What Is Product Information Management Software?
Product information management software (PIM) software helps you to store product information on a centralized platform. It integrates with marketplaces, e-commerce platforms, and marketing channels to publish product information across the entire e-commerce ecosystem.
A PIM solution consolidates product data, assuring network consistency and a quality product experience for the customers. It helps create a comprehensive source of product information, which provides a clear picture of your offerings.
How Does Product Information Management Software Work?
- PIM software acts as a centralized database that is linked to product pages. With the help of this software, a vendor can update the existing product description in the catalog of multiple stores simultaneously. This solution makes it simpler to modify and update product specifications across all relevant catalogues in a go.
- SaaS-based PIM offers a centralized warehouse for all your product information. This data is optimized as per search trends before being uploaded to e-commerce websites, marketplaces, product feeds, and other destinations.
- The best e-commerce PIM software organizes and saves the product information in a logical and structured manner, allowing catalogue updates across different sales channels simple. Product data is organized in the most user-friendly manner, making it simple to add new commodities, export existing ones, and sell more.
Potential Users of PIM Software
- Product managers: Product managers use PIM to define and monitor product details and product categories. It also helps in the management of product relationships. Some things, for example, may be marketed together as kits, whereas similar items may be substituted for others.
- Marketing department: This software can be used by a company's marketing department to create online or printed catalogues, brochures, and promotional campaigns.
- E-commerce managers: Product information management software is required by e-commerce administrators to ensure that the right commodities, with the relevant features, are available online. PIM also aids businesses in keeping their e-commerce platform up to date with product modifications.
- Manufacturing companies: It is used by manufacturers to market their products through a variety of channels, including online marketplaces, websites, and e-commerce platforms. It is also used to transfer product data to other systems like PLM or ERP.
Use Cases for PIM Solution
- Helps Businesses Create a USP in Terms of Product Information Display: Given how poorly many organizations manage the product information, doing it well could serve as a differentiator and lead to more promotional opportunities. Customers like to buy from organizations that provide extensive product information. If you offer this, you will have an edge over your competitors.
- Ensures Information Transparency for Customers: Being open and honest about all aspects of your products will help to build trust and establish a good relationship. Customers must also know every specification about the goods you're offering so that they may securely use them.
- Access to High-Quality Media: PIM solution can be integrated with digital asset management (DAM) system to create high-quality product images. This will help potential customers to view a variety of high-resolution photographs or videos of your products. The ability to see the goods and how it looks will boost the sales conversion.
- Consistency of Product Image & Content Across Platforms: The same set of high-quality product images and information can be shared across all sales channels. This reduces the chance of confusion where one website says one thing and the other asserts something else.
- Business Growth/Market Expansion: It's simple to build a new sales channel with all your product data stored in a central location. Simply add the information from the master channel to the new sales channel based on what you want to display.
Key PIM Software Features
- Product info consolidation: PIM software can fetch product data from a variety of sources like databases, e-commerce, ERP solutions, and files like spreadsheets.
- Customizable processes: Processes and workflows can be defined for updating and modifying product information. It provides authorized access to all those who can make and validate product information changes.
- Easy product search: Search and filter options in PIM system enable consumers to find products quickly based on their physical properties like color, size, price, name, weight, or description.
- Mass modification at a time: It provides the flexibility to update product details in bulk. Instead of altering each individual item, you can change the product description for all products in one go.
- Various content management: Product information management platform allows the administration of many types of product content, such as PDFs, photos, and videos.
- Product data syndication: Product data management software supports product data syndication to enable easy posting on platforms such as eBay and Amazon.
- Data governance: Through product data management systems, big enterprises can benefit from data governance which could help them effectively manage the vast amount of product data and content.
Advantages of Using Product Information Management Software
Here are the advantages of a good PIM software:
- Better management of product data: A robust PIM system enables you to manage and organize all the product data. It will thus be simpler to communicate such information across several platforms.
- Improved customer experience: With the help of the PIM solution, customers have continuous access to accurate and detailed information about any product. This also lowers the number of complaints and product returns. It also reduces the abandonment of selected items from shopping carts. Due to this, customers have access to the visibility of the stocks.
- Helps you save time: PIM software eliminates the need for frequent and mechanical data entry. It makes finding products and updating inventories easier. In this, it is also simpler to clear up data and optimize the information due to which employees get more free time to focus on more important projects.
- Ensures savings: A robust PIM system can help you save money on your operations and supply chain. Accurate product data decreases business risks and avoids the expense of inaccurate product data and hence ensuring cost savings.
- Provides easy integration: PIM solutions are far much better and easier to integrate than ERPs. One can also customize and modify PIM to administer all the data processes.
Trends in PIM Software Market
- Artificial Intelligence: Artificial intelligence (AI) is already being used by several PIM software to enhance data management for large volumes of product information.
- Focus on Customer Experience: PIM software offers ready-made API integrations with some of the top marketplaces. The user interface and the feature level provided by the PIM solution help the users to extract the best information from the software hence helping to improve the overall user experience.
Challenges in Using PIM Software
Sometimes, PIM systems can be complex and challenging to manage, especially when it's deployed on-premises and the user is accountable for the IT equipment needed to execute. Even cloud-based PIM software might be difficult to use if it is provided as a bundle of fragmented, improperly integrated solutions.
Further, the way product data is shared between PIM and other software systems can have a major impact on revenue and sales. Data migration should ideally be fully automated; however, that's not the reality always, and this leads to problems. Companies, for example, could lose money if price information is incorrect.