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May 2023
5 minute read
Product Information Management
Are you a retailer struggling with managing product information? Well, you aren’t alone in this. Many retailers feel frustrated because managing large amounts of data can be daunting.
At Plytix, we sell product information software that helps retailers efficiently manage their product data in one place, so we know all about your frustrations. In fact, when we spoke to our Head of Sales, Larry Oxley, he said that one of the biggest problems retailers face is managing all the data they get from suppliers.
“Before they can do anything, they have to format and edit it all for their webstore, which, if you think about it, can take a lot of time. So, they come to us with the hopes of reducing the time and amount of effort that goes into doing this task.”
If you relate to this struggle, then you’ve come to the right place. In this article, we go into detail on how a PIM can benefit retailers and why it’s so important.
What does a PIM system for retail do?
There are multiple reasons to switch to a PIM system, especially if you’re using spreadsheets and document software. So, let’s dive into it.
PIM gives you a centralized product catalog
All retailers deal with heaps of incoming product information from suppliers. But, the data suppliers send over to retailers is nowhere near ready to send out to customers, webstores, or marketplaces. This is because the data can be:
- In various formats and inconsistent
- Incomplete or missing information
- Filled with errors and inaccurate
Dealing with product data like this is enough to make product managers cry (at least, that’s what our customers say) because it’s so tedious. It can also slow down your ability to send your products to the market before your competitors.
With product information management software, you don’t have to deal with that, as you have a single source of truth to store all incoming information. Plus, you can make sure product data is consistent and accurate across all sales channels in a matter of minutes with just a few clicks.
Let’s take Telco Accessories, for example, they saw how a PIM for retail can help them better manage their product data. After implementing it, they got a much more controlled approach to how they handle product data. Not to mention that they were able to store double the amount of data after investing in Plytix when compared to the time before they adopted PIM.
You don’t have to hear us go on and on about what our PIM did for them, you can read more about their story here to get it straight from the source.
PIM improves product data quality
Product data quality in ecommerce is a big deal. It can affect your customer experience because inaccurate pricing, sizes, or materials are a breeding ground for product returns or even completely losing customers.
They cannot see the product in real-time, so they depend on your product data to get a better understanding of the products they wish to buy. And this applies to retailers with physical stores too. You need to give want your customers everything they need to feel confident about their purchases regardless of where they choose to shop. According to this article, about 65% of all ecommerce returns are caused by the retailer, and one is caused by inaccurate product information.
With Plytix, you can make sure you have brand consistency with accurate information on all sales channels. Our platform has features such as in-cell editing, bulk editing, data validation, and product completion tracking to make sure that your product data is standardized, validated, and enriched. That way, you can have error-free information that provides gives great customer experience.
“Plytix is a game changer because of the easily searchable, filterable and centralized point for our product data; that can be edited in bulk and missing or incomplete data easily identified.”
— Diane B, Small Business Owner
PIM allows you to update your product data efficiently
Product information management isn’t a once-off project. It’s an ongoing thing because your data needs to be constantly updated and enriched so that it matches the requirements of your sales channels. Without a PIM tool, keeping up with this can become dreadful (another potential reason that you’re here).
This is one of the benefits of a PIM system because what a PIM system does is that it allows you to manage data efficiently. You can update, optimize, and tweak to your liking in a couple of minutes. And since Plytix has a change log feature, you and your team can relax knowing that everyone involved is on the same page and all the product data that’s being sent out is consistent.
PIM helps you have a competitive edge in the market
Retail can be a cut-throat environment because there are similar brands around every corner. You need to be efficient in launching new products and bringing in sales. With a product information system, you can launch new products a lot quicker. That’s because PIM helps you create product information, validate, and publish in less time than you would without it. And, to back this up, a lot of PIM adopters have seen that they send products to market 2X faster than they did before PIM.
Not only can you send products to market faster in your country, but also when you consider branching out to other regions. This is because a PIM tool also stores localized content. You can streamline all your processes for your multiple stores in less time and make sure you continue to one-up your competitors as you consistently meet customer demands.
For more tips on how to localize your product information for various markets, read this article here.
PIM allows for better multichannel selling
Multichannel selling (selling products on multiple sales channels at once) is no joke. While there are many sales benefits that come with selling on multiple platforms, if you aren’t managing your product information better, it won’t take you far.
If you don’t properly send accurate product data to your sales channels, you could find yourself getting your product listing removed. But this doesn’t have to be your reality when you have a PIM solution. That’s because it allows you to create channel-specific product content quicker with fewer chances for inaccuracies. This allows you to focus on sending the products to your online marketplaces, website, and physical stores in less time. With Plytix, you can do quick exports in various formats.
Toner Buzz, a retailer who adopted Plytix, saw how beneficial having a PIM is. The company has three websites they manage. With Plytix, they no longer have to:
1. Manage from their ecommerce platform directly (which slowed down productivity)
2. Update products one by one as they’ve been able to edit in bulk and send updated content to multiple sites at the same time
This has allowed them to manage their multiple sales channels easily. In the end, this has also helped them reach more customers, improve their customer experience, and increase sales.
PIM helps you improve sales and customer experience
Keeping online shoppers happy doesn’t need to be hard. All you need to do is make sure that you have all the information they need to decide on what to buy. When you have a product information tool, you don’t need to worry about having inaccurate information that will cause problems in your customer’s shopping journey.
You can guarantee that they have all the details they need to complete a purchase. That helps you improve customer experience, reduce product returns, and bring in more sales.
Musco Food experienced this firsthand when they got a PIM. With PIM software, their sales reps were able to improve their customer experience because they could handle client requests faster and give them accurate information at all times. Now they have a good relationship with their clients and sales coming in as they have accurate information on hand every day.
Adopt a PIM today
Product information management for retail is a game-changer. It helps you deal with one of the biggest issues you are facing: product information management and efficiency.
Many businesses that have taken the plunge to adopt a PIM tool continue to see the benefits, and you can too. Trust us, we’ve seen how many companies have benefited from our SaaS PIM solution, and we want the same for you.
For more information on what PIM options are in the market, download our free PIM buyers guide. And if you’re interested in learning more about Plytix, book a demo with us—we promise it will be worth your while.
