Product information management is managing and enriching your product information to market and sell it to distributors. Usually, product information is shoddy and incomplete across applications or channels. Customers seek comprehensive, detailed and trustworthy information to make informed purchase decisions.
Firms not able to manage their product information miss out on opportunities and revenue. They also have problems in growing their brand loyalty. A product information system helps companies build stronger relationships to improve their customer loyalty and experience with their product. Accurate information on products from retailers and brands to distribution channels shapes the story behind the product. Get PIM through this link and enjoy easy data management. Below are some of the benefits of good product information management.
Better customer satisfaction and experience
Customers expect extensive product information relevant to what they want to purchase. This ample information helps them compare products and gives them a more independent approach to purchasing, unlike having to deal with agents and brokers persuading you to buy a product. You receive fewer complaints or product returns with adequate product information, and business agents can serve clients better.
This product information system improves product availability because you easily search to find what you want, reducing the number of inquiries on the product, whether by email or telephone. Another perk is that you get very few cases of shopping cart abandonment.
Improved product data management and ownership transparency
A scattered approach to managing product data often indicates a lack of transparency. Customers may not know who the owner is or who is responsible for the product data. This system provides various tools to indicate ownership, facilitate effective collaboration and further increase transparency.
As businesses grow, the product range expands. Managing the product information of all these items would be quite a headache. The product information system sorts them out into categories and displays them in order, giving room to expand the product range. There’s no need of having long-tail products stuffed in stock; instead, you can provide shipping services to customers. For such purchases, detailed product information is essential for your customer’s knowledge, not overlooking prompt delivery by the suppliers.
A well-organized product range makes sharing the data to different outlets easier and further improves the customer experience.
Time efficiency in internal processes and increased data quality
As you increase your product range, you will not have to deal with manual data re-entry because you can pre-fill data, making searching for products and updating the inventory easy. Errors can be noted faster with a clear workflow. Implementing an information management system for your products will ensure increased productivity and easier product management.
Employees spend more time undertaking profitable responsibilities rather than regularly updating the inventory. This system ensures a friendly working environment with no cases of data frustration issues.
Good quality data is clean and ready to be viewed by customers. An easy to use system interface and automatic quality checks on product data helps maintain or improve the quality level. For example, the “golden record” principle gives you a chance to incorporate data from various sources to make the perfect data set. Webshops and relevant applications should convey high-quality product information because the data is straightaway visible to customers.
Saves on cost and eases the purchase process
You go a long way to reduce general and supply chain costs with all the relevant product information. Accurate information also helps avoid costs relating to giving incorrect product data. Your company will always have products ready if they are out of stock to prevent customers from sending complaints. The data helps companies review and improve their operations to compete favourably with competitors.
Customers seek an experience worth their time across various channels. Products may have different prices on platforms, or articles may have other names in webshops compared to the back office. With this management system, you will avoid these issues and enhance customer satisfaction. Another perk is that you can choose what channels to display which information.
Better sales from easy integration
ERPs and PIMs were introduced in the early nineties to enhance management. The latter is easy to assimilate compared to business enterprise systems like an ERP that need more customization. ERPs were not meant to process product data; therefore, the time spent customizing and managing the software would have been used to grow the business. Marketing and management expenses reduce from this flexibility of the PIM system that allows you to manage your processes.
SEO(search engine optimization) is product information control in itself; It increases web traffic and conversion rates on your webshop. As researched, SEO improves conversion rates by 56% because of improved product information. In addition, forging friendly relationships with articles can further increase your sales from cross-selling and up-selling.