Primary Reasons behind Retailers Making Use of Advanced Product Information Management Software

 

Constantly changing retail models and buyer demands have placed unmatched pressure on the new-age retailers. In a super-competitive retail market, successful retailers know that each customer communication matters and there is absolutely no scope for mistakes and inconsistencies. The advanced product information management software assists businesses fulfill this product experience necessarily through ensuring correct, consistent and persuasive content across all the channels.

The advanced pim solution acts as the single sources for the new-age retailers to collect, purify and enriches their product data. Retailers make use of this holistic view of product information to allocate content to back-end systems, ecommerce and sales channels and the other syndication networks.

While the centre of pim software is a product data hub, the reach of its advantages is much farther. So, this post explains the primary reasons behind retailers rely on advanced product information management software.

Check Out the Primary Reasons behind Retailers Making Use of Advanced Product Information Management Software:

 

• Build a Single View of Data Accuracy: A single view of reliable data drives nearly all business initiatives still it is shocking that a lot of companies not have this facility. A pim solution assists companies remove silos and bring together the data from different sources. The latest data quality tools cleanse and standardize the data for one unified version of the product accuracy.

 

• Deliver Excellent Customer Experience: The advanced product information management software allows companies to convey customized persuasive and contextual product stories and deliver a smooth experience all of which are the key to appealing customer satisfaction and reliability. PIM-centric workflow drives key efficiency developments for companies. Automated ways to enrich content and data governance assist in reducing hand-keyed and manual processes, which can slow the companies down.

 

• Multichannel Publishing: The automation of pim solution drastically lessens the time it takes to generate catalogs. Since all content is stored in a central repository, the publication process gets even faster, collaborative, extremely automated and less mistake-prone. A pim solution user curtailed the catalog production time by 70%!

 

• Fulfill Need for Enriched Content: Customers require better levels of contextualization of products and services. While shopping and researching, the consumers require the complete product story such as videos, images, features and peer feedbacks. The product information management software with digital asset management (DAM) assists companies provide the enriched content which is required to satisfy the needs of new-age customers.

 

• Less Product Returns: The product returns or the reverse logistics is a massive problem for the retailers. A lot of returns are really caused through wrong or inconsistent product details. A pim solution gives retailers the necessary tools they require for improving the accuracy of their product data, strengthen customer trust and eventually cut back the return rates. Additionally, the feedback on why exactly these products are returned assists the retailers boost merchandising strategies and drives lesser returns in the future.

• Amplify Profits: An advanced pim solution supports upselling, cross-selling and product groups through allowing products to be related with each other within the pim solution’s repository. This can further convert into a remarkable amplification in sales. A pim solution also allows you to optimize the pricing and accuracy to assist the retailers dig out the finest margin.

 

• Guarantee Regulatory Compliance: Product information management software assist retailers track product sourcing and precision, take fast action in case of product recalls and make sure their data meets rules around the regulatory compliance.

 

• Increase in Speed to Market: Retailers can make use of a pim solution to speedily launch new products or adopt a continuous marketing strategy. PIM solutions assist companies scale their variety while maintaining the data quality standards and also add enriched content to a huge amount of SKUs. When the product is all set to launch, the company can speedily organize product data to their exchanges, sales channels and data pools.

 

• Work Resourcefully With Suppliers: A pim solution with vendor portals makes it simple for in-house suppliers and seeks their assistance with uploading the product data and assets. It is an amazing approach for retailers to acquire more content without creating pressure on their in-house resources. Having the data rules and scorecards, retailers can make sure that what sort of data coming from suppliers fulfills their standards.

 

• Support Globalization: No matter a company functions internationally or has strategies for future growth, a pim solution is important to make sure that the product data stays correct and consistent across different regions. A pim solution assist companies link and handle localized content, translations, metrics and other international variations, so that the customers have a steady experience regardless of where live in the world.

Advanced product information management software assist companies build a future-ready foundation. Analytics are very important for enhancing future products and offers. And you cannot have efficient analytics without amazing data. Since more advanced analytics gets applied to merchandising procedures, the basic elements of product data management are very important.