Best Practices: Product Information Management in Retail
PIM (Product Information Management) is regarded as a vital aspect of the retail market. The use of this software helps firms not only to help in tracking real-time data. This type of a software solution enables a retailer outlet to manage its product through a centralized system. Here are some of the major benefits of using product information management in retail-
Creation of speed & efficiency
Introducing new products in the market or updating products can be a really time-taking process.
By implementing processes and using technology can speed up these tasks and increase the amount of time which is spent on handling product details. In the retail sector, each firm's issues related to product information management are distinct. These processes themselves should be given prime importance while technologies which support them need to come second.
A high level of consistency is ensured
The customers visiting a brick and mortar shop and an online are same, apart from a uniform experience across various platforms. To ensure a seamless customer journey, retailers need to ensure consistent or risk customers lose trust on them. As per Forrester Research Inc., almost half of American online adults agree that they tend to shop far more with retailers than to provide customer service both online as well as offline. In case the details a customer views content in a catalog or in store which is different from what they come across online, it is less likely that they will buy it.
Using an effective PIM software and rich content, a business has a single data source for drawing data from various platforms. By organizing data on a centralized location via the use of a user-friendly interface, a user can easily instruct all channels to access their details from the same place, thereby ensuring consistency across a brand's entirety.
In a retail outlet, buyers select a product after checking the color and material and view it being displayed with complementary products. When it comes to fashion retail, buyers tend to try products to see if there was a proper fitting. While buying online, the buyer is dependent on the retailer to offer them with sufficient details to create a genuine shopping experience. A PIM can help in managing rich product details required to create such an experience, offering sufficient details.
Rather than using a single static photo and a line of text, you can ensure multiple views of buyers, commentary in lifestyle, footage of product which is in use and a list of accessory products ensuring a total and authentic shopping experience, influencing a customer to make a purchase. According to Forrester's prediction, a $1.3 trillion of total American retail sales occur offline will be influenced through online research. Therefore if the customer doesn't feel that there is authenticity they expect offline, it is highly likely that they are not going to visit their online store.
Get a demo today
See the power of product management for yourself.