Today’s consumer uses different platforms to discover new brands and find information about products. They expect to understand how a product helps solve their problem and fits their lifestyle before buying it.
If you don’t give them the information they’re looking for, they’ll leave your store and switch to your competitor.
With customer expectations at an all-time high, brands need to make their product information understandable and easily accessible.
The best way to do that is to implement product information management (PIM), which helps you create a single source of truth for product data, create better customer experiences, improve internal processes, and more.
In this article, let’s take a closer look at how PIM can become a game-changer for your business.
1. PIM Helps Increase Your Sales
For modern consumers, product information such as size, color and standard product images are not enough to make a purchase decision.
According to Nielsen Brandbank, 76% of shoppers prefer additional content on product pages or enhanced product content available with online purchases.
Enhanced content plays a big role
Improved product content refers to strong images such as:
- High quality images;
- rotate 360;
- Product Tours; and
- Comparative charts.
Improved content helps:
- Present products from different angles;
- Tell your brand story; and
- Give shoppers all the information they need to make an informed purchase decision.
Nielsen Brandbank confirms that enhanced content can increase conversions by 86%, and products using 360 spins have shown a 30% higher conversion rate than products without.
When you give customers the enhanced content they expect, you increase their buying confidence and brand loyalty, which is a driver of your sales.
2. PIM helps improve the performance of your teams
The digital shelf requires more information to sell products and meet consumer expectations.
In addition to product specifications, SKU numbers, and shipping weights, you must provide:
- Fascinating copy;
- Unique value propositions;
- Materials after purchase; and more.
It takes time and extensive collaboration to collect all this data from stakeholders across your company or from partners outside your organization.
Spreadsheets are not a good strategy because they create more challenges for your teams to access and manage data effectively and efficiently.
Not to mention that using spreadsheets can lead to inaccuracies and inconsistencies in product data. Your teams can end up wasting time fixing things and doing repetitive tasks, drastically reducing their productivity.
How does a PIM solution help?
- Centralize product data in one place. Therefore, your teams can save a lot of time and effort adding, updating, publishing and searching information.
- Increase collaboration between departments and break down silos. A PIM solution gives your company a central data hub that everyone can easily access, manage and contribute to.
- Provides rules you can use to automate tasks, such as:
- Fill in attribute values for products;
- Manage product data in bulk; and
- Transfer of information between channels. This helps free up your team’s time and avoid human errors.
3. PIM can boost your growth
We’ve seen how PIM can improve your business efficiency and meet customer needs. But it’s not just a system to do that. PIM can even accelerate the growth of your business because it makes it easier for you to expand your product portfolios or expand into other markets.
As your product catalogs grow, relying on manual manipulation of product data can lead to inefficiencies and risk down the line.
Product descriptions should be updated, specifications should be changed, and more SKUs should be published. Lots of new information can keep you from thinking about expanding because the process can be so complicated and time consuming when done manually.
Why a PIM system is essential
With a PIM in place, all information is kept under one roof. You may also require one update and the data will then automatically change in your downstream systems.
You will be in a stronger position to bring products to market quickly. Your business will also become more agile, proactive and ready to offer greater numbers of products, maximizing your growth potential.
Boost your business with PIM
Now is the time to consider implementing a PIM system if you:
- Accelerate the launch of new products to the market;
- Deliver quality product information across channels;
- Automate workflows to increase the productivity of your teams; and
- Get more sales.
Don’t miss this opportunity to generate revenue, improve efficiency and strengthen your team.
Download this editable step-by-step product page checklist, which lists the most essential considerations to help you generate more revenue.