Challenges Associated with Product Information Management
Retail Tech Insights | Friday, February 04, 2022
Product information management refers to managing product marketing and sales information across several sales channels.
FREMON, CA: Product information management (PIM) is the technology used to centralize all of a company's product-related data. PIM systems also manage subsequent updates or alterations to these products, such as new packaging or marketing language.
By utilizing a PIM platform, everyone in the organization has access to the same current product information and material. This reduces the possibility of obtaining multiple, potentially erroneous versions of product descriptions within separate departments.
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While PIM has existed for decades, the function of PIM software has grown substantially. Earlier PIM systems tracked basic information such as unit measurements and standards, whereas contemporary systems include many linked assets such as photos, videos, and textual descriptions. This degree of product information within a PIM system is increasingly fundamental to the buying experience for online merchants such as Amazon and others.
As a way to syndicate product content across an ever-expanding number of merchants, PIM systems also serve as a workflow engine for various departments. PIM systems serve as a single source of truth for product information throughout a company.
PIM presents difficulties, but this is where PIM software comes in. Instead of manually maintaining product information, retailers can automate these complex operations with a PIM system.
PIM software assists companies in overcoming common PIM difficulties, such as:
Managing voluminous amounts of data: brands with a size range between medium and large manage voluminous amounts of data from comprehensive product catalogs, varied services, various sales channels, and numerous vendors. This data can be complex and error-prone to manipulate.
Disorganized digital assets: The brand has an extensive collection of product photos, videos, and other marketing assets, but they are messy. Numerous businesses struggle to maintain current and archived digital assets in a centralized location that staff from different departments can quickly access.
Inaccurate product information: Product information must be consistent throughout all distribution channels and internally for sales and marketing purposes. Inaccurate information contributes to poor user experience, negative brand reputation, and income loss.
Retailers rely on their internet presence to inform consumers of their product and service offers. Therefore, modern firms must guarantee that their product pages across all sales channels are constantly updated with the latest information.
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