When is the right time for a business to invest in a PIM?

In modern ecommerce, online retailers constantly seek solutions to streamline their operations and enhance customer experiences. One such tool that is seeing a growth in adoption is a Product Information Management (PIM) system. PIM is designed to centralise and manage your product information in one system, becoming the central source of truth for all your product data. But when should businesses start to look at investing in a PIM? What are the key trigger points and challenges to spot when an investment in PIM should be considered?

Multichannel Presence:

As online retailers expand their sales channels, keeping product information consistent across websites, marketplaces, and physical stores is essential. But when you’re also venturing into new channels like mobile apps or international markets, the need for different data sets for each channel can get overwhelming. A PIM system makes it easy for businesses to manage multiple channels and confidently expand into new markets. PIM builds trust with customers and boosts revenue by ensuring the accuracy and efficiency of data. Retailers no longer have to worry about the complexities of managing their product data across different platforms and markets as a PIM simplifies the process and allows for easy distribution of your data, no matter the endpoint.

Global Operations:

Managing product information that complies with different market regulations, languages, and currencies for online retailers with an international presence can become challenging. If the product information isn’t correct or localised across all markets, it can lead to a loss in revenue and reputational damage from their global audience. It can be especially difficult for online retailers to adapt to different sizes across a global market, which can differ from country to country on what size dimensions they use, whether European or American. A PIM can solve these challenges by providing automatic conversions between sizes and dimensions across each region, e.g. converting a US size 6 shoe to the equivalent in the UK or EU. PIM can also help localise specific content, such as product descriptions, but keep the product specifications uniform across each region.

Improved efficiency:

As your online retail business expands, it’s easy to lose efficiency when manually uploading and editing data across different systems and markets. This can be time-consuming and take away from other important business areas. But there’s a solution: PIM systems. These systems automate the process and become the central hub for all your data. No more misplaced data or wasted time updating information. With a PIM system, you’ll have a more efficient workforce and more time for strategic planning.

Data:

Are you considering migrating to a new ecommerce platform? If so, you may encounter issues with unstructured data where all your information is held in a single block of text, rather than split out as individual attributes. However, a PIM system can help you overcome these challenges. Even if your ecommerce platform lacks flexibility, a PIM system provides the necessary tools for success and a platform for managing and structuring your data with best practices in mind. It can handle the increasing number of SKUs and unpredictable market demands, allowing efficient product changes. Moreover, manually managing extensive product data becomes overwhelming if your business expands its product offerings rapidly. But with a PIM system, you can maintain consistency and accuracy across the board, ensuring all products are unified.

In the competitive landscape of modern commerce, investing in a Product Information Management system is vital. Recognising the signs that indicate the right time to implement a PIM can position a business for sustained growth, operational efficiency, and enhanced customer satisfaction. As online retailers evolve, embracing the power of a PIM becomes an essential step toward achieving long-term success in the ever-changing world of commerce.

If you’d like to discuss PIM further, please reach out to us here, and we’ll have our expert PIM Consultant, Pete Robertshaw, reach out to you.