Managing products is becoming more important than ever. As companies increase the number of products they carry, having a way to manage everything is vital. That’s why the product information management market is growing so much, with a growth rate of 14.25% annually.
If you haven’t set up a product information management (PIM) system yet, you’re missing out on a lot. Below are the biggest reasons it makes sense to include PIM in your business strategy.
What Is PIM?
A product information management solution is a centralized hub that allows you to view and manage all your product information. You’re able to see the specifications of each product, how well they resonate with customers, and the problems they have.
Keeping this information in one place gives your team one source to head to if they want information. They can learn all they can there and contribute to the system to optimize it. There is a lot to building these systems, so have a look at more information about building one.
Why Create a Product Information Management System?
Now that you know what a PIM is, why should you invest in one for your business?
Manage Product Variations
There isn’t a single solution to a problem in some situations. You need separate product lines that meet the needs of individual use cases.
Managing the specifications of those products can be challenging without the right tools. But with the right PIM solution, this process becomes easier. You can manage your product variations by integrating multiple data sources to centralize your product descriptions and specifications in one place.
Syndicate Your Data
If you’re like many businesses, you offer an omnichannel experience. You need to sell on multiple platforms to suit your customers’ needs. The problem comes when you need to manage that data.
Most PIM solutions have integrations that help this process. Since you have a central location to manage product information, you can hook up your PIM application to your storefronts. This syndication reduces the work required to keep your product information updated online.
Reduce Returns
There’s another problem with not syndicating your product data. You run the risk of product information being out of date when customers view it.
A PIM system will make sure that doesn’t happen. You can ensure that customers see the most updated information about a product and will make an informed buying decision.
As a result, you can expect fewer returns and happier customers.
Build Your PIM Business Solutions Today
Managing your product information is vital to a successful business. Without an overview of what your products are made of and your issues, there’s no way for you to fine-tune what you have and keep offering great products to customers.
That’s why creating a product information management system is so important. It gives you a clear view of your offering and insights into ways you can improve. Create a system today to manage your products to see the benefits for yourself.
Do you want more business tips that will help you optimize your company? Learn more business advice on the blog.
