A survey conducted by the National Retail Federation found that e-commerce product profits account for about 8% of respondents’ total sales. With that amounting to about $260 billion in lost revenue in the U.S. that year alone, any way of reducing it could yield a substantial return on income (ROI).
Businesses looking to invest in products and platforms in the new year.
Businesses are looking to invest in products and platforms that can improve their bottom line, through cost savings, increased profits, or both. Many companies, especially those that have been on the market for a long time, still struggle with decentralized and irregular means of managing product information.
Businesses are at a crossroads data quality more important than ever, and businesses are doing their best to keep customers supplied with accurate and relevant product data. Each piece of data can impact operational efficiency, customer experience, and ultimately ROI.
Standardize product data across channels
In many ways, standardizing product data across channels is key to driving measurable ROI in E-Commerce, which makes Product Information Management (PIM) a must. A PIM allows improvement Data Accuracyproductivity and customer reach.
Customers look for an easy path to product purchases, and an organized product portfolio through a PIM implementation can increase customer retention.
From centralizing product information to improving business productivity and powering content delivery to shortening time-to-market — the positive impact of PIM on businesses is very big.
Managing your product information not only enhances product data and product-related processes, but also enables seamless delivery. These processes increase the chances of a sale, as well as reduce return rates and buyer frustration.
Benefits directly achieved through the implementation of PIM
1. Outstanding productivity:
Streamlined and collaborative processes make optimizing digital asset and product data easy. Advanced PIM solution that can automatically update e-commerce platform with product data from sources throughout the value chain, minimizing manual work and reducing the possibility of errors.
This process allows excellent performance, Supply chain optimizationand order fulfillment accuracy, thus reducing product returns, complaints, and even cart abandonment.
In addition, enhanced PIM streamlines product data management processes and facilitates cross-departmental collaboration, resulting in more time and resources to focus on developing and scaling products. eCommerce operations — all resulting in higher online sales and ROI.
PIM can empower businesses with unlimited internal and external data sources that can be tailored to deliver personalized online experiences for customers across channels. By centralizing product data and combining it with store analytics, PIM allows businesses to access insights that are not possible by comparing countless spreadsheets.
2. High growth:
To thrive in an increasingly crowded and competitive eCommerce environment, businesses need to differentiate themselves through engaging product experiences powered by accurate, complete, and consistent product data.
Customers, retailers, distributors, sales teams and other stakeholders can have consistent product data anytime, anywhere, thus greatly reducing the possibility of deviations from expectations or errors. of human. PIM is a single repository for collecting, managing and extending product information and integrating it with other data sources and e-commerce channel.
As a central hub for all product content, PIM helps businesses increase the quality of product data, improve team communication, drive more sales, and enhance customer experience. and significantly increase ROI.
Plus, with powerful and accurate product data and customer details, it’s easier to target users with specific product needs, enabling cross-selling and up-selling, reducing search time. and increase sales.
Advanced PIM platforms enable businesses to collect, standardize, enrich, contextualize, and distribute product data. In addition, it can help accelerate time to market and speed up the replenishment process, giving businesses more sales days and cutting additional costs without increasing the number of defects in the pipeline. product information.
In addition, completeness of product information facilitates informed purchases and ultimately reduces profits.
3. Customer loyalty:
“As customers connect with brands across multiple devices, portals, interfaces, websites and apps, the accuracy and consistency of product data can have a significant impact. customer confidence.” When shopping online, accurate and up-to-date product information plays an important role in converting potential buyers into actual buyers.
According to a Forbes report, businesses that focus on improving the customer experience achieve an 80% increase in their earnings. Data consistency and accuracy assures customers of the authenticity of product specifications, enhancing brand reputation and building trust.
By perfecting product data, allowing for increased upselling and cross-selling opportunities, PIM helps businesses master customer experience. Additionally, an enhanced PIM tool can enhance product pages, adding all the details needed for buyers to choose products over competitors, boosting sales and revenue.
4. Scalability:
The number of products may change as the product is upgraded, modified, or changed over time. To manage and organize purchasing, production, and communication across channels — relevant product data for multiple uses is critical.
PIM can provide transparency during the complete compilation of data, so the latest changes will always be updated as product information is updated, restored and added to by multiple groups in the value chain. .
PIM can also act as a single point to collect and nurture product data and synchronously disseminate that data across channels as the product line expands.
A robust, repeatable process for translating and localizing content and making it available to niche markets or regions will significantly increase global engagement and local relevance. side of the business. A research report by Facts & Factors reveals that the global cross-border B2C eCommerce market is forecast to reach $4,820 billion by 2026, at a CAGR of 27% through 2027.
PIM enables companies to easily and quickly integrate, authenticate, manage, localize, and publish the product information they need to successfully market and sell across multiple distribution channels. PIM can fast-track a cross-border growth strategy that depends on expanding into new locations. This will allow businesses to achieve scalability across channels, leading to reaching a wider range of users and maximizing revenue.
5. Flexibility and adaptability:
Fast turnaround times are very important for eCommerce and digital success, which allows businesses to plan for and respond to changes in demand due to seasonal changes, events, and new product launches. With cloud-based PIM, businesses can configure the solution to take advantage of market opportunities easily.
The PIM platform provides the flexibility to adapt and manage all data processes quickly and seamlessly, resulting in multi-domain and multi-vector compatibility. With such capabilities, any size eCommerce business can achieve a dramatic impact. multichannel ensure that customers can access correct data and product information at the right time.
In addition, it helps companies to expand their portfolio and launch new products at the right time without giving competitors a chance to get ahead. Additionally, accurate product information helps to design compelling messaging around the product.
With PIM’s complete, transparent, optimized and trusted data, marketers can plan targeted advertising across sales channels for geographic and demographic categories difference.
Achieve ROI with Automated PIM
The advancement in omnichannel marketing platforms presents many opportunities for businesses to expand their brand reach and increase ROI faster. However, investing in advanced PIM technology can yield higher qualitative and quantitative ROI.
For businesses looking to manage the data of thousands of products and attributes, PIM’s ability to support other systems and generate the returns that decision makers seek. Instead of spending days in analysis program ROI calculation, automatic PIM can allow businesses to analyze and respond faster than competitors to generate more sales.
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