looking for a product, they want accurate titles and descriptions to decide what they will buy.
Without that information, it’s much harder for them to decide whether this is the correct item or not. And if it isn’t, then there’s no harm in moving on.
Providing clear titles and descriptions helps shoppers find what they’re looking for more quickly and efficiently. Many won’t even consider buying from another vendor unless those details are provided by default.
Less Data Silos
Data silos can be a problem for any business, but they’re especially problematic for eCommerce businesses. Customers now have access to more information about a product than ever before, and you need to be able to keep up with that information.
If your customers can find out everything about every product without contacting customer service, they won’t have any reason to do so.
It is especially true if you’re selling repeat products that already have reviews on other sites like Amazon or Walmart. It will be hard for a brand owner to get the word out about your product’s success once those reviews start rolling in.
If those other stores sell at lower prices than when they first came out, they’ve been around longer and built up their reputations over time.
PIM Technology Is Essential
Product Information Management is an essential technology in an omnichannel world. The ability to have a single source of truth for product data, whether you’re selling products on your website or on Amazon, is critical.
You can manage all aspects of your products from one place and get your data into the hands of those who need it most. PIM will continue to grow in importance as eCommerce continues its evolution toward being more than just a website.
Also, it is transforming into an integrated part of customers’ lives through mobile apps as they move away from traditional retail stores.
