How To Optimize Your Product Management Operations
By Tiffany Rauschenberger
64% of shoppers in the US favor online businesses and websites when they have good product information management. Product data is capital for any business that wishes to succeed in today’s competitive global eCommerce industry. Even during the COVID-19 pandemic, managing product information makes all the difference as consumers have less spending power and have to choose their purchases wisely. Let’s discover how to optimize product management operations for your business, whether you are a small, local business or a large, international retailer.
What is Product Information Management?
Today’s online marketplaces are fast and dynamic. Customers need to find the products they need easily and quickly, and products must be tailored to their relevant market (prices, languages, inventory, and so forth). Product information management is the process of handling product data and keeping it compliant and updated throughout all points of sales and inventory, back-end, and internal systems.
Plus, product information management defines your brand’s overall online mission — whether you’re seeking to build a strong brand reputation or achieve new sales. If you have not optimized your product information systems, now is the best time to do so! The future of great product information management is customer-driven and dynamic to entice consumers to buy from you.
One of the most important innovations in managing product data is the implementation of PIM software. A PIM software allows you to control your product data more efficiently, making sure you are not losing money or time handling product data tasks. Overall, a PIM acts as a central repository for all product data and updates such data accurately and in real-time from your back-end and inventory control panels to your final website and shopping platform.
Why It’s Important to Manage Your Product Management Operations Efficiently
Product data is critical both to achieve sales, especially in today’s tough economic times, and to showcase your brand identity. If not performing at their best — for instance, if your current product information management strategy costs you too much, or isn’t aligned to your business/ sales objectives on your desired markets — you may need to rethink your operations. Product information management should optimize your products’ performance.
A PIM solution will enrich your user experience, make your product data compelling online, and eventually increase your web traffic. If you want to stop relying on spreadsheets and market your products perfectly across all channels, what you need is a centralized PIM software. And it doesn’t have to be a costly investment—in reality, a PIM software can save you money in the long run by helping you understand where your product data can do better (description, images, clickable links, consumer behavior, etc).
A PIM benefits your team on multiple levels since they create a single source of truth and save you hours of work on data management and product updates, for example, when uploading new products online. Forget about the time when your supply chain manager was lost in endless product data or when your consumers complained because of outdated information on your website.
How to Choose And Set up a PIM
Choosing the right PIM software is important if you want to achieve your goals in sales, revenue, customer acquisition, and brand reputation. But finding the best PIM for your business — that is to say, tailored to your market needs and on your budget — requires working with a professional, trusted PIM company. Research your market and talk to experts in their fields, and don’t be afraid to state your current pain points.
Once you have identified where to improve, and what solutions to choose, gradually implement a PIM that provides scalable results to you. Speak with your team (supply chain, sales, and marketing managers) to educate them about your new product information management strategy and track online data gathered (SEO, web traffic, completed sales, customer acquisition rate, and forth).
A PIM can finally help you optimize your marketing campaigns — for example, whether you want to launch an ad on a relevant market and wish to gather important data to craft the best marketing ad. It’s incredibly helpful to provide customer-centric campaigns and products that are aligned with your customers’ past shopping behavior. Lastly, a PIM provides a great website and online resources that captivate your shoppers, attracting new users and gaining the loyalty of existing clientele.
Optimize Your Operations With PIM
In global eCommerce, no matter the size of your business — big or small — you need to gain a competitive advantage to sell your products and to reach your audience. By implementing a PIM, not only is your overall product information management optimized, but also your reputation is aligned to sales. Don’t underestimate the powerful trust factor delivered by a PIM for your business. Feel free to consult our other ideas on how to strategize and make your business sustainable these days on our blog.