In a multi-vendor marketplace, brands and suppliers are brought together on a single platform, where they can list their products and make them...
The global product information management (PIM) market reached a value of US$ 10.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 20.2 Billion by 2027, exhibiting a CAGR of 11.47% during 2022-2027. Asia Pacific is expected to witness the fastest growth of the PIM market with the emergence of digitalization. Digitalization has gradually increased the volume of data generation. As a consequence, a secured and large storage data platform is getting essential. The COVID-19 outbreak also resulted in an increase in online shopping.
PIM solution is a strategic approach to have a central hub for product information, boosting collaboration and data quality for retailers. Businesses can use rich product data to inform, differentiate and suggest related product information to online shoppers.
Manage product data quality systematically
Being plain might not be ideal in a product information case. The data quality will depend on the completeness of the various product information including core product data (name, title and description), product attributes (cost and price), product specification (dimensions, warranty and packaging), product-related metrics, omnichannel product information, extended channel information and store-specific information. It is rather complex when you are managing them with an excel sheet. And of course, you have more than a handful of products to be managed across different channels. Keeping them all in a single system can ease your operating headache.
Using a PIM solution like CLEARomni PIM is more systematic and organized in this case, especially with its completeness score indicator, you will not miss out on any piece of information.
Ever encounter customers who return the product as it is not what they are looking for? This is due to the missing product data that the customer does not understand the product they are buying. This can be reduced when rich product information ranging from detailed attributes and specifications is provided. Purchasing something undesired and spending efforts to return it is an awful experience. When the orders are returned, there is a cost applied to the seller as well starting from the smallest amount from the packaging. On top of that, the PIM system can further furnish the omnichannel experience by providing consistent, flexible and accurate information across online and physical channels. Your customers can always rely on the product data provided across your channels rather than referring to any third-party sites. Meanwhile, this customer experience will lead to a sense of authenticity in your products.
Reduce managing cost and time efficiently through stakeholder collaboration
How much time does the product team need to collect all the data, fill in all the attributes at the same time ensure they are correct, then list them across all the sales channels? Getting the information back and forth from other team members through email? Believe it must be a nightmare doing them manually not counting when they need to add new product data to each of the sales channels. What’s more for PIM systems like CLEARomni? You can customize a multi-step workflow and approval process to allow different stakeholders to update their responsible data attributes on the same product. This can increase your product enrichment speed and at the same time save your operation cost. Integration with external systems such as ERP is vital to support automated product creation & update processes.
Reach out to new markets with marketplace integration
Do you know there are more than 150 online marketplaces you could leverage to reach new market segments? There are different marketplaces famous in the region itself. Lazada and Shopee were the two most actively used marketplaces in Southeast Asia in 2019, according to a report by meta-search platform iPrice. It is important your PIM system can support major eCommerce platforms and marketplaces so that your product data can be automatically synchronized to all or selected channels. This will ease your process to reach new market segments. CLEARomni PIM can support major eCommerce platforms and marketplaces, such as Adobe Commerce/Magento, Shopify, Salesforce Commerce Cloud, 91App, Tmall, JD, Lazada, Shopee, etc.
Managing the e-commerce product data can be a hectic headache without a PIM system. A mature and suitable PIM system can assist retailers to achieve their goals, with plenty of good proven records. Make sure your product data has the competitive advantages of flexibility and scalability.
Talk to us to understand more about how CLEARomni PIM can be customized to suit your business needs and solve your challenges.