Unlocking business success: the pivotal role of PIM in digital commerce
By Radcliffe Cole, SVP Consulting Solutions
(The first of a three-part story that explores the transformative potential of PIM solutions. The second article outlines the key features of PIM that make it indispensable for digital leaders. The third article compares three leading PIM systems)
In the ever-evolving digital landscape, digital commerce leaders face a critical challenge: staying ahead of the curve while navigating an increasingly competitive terrain. As professionals focused on digital strategies, we’re acutely aware that in this environment, having the right tools can make or break your business.
Among these tools, product information management (PIM) stands out as a game-changer, offering a path to achieving essential business outcomes. The global PIM market size is set to grow at a CAGR of 14.3% up to 2027, reaching a value of $23.8 billion.
1. Simplifies global expansion
Expanding your digital commerce business internationally is an exciting prospect, but it introduces multiple hurdles. According to McKinsey, 90% of consumers prefer shopping in their native language. And 67% are more likely to make a purchase if a website is in their language. PIM streamlines the process by allowing you to manage product information in multiple languages, ensuring consistency across all markets. This results in a seamless customer experience and a faster route to global success by removing hurdles.
2. Accelerates time to market
In today’s competitive landscape, time is money. According to Forrester, businesses that invest in PIM solutions experience a 20% reduction in time to market. This is crucial for digital commerce leaders looking to stay agile and respond swiftly to market trends and customer demands. With PIM, you can easily update product information, pricing, and availability across all channels, ensuring you’re always one step ahead of the competition.
3. Enhances the customer experience
Customer experience is the cornerstone of ecommerce success. A PWC study found that 85% of buyers are willing to pay more for a great customer experience. PIM solutions enable you to provide accurate, consistent, and rich product information, leading to better customer satisfaction. When customers can trust the information on your website, they’re more likely to make a purchase and become loyal brand advocates.
4. Seamlessly fits into an omnichannel strategy
Expanding to new sales channels, such as marketplaces and social media platforms, is a strategic move for digital commerce leaders that are implementing an omnichannel strategy. However, managing product information across multiple channels becomes increasingly complex: siloed product information, uneven updates across channels, and so on.
PIM systems centralise and distribute product data effortlessly, ensuring a consistent brand experience across all touchpoints. This not only saves time but also boosts your chances of success on these channels.
5. Drives internal efficiency and reduces operational costs
Forrester found that businesses that adopted PIM systems reported a significant 15% reduction in operational costs within the first year. This is achieved through streamlined workflows, eliminating manual data entry, and ensuring consistent, error-free product information across all channels. By optimising processes and enhancing data quality, PIM empowers ecommerce teams to focus on strategic tasks that directly impact the bottom line.
6. Boosts revenue growth
Every digital commerce leader’s goal is to drive revenue growth. One of the leading PIM systems is Akeneo, which found that businesses can increase their revenue by $45 million by using the platform’s data management. By improving product data quality, reducing errors, and enabling faster time to market, PIM directly contributes to your bottom line.
To sum up
As a digital commerce leader, your focus is on driving tangible business outcomes, and PIM plays a pivotal role in achieving them.
PIM systems facilitate:
- Global expansion
- Accelerated time to market
- Enhanced customer experience
- Multi-channel expansion
- Efficiency and reduced costs
- Revenue growth
By harnessing the power of PIM, you can position your business for success in a competitive digital landscape. Incorporating PIM into your digital commerce strategy isn’t just a choice; it’s a necessity in today’s fast-paced digital world. To stay competitive and achieve your business goals, consider making PIM an integral part of your digital transformation journey.
Tap into the power of PIM. Connect with Tryzens.
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