Imagine you are recently retired and now spend your days making pottery. You post a video of a vase you made recently, and it suddenly goes viral. Next thing you know, you’re back in the office, running a brand new business, and you have no idea how to keep track of inventory, pricing, or product descriptions. This is where product information management (PIM) comes in. This article will discuss what PIM is, the benefits of using a PIM system, how a PIM system works, and some of the included features.
What Is Product Information Management?
Product information management (PIM) is a system for organizing and managing product data. A PIM system centralizes all of your product information in one place, making it easy to keep track of your inventory, pricing, and product descriptions.
PIM is a subset of master data management platforms (MDM). MDM platforms focus on managing all of an organization’s data, while PIM systems focus specifically on product data.
Who should use PIM?
Any business that sells products can benefit from using a PIM system. If you have a lot of products and product variants, a PIM system can help you keep track of all your data and make it easy to update your product information across all your channels.
How does a PIM system work?
A PIM system works by centralizing all your product information in one place. This makes it easy to keep track of your inventory, pricing, and product descriptions. You can also use a PIM system to update your product information across all channels.
A PIM system usually includes a database where you can store all of your product information. The database is then connected to your eCommerce platform, POS system, and other channels. This allows you to update your product information in one place and automatically update it across all your channels.
What are the benefits of using a PIM system?
Using a PIM system has many benefits, including streamlining data, improving customer experiences, increasing revenue, and decreasing company costs.
Streamlined product data
A PIM system helps you keep your product data organized and streamlined, so finding the information you need quickly prevents duplicate data.
Improved customer experiences
A PIM system can improve customer experiences by providing accurate and up-to-date product information. Customers can easily find the products they’re looking for and better understand the products they’re interested in.
Increased revenue
Your company can expect an increase in revenue when you start using a PIM system. This is because accurate and up-to-date product information can lead to more sales. In addition, a PIM system can help you sell more products by making it easy to add new products and variants.
Decreased company costs
A PIM system can help you decrease your company costs in several ways. You’ll reduce the time and resources spent on data entry and save on storage costs by keeping all your product information in one place.
What are some features of a PIM system?
When choosing a PIM system, there are several features you should look for. These features include a database, connectors, an eCommerce platform, a POS system, and a CRM system.
Product database
A product database is the foundation of a PIM system. It’s where you’ll store all your product information. Look for a PIM system that offers a robust and scalable database.
Connectors
Connectors link your PIM system to your other systems, such as your eCommerce platform, POS system, and CRM system. Look for a PIM system that offers connectors for all your systems in your master data management platforms.
eCommerce platform
If you sell products online, you’ll need an eCommerce platform that integrates with your PIM system. Look for an eCommerce platform offering product pages, carts, and checkout features.
POS system
If you have a brick-and-mortar store, you’ll need a POS system that integrates with your PIM system. Look for a POS system that offers product lookup, inventory management, and order management features.
CRM system
Managing customer relationships is an integral part of any business. A CRM system can help you keep track of your customer data and interactions. Look for a CRM system with contact management, lead management, and sales automation features.
Final thoughts
A PIM system can help your company improve customer experiences, increase revenue, and decrease costs. Choosing a PIM system with the features you need to manage your product information effectively is important. If you’re not sure which features to look for, our list of features to consider will help you make the right decision.
