Businesses use various tools to handle product information, but a major shift has been seen towards Product Information Management (PIM) in the last few years.
In modern marketplaces today, businesses witness ruthless competition. Though entering the market is not easy with increased saturation, growth is a bigger challenge that businesses face. But being ‘consistent’ with the business growth is a challenge in itself. As a business grows, the size of its product catalogue grows too, and along with it comes loads of data. A product has a plethora of information associated with it like the price, image, video, dimensions, weight, barcode, manufacturer and all the other technical details that define a product.
Dealing with data on multiple channels is a cumbersome task and is highly prone to errors that might cost sales and profits. Hence it becomes essential for a business to keep the data structured and unerring.
Let’s see how PIM is helping businesses to conquer modern marketplaces with a bang!
Data Quality
The most vital for conversion is that retailers provide accurate information about the product as it’s a major sales driver. Incomplete or erroneous product information makes it highly likely for conversions not to happen. Buyers require complete information about what they are spending their money on. Hence, it’s imperative to keep the data accurate and ensure high readability.
PIM plays its part here reasonably by allowing businesses to handle enormous amounts of data efficiently by avoiding redundancy, and repetition and ensuring consistency. Complete product information also makes it easier for the products to be found on marketplaces leading to increased sales.
Multichannel sales
PIM pushes data to multiple channels with accuracy and consistency making omnichannel presence smooth and efficient. PIM helps keep data in sync on multiple channels allowing cross-selling and up-selling and enhances customer experience manyfold.
A business should be able to cater to its customers wherever they are. Whether they buy from a physical store or any mobile app, if the data is centralised, businesses will know who their customers are and what they like, leading to a better customer experience and increased sales.
Schemes, Promotions and more
PIM offers various possibilities which can drive engagement and lead to conversions. You can plan amazing subscription strategies and create bundles of products with its help. It proves to be lucrative and provides customers with an enhanced shopping experience. Subscriptions increase brand loyalty and help with customer retention. Users can better plan sale days for occasions and grab customer attention by offering discounts and unique deals.
Growth by Cross-border selling
PIM supports cross-border selling through its various features that enable a business to meet its cross-border challenges. One of the major challenges that businesses face is linguistic translation and managing multiple price lists. PIM takes care of the problem for them and allows businesses to capture different markets and enlarge their customer base.
Cross-border selling has been gaining ground and all businesses are competing to go international with the help of their eCommerce stores. Businesses that use PIM can plan sale days according to different regions and schedule pricelists to meet their requirements.
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