Research shows that around 55 percent of customers do online research before purchasing for a great shopping experience. Retailers use content catalogs to enhance customer experience. A content catalog consists of pages of websites where the distribution of products has been done. A content catalog, in simple terms, is a container of product data. With the massive growth of the e-commerce industry, managing a long list of product information can be daunting. To save retailers from befuddlement and long=delayed tasks, PIMs are used.
PIMs collect, organize and enhance product information by building product catalogs and distributing this information to the e-commerce channels in one place. PIMs can effectively display consistent branding and reduce shopping cart abandonment by providing accurate product information. Research from IBM suggests that because of the bad quality of data, US companies lose 12 percent of their revenue annually. Most PIM systems don’t handle all of the product information, such as prices, discounts, and stock information. This information needs to be fetched from other sources, but for Apimio, that’s not the case.
What is PIM?
Product Information Management, abbreviated as PIM, is a process of collecting, organizing, and managing information required by the market for selling products across different channels. PIM centralizes product-related information, streamlining the process of updating and managing accurate product data across different marketing and sales channels.
How can PIM add value to your business?
Having thousands of products and managing all their information is a complex state of managing product data. Enterprises now recognize product data as a valuable asset because product information is a part of enterprise data management strategy. Investing in assets that manage foundational product data is essential for enterprises now. Every enterprise has different requirements to streamline and make consumer-ready data across different formats. Moreover, the requirements of PIMs may vary across regions and industries, demanding tremendous effort and time. PIM brings value to your business not just by engaging customers but also increases productivity, enhancing the quality of content, increasing conversion rate, and, most importantly, strengthening SEO strategies.
Increases productivity:
PIMs provide a central hub for collecting and organizing all relevant product information on a single platform. It will save time for locating and cleaning all the information together. Meanwhile, businesses can focus on more value-adding activities.
Enhances quality of content
PIM enhances the quality of product information by providing accurate and complete information regarding products. Improving the quality of content enhances the customer experience because customers will go through accurate product information. If they find the relevant information, this might convert them into potential customers.
Increase the conversion rate
As explained above, PIMs are effective in enchanting customer experiences. Improving customer experience increases the probability of converting prospects into potential customers. Apimio’s PIM enhances the customer experience by providing all the relevant information that will increase conversion rate and eventually boost sales.
Support SEO strategies for business
One of the most significant advantages of using PIM is that it can support business SEO strategies. The main goal of PIM is to drive sales by presenting optimized pages to potential customers. PIM ensures that all the pages present the relevant product information and images needed to make informed buying decisions.
PIM strengthens the SEO strategy by providing one unified branding to the target audience. Launching a product usually involves multiple internal teams coordinating and sharing product-related content with product information management. PIM allows everyone to share their input resulting in a strong SEO strategy.
PIM is effective for product tags. Product tags are the keywords for the identification of the products. Products are sorted in a specific order by features to narrow the product. Integrating PIM into the business will allow the translation of product tags into SEO keywords..PIM will place keywords at the right possible location in search engine queries.
Product information is nothing without visual context. Integrating PIM with Digital Asset Management (DAM) will improve SEO strategies. Product information should have digital assets to make visual components of product pages. Customer trust increases when they encounter digital assets such as 360-degree pictures, unboxing videos, and CAD drawings. DAM will attract consumers to the product they are looking for and increase the probability of converting a visit into a potential customer. PIM integrated with digital asset management will be effective for metadata. Like the product tag, it will be like writing metadata that will include keywords potential customers are looking for.
PIM ensures data governance by completing product information and digital assets for making rich and optimized product pages. Data governance practices involve dealing with data maintainability, discovery, and security. Data governance helps generate sales and increase revenue.
All of the arguments mentioned above explain and prove that for organizations working in the retail industry, PIM is the need of the hour. Without PIM, it will not be easy for organizations to survive and compete in a highly competitive market. Because if retailers can’t facilitate their customers by providing complete information, then growing and surviving in the industry will be impractical.
