Unlocking business success: the 10 key PIM features that empower digital leaders
By Radcliffe Cole, SVP Consulting Solutions
(The second of a three-part story that explores the key features of PIM for digital leaders. The first article outlines the transformative potential of PIM solutions. The third compares three leading PIM systems)
In today’s digital age, where consumers demand personalised, seamless shopping experiences, the management of product information has emerged as a critical factor for business success.
Product information management (PIM) systems have been around for a while. Yet at Tryzens we have seen an acceleration of PIM adoption among our clients as an essential component of their architectures.
The explosive rise of generative artificial intelligence (AI) has further advanced the capabilities of PIM solutions. Just as brands and retailers scramble to embed AI into digital commerce strategies, so are technology companies, integrating AI into their PIM products to automate a range of areas: data quality and cleansing, enrichment, product categorisation, and meta data tagging.
This is leading to a transformation in the way our clients work and handle their product data. In short, it’s empowering growth across channels and territories. In its report on the current PIM landscape, Forrester highlighted that “PIM solutions… are a foundational capability for enterprises to meet growing consumer demand on ecommerce channels and marketplaces with accurate product information.”
In this article, we will delve into the top 10 PIM features and explore their tangible business value for digital leaders and their teams.
1. Data modelling
Data modelling is a process that defines and structures data in a way to store and retrieve data more efficiently. Flexible data models enable businesses to adapt quickly to changing market demands by accommodating various product attributes and classifications. This agility ensures that digital trading teams can effortlessly introduce new product offerings and optimise existing ones, leading to increased sales and market responsiveness.
2. Data quality tooling
Data quality tooling refers to techniques and software that are used to ensure accuracy, consistency, and reliability of product data. Ensuring the accuracy and consistency of product data across multiple sources is crucial for building customer trust. With robust data quality tools, digital trading teams can confidently provide customers with reliable information, reducing returns and enhancing brand reputation.
3. Hierarchy management
Effective hierarchy management streamlines product categorisation, making it easier for customers to find what they need. And this is a major point: 80% of customers say that the experience that businesses provide are just as important than the products and services themselves. Get the customer experience right and you’ll be in a position to drive higher conversion rates.
4. Product variant management
Managing product variants efficiently simplifies the product offering for customers. Digital trading teams can use these tools to create compelling product bundles, increasing average order values, and overall revenue. Adobe’s Digital Trends report found that websites with effective product bundling strategies sae an average conversion rate increase of 18%.
Comprehensive reporting capabilities empower digital leaders to make data-driven decisions. By analysing data on data onboarding, quality, enrichment, and publishing, trading teams can fine-tune their strategies, optimise processes, and achieve better results. Those that use data management tools to make decisions are 58% more likely to beat their revenue goals than non-driven companies.
6. Digital asset management
Connecting digital assets to product records enhances visual merchandising and aids in content personalisation, a fundamental pillar of the customer experience. By tailoring content to individual preferences and behaviours, personalisation can not only boost customer engagement but also foster stronger emotional connections by understand what content specific customers want.
The longer your products lay idle in the warehouse, the greater the costs involved. More than 4-in-10 retailers admit that inventory is a day-to-day challenge. With a PIM in place, it enables businesses to streamline workflows that facilitate cross-team collaboration and reduce time to market. Digital trading teams can respond faster to market trends, ensuring products reach customers at the right time, leading to increased sales and competitiveness.
Efficient data onboarding simplifies the process of getting accurate product data into the system. This feature is invaluable for digital trading teams as it speeds up the time-to-market for new products, ensuring they are available to customers when they are in demand. With less time spent digging among the data, digital teams are freed up to concentrate on more meaningful, creative work.
9. Multi-domain modelling
Managing diverse product categories within a single instance simplifies operations. Teams can efficiently handle a wide range of product types, from clothing to electronics, improving operational efficiency and adaptability. One centralised source of truth from where to manage product information across multiple channels.
10. Language translation
In a global marketplace, language translation is essential for reaching diverse customer bases. By providing seamless translation processes, digital teams can expand their reach and tap into new markets with confidence. Customers have a deep preference for content in their native language, while 40% refuse to buy from a website if it’s not available in their mother tongue.
Towards a customer-centric, data-rich future
As consumers seek more personalised and seamless shopping experiences, companies must deliver accurate, up-to-date, and comprehensive product information across various channels.
By embracing PIM, digital trading teams can stay ahead of the competition, build trust with customers, and ultimately thrive in the digital marketplace.
A robust PIM system is not just a solution; it’s the path to a customer-centric, data-rich future. Those digital leaders at the forefront of this journey are in a position to sharpen a distinct competitive edge.
Whether you’re at the start of your PIM journey or looking to improve your current PIM strategy, connect with Tryzens. We implement leading PIM solutions and facilitate PIM strategies for brands and retailers, helping them evolve into data-driven businesses fuelled by product data.
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