Top 10 Reasons You Need Product Information Management For Retail and Multi-Channel Ecommerce
For companies engaged in multi-channel ecommerce, a cloud-based system for Product Information Management benefits almost every area of the business. Customers especially benefit from an omni channel experience, and they show their appreciation with increased loyalty and sales.
Here are the top ten ways a cloud based PIM benefits the omni-channel retailer.
A cloud-based PIM system ensures consistency across catalogs, channels and websites by allowing the retailer to quickly broadcast price changes, new models or product updates.
Centralised Data Repository
A centralized data repository ensures the accuracy of product descriptions and availability without requiring updates to multiple systems.
Suppliers can update delivery information, so customers receive the best possible delivery insight for low or out-of-stock items. The company can make more accurate decisions about inventory distribution and allocation with visibility into replenishment inventory.
SKU proliferation is one of the most difficult problems to deal with, making it difficult to manage the retail assortment. A PIM solution helps analyse SKUs to aid in deciding whether to add, delete or retaining items.
More Accurate Sales Insight
A product information management system helps aggregate sales information across channels and SKUs, so the retailer can understand the value of specific channels and customers better, leading to improved inventory management and product availability.
Cloud Based PIM Simplifies IT
Cloud-based PIM simplifies IT management by providing an easily accessible centralized data repository that simplifies sharing information across business applications and ensures that all channel partners have secure access to the information they need.
Increased Customer Satisfaction
Customers don't care about your business structure-they want to buy when and where it's convenient for them, and they want to have the ability to easily process returns or exchanges with the same convenience. Also, customers prefer to buy from sites where they know the desired item is in stock, and a PIM helps provide this information across all channels.
More Accurate Inventory
A PIM system consolidates data from multiple systems, and "understands" that the same item may have different SKUs or item numbers in different systems. By consolidating the information across all the item's occurrences, the company gains better insight into existing stock levels and replenishment needs.
Eliminates Redundant or Inaccurate Data
Most companies use multiple business solutions to run various aspects of their business. These systems may have differing requirements for item numbers, descriptions or product lines, making it hard to work with consolidated information. A PIM system acts as the centralized data repository.
Simplifies System Integration
A cloud-based PIM solution eliminates the need for expensive, hard-wired point-to-point integrations that make it difficult or impossible to upgrade the underlying solutions. Rather than integrate every system to all the other solutions, each system can be integrated to the PIM, which acts as a centralised data repository to distribute the data to other systems as needed. This enables the company to take advantage of new features and technology introduced for its business systems without undergoing a major integration project every time.
These are just a few of the potential benefits a company can achieve with a cloud-based Product Information Management solution, Schedule a demo for more insight on the benefits to your multi channel ecommerce strategy.
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