In a B2B2C marketplace, brands and suppliers are brought together on a single platform, where they can list their products and make them available to...
If you run an eCommerce business, chances are you've heard of Product Information Management (PIM) software. PIM is a tool designed to help businesses manage their product data more effectively. It can help improve customer experience, as well as increase efficiency and productivity. But what is PIM, exactly? This comprehensive guide will explain everything you need to know about PIM, including what it is, how it works, and the benefits of using it. So read on to discover why PIM should be a key part of your digital commerce strategy!
Here's what we'll cover:
- What is PIM?
- Who needs PIM?
- How does PIM work?
- The benefits of using PIM
- PIM software considerations
By the end of this guide, you'll have a clear understanding of what PIM is and how it can benefit your eCommerce business. So let's get started!
What is PIM?
PIM, or Product Information Management, is a software solution that helps brands, retailers, and suppliers to manage their product data in a central place. A PIM has the following functions:
- PIM provides one single point of truth for the product data
- PIM normalizes and enriches the product data
- PIM syndicates the product data to various channels
PIM software helps businesses effectively manage their product information, making it easier to maintain accurate and consistent data across all channels. By having a central repository for product information, businesses can save time and resources that would otherwise be spent on manually updating each channel.
Who needs PIM?
Any business that relies on accurate and up-to-date product information will benefit from using a PIM system. This includes businesses of all sizes, in all industries, and with any number of products. Whether you have a few hundred products or a few million, a PIM can help you manage your data more effectively.
If any of the items below are true, you should prioritize PIM to improve your product information management's efficiency and accuracy.
- Do you have a large number of products / SKUs currently managed in scattered spreadsheet files or systems?
- Do you have complex product data fields that require input from multiple parties such as different teams and suppliers?
- Do you need to sell in multiple countries requiring localized language versions?
- Do you need to sell in multiple channels such as brand websites and 3rd party marketplaces?
How does PIM work?
PIM software provides a central platform for managing product information. This allows businesses to easily update and syndicate their product data to all channels, including their website, eCommerce platforms, marketplaces, and social media.
PIM systems typically include a range of features and tools to help businesses manage their product data more effectively. These can include:
- Centralized data repository for all product data & media files
- Data import/export from/to spreadsheets
- Standardization of data structure for different types of products
- Multi-lingual support
- Data enrichment to ensure the quality of the information
- Approval workflow process to support the collaboration by different teams
- Version control and restoration
- Channel syndication to eCommerce platforms and marketplaces
- Integration with existing systems such as ERP & POS
- User permissions
- Reporting and analytics
PIM may stand on its own, but in most cases, the product data is coupled with inventory and orders, especially in multi-channel eCommerce. As a result, a tightly integrated Product, Inventory & Order Management System, and Seller Center (for suppliers) would benefit from being a close-knitted solution.
The benefits of using PIM
There are many benefits of using PIM software, including:
- Improved customer experience: By having accurate and up-to-date product information across all channels, businesses can provide a better customer experience.
- Increased efficiency: PIM can help businesses to save time and resources that would otherwise be spent on manually updating each channel.
- Improved productivity: PIM systems often include features and tools that can help businesses to work more effectively and efficiently.
- Reduced costs: By using PIM, businesses can avoid the wasted time and resources that come with maintaining inaccurate product information.
PIM software considerations
When choosing a PIM system for your business, there are a few key considerations to keep in mind, including:
- Whether the PIM system is offered as a cloud-based solution with ongoing improvement as part of the subscription, or as a self-setup software that requires lots of technical training & support.
- The size of your business: PIM systems are available in a range of sizes and scales, so it's important to choose one that's right for the size of your business.
- The nature of your products: If you have complex products with a lot of data, you'll need a PIM system that can handle this effectively.
- Your budget: PIM systems can vary in price, so it's important to choose one that's within your budget.
- Your goals: What are you hoping to achieve by using a PIM system? Make sure to choose a system that will help you to meet your specific goals.
You've learned everything there is to know about PIM now that you're armed with information. You may now start researching for the best system for your company! Please contact us if you'd want to learn how CLEARomni PIM & CLEARomni Suite can benefit your business!
What can we expect from a PIM?
- central repository
- ability to structure the product data flexibly to support the needs of the different product types and selling channels
- workflow process to support the collaboration by different teams
- multi-lingual support
- version control
- ability to handle the media assets
- support different teams to be resposible for the different portion of the data
- multi-channel integration support with major ecommerce platform, marketplaces and ERP
- preferably tightly integration with inventory management & allocation to the channels as well
- preferably tightly integration with order management as well
- when providing vendor portal to suppliers to update the products, it should be able to handle other aspects if it is for B2B2C model as well