With more brands operating online now, product information management (PIM) is the need of this new-age marketplace.
Most online retailers are looking for a competitive edge and enhance customer loyalty with advanced customer experiences. Lately, with more people spending time indoors, consumers demand flexibility, along with cross-channel expertise – which can meet their interest across all touchpoints.
Consistent product data fabricate the groundwork for various customer touchpoints. However, as consumer behavior has evolved, it has become trickier to manage data. Thus, it is essential for the e-commerce brands to have centralized product information management in place – to deliver the latest and relevant information, real-time, and at the right set.
According to Statista, global e-commerce sales are estimated to grow by up to $6.5 trillion by the end of 2022. The data management processes, such as PIM, can help to combat the frequent competence challenges that are encountered by brands currently. For instance, while introducing products into new markets, businesses often face variation localizing product information.
Improving Personalization and Sales Conversions
PIM solutions add value and get tangible benefits to offerings – especially for online channels. Bigger e-commerce brands are convinced and have been using it to augment their online sales conversion rates. However, more than half of the marketers lack dedicated solutions while managing product experience and data – claims the Akeneo survey.
Unsurprisingly, a steady omnichannel, personalized experience is significant for consumers’ buying decisions in this sensitive time. PIM improves the personalized purchasing experience for brands and helps in contextualizing product information.
Automating Internal Processes and Brand Loyalty
The PIM solution also makes it easy to automate internal processes that earlier needed long man-hours. This helped in creating a more pleasant working environment for organizations– increasing data security and productivity of employees. In essence, retailers are now investing more capital and resources into other business practices.
A PIM provides the benefits of a centralized as well as the intuitive hub, allowing different teams to manage product management processes effortlessly. With implementation, brands become flexible and focus on the rapid changing demands of modern consumers. As a result, a consistent product experience across channels increases the brand presence and messaging strategy. This helps in building long-term customer loyalty.
Clearly, keeping up with the modern customer is tricky, and, thus, it is necessary to deploy a tool for seamless and speedy operations. The PIM market is growing – it improves the overall governance of the internal functionalities and keeps products cataloged efficiently. Most retailers, manufacturers, and distributors are increasingly using PIMs to get value and to keep up with a variety of online and offline channels.
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