Last Updated on March 11, 2023 by
Who would like to step out from the house to buy products, which they could easily get from the e-commerce platform? In the future with advanced technology and globalization, e-commerce platforms are going to be the first preference of every customer. Customers choose e-commerce platforms for various reasons such as; due to lack of time in their hand, availability of multiple options, and to avail great discounts.
There are plenty of e-commerce platforms available. You might wonder how to engage customers specifically to your e-commerce platform in near future? The answer is simple- Use Product Information Management. PIM will build your e-commerce platform so strong that no storm of competition can break it.
Here I have provided you with detailed information regarding what I PIM and how it future-proof your eCommerce business.
What is Product Information Management?
Product Information Management is a tool that controls and manages product information on your e-commerce platform. It stores every small relevant detail related to the product in the central platform of PIM. PIM ensures that you have single, accurate, and consistent product information at every stage. PIM is a cost-effective option for your e-commerce business.
How does PIM work?
As stated, PIM is a central platform that holds all the product information it distributes product information to marketers when needed. To sell products, marketers need the right information on the right time related to products.
Product Information Management provides precise and consistent product information through distribution channels. PIM can solve your many head-scratching problems and provide a seamless solution.
Obstacles for your e-commerce without PIM
PIM Implementation for your e-commerce, you should know in the near future what kinds of obstacles you might face without PIM. Below I have illustrated some obstacles which will slow you down from growing.
Management of Complex Data
Any e-commerce business has multiple products, and so will yours. You have to deal with a bundle of unstructured data of those products. Management of unstructured data with no core system is a nearly impossible task. Unstructured data will produce inconsistent information about the product and that will draw you back from your competitors.
Freedom of Customer
Customers are free as a bird; they will visit millions of platforms before making a purchase decision. When relevant product information is not reflecting on your e-commerce platform, then they will immediately switch to another platform where they can find all the information about the product.
Integration with Outsiders
Your e-commerce will not generate seamless workflow not only by the work of internal members of your organization, instead it also requires outsiders work too. For e-commerce platforms, outsiders are vendors and suppliers. Integrating with outsiders is equally important as integration with internal members. You have to update your Vendors/Suppliers with precise product information so that the cycle of the product goes on without interruption.
Management of Feedback
Multiple products will have multiple feedbacks from customers. Whether they are positive feedback or negative feedback, their management is essential. Positive feedback will be your strength whilst negative feedback will show you your area of improvement. You might lose feedback if you do not manage them in a structured manner. After losing feedback, you will repeat the same mistakes that you once did. It will create chaos in your workflow.
Thus these obstacles will drag you down from moving forward without PIM System. It is a sensible choice to overcome obstacles rather than avoiding them. PIM will help you in overcoming the above obstacles.
How PIM is the right choice for future e-commerce?
PIM will not only help you overcome the above-mentioned obstacles, but it is also the right choice for your e-commerce. Here is how PIM will make the bright future of your e-commerce.
1. Fast Data Management
PIM ensures that you have product information in your hand in real-time. When you want to launch the new product, the information will be ready in your hand to move forward. PIM takes care of the product data management with centralized information and by following standard procedure. With fast data management of products, you can easily update products, collect information and validate products effortlessly.
2. All in One Solution
Tell me one thing, what would you prefer in between; having multiple platforms for storing multi-product information or having a single platform for storing multi-product information. If your answer is the second option, then you are good to go with PIM, but if your answer is option one, then let me give you one illustration. What will you do when your one customer and one supplier have given you different feedback on two different products, and you have no idea where a specific product related to a specific customer or supplier is stored?
In the above case, when all customers and supplier’s data is stored in one central platform of PIM, you can easily search without jumbling on different platforms. PIM provides all in one solution of management, storage, and distribution of product information.
3. Aids in Better Customer Service
A happy customer will do the branding of your platform more than you will do. PIM helps in providing better customer service, as it can store the customer feedback, interest of customer for specific product information of their abandoned cart, and factors affecting their purchase decision. All this information will help you with better performance.
When a customer has all the relevant information in their hand before making a purchase of a product, they will be more reliable on your platform than on someone else’s. Better customer service will attract customers to buy products from your platform only.
4. Consistent Data
Another significant benefit of PIM is that it provides consistent data for you to rely on. PIM tools have the capability to make unstructured data into structured data, delete duplicate data, identify products that have incomplete information, can remove outdated information that is of no use, and can alert you with your individual product specification.
Consistency of data will boost up your confidence and you will be never under a panic-situation in a highly competitive environment. Reliable and consistent data is the dream of every e-commerce platform.
5. Cost-cutting and Time Saving
PIM is a cost-cutting and Time-saving tool. Remember the last time you had to spend hours updating inventory and managing multi-products images? Worst come to worst, did it ever happen that you had to take help from experts of outsiders to help you untangle from the complex problems? If yes, then PIM is a must needed for your e-commerce platform to avoid such situations from happening again.
PIM will take care of all the product inventory, and will keep data readily on edge for you to use. You never will have to ask an expert again for help, as PIM itself is an expert. You will save a lot of precious time and can invest in other important tasks rather than entering inventory details manually.
6. Survive or Suffer
Customers have a pool of resources available to them to buy products from different sources. In a competitive world, you can either survive or suffer, choice is yours. Why suffer when you can survive and dominate your competitors with the PIM? PIM will never let you suffer instead it is a prime agent in pushing you towards your short-term goals.
Survival with PIM is easily understandable with one example. Imagine you and your competitors are thrown into the lake to swim, and none of you knows how to swim. Though you don’t know how to swim, you are rising automatically to the surface of the water because you are wearing a rubber tube of PIM.
7. Business Growth
Growth of business is possible, when the root of business is strong or when the surrounding of business is strong. PIM is a tool that supports great surroundings in e-commerce business and pushes them to be better day by day. The overall growth of the business will increase brand loyalty and attract new customers.
The fundamental purpose of any business is to earn a profit. The overall growth of the business will naturally lead you towards more profit. The PIM will ensure a bright future for your e-commerce business only if you ensure to implement it at the right time.
What is product management in e-commerce?
Product management in e-commerce refers to overseeing the developing, marketing, and selling of products sold through digital platforms. In this role, product managers are responsible for identifying customer needs, developing product strategies, and executing plans to meet business goals. They work closely with various teams, including designers, engineers, marketers, and sales teams, to ensure that products are developed, marketed, and sold effectively.
Effective product management in e-commerce involves a deep understanding of the customer journey, from discovery to purchase. Product managers must analyze customer feedback, track user behavior, and stay abreast of industry trends to create products that meet customer needs and exceed expectations. They must also work closely with developers and designers to ensure that products are easily used, visually appealing, and optimized for search engines.
Successful product management in e-commerce requires a blend of creativity, technical knowledge, and business acumen. Product managers must be able to balance short-term and long-term goals, make data-driven decisions, and communicate effectively with various stakeholders. Ultimately, their goal is to create products that generate revenue, drive customer loyalty, and help businesses grow and succeed in the highly competitive e-commerce landscape.
Conclusion
Thus, PIM has significant advantages. You can’t ever overlook the PIM and the benefits it brings. PIM is an effective tool for the development of e-commerce, for enhancement of resources, for keeping track of inventory, for attentive details of products, and increased brand value.
No one knows what the future will be, but with PIM you can always know what the future of your e-commerce business will be. The future of your e-commerce will be filled with multiple opportunities to grow, with consistent product data and with happy customers.
With proper planning, along with suitable infrastructure and sound strategies, you are able to take your business to the next level. By using the right set of PIM software, you will have an all-in-solution for your business obstacles that bring you down.
Read more: How Online Coupons and Discounts Can Grow Your E-commerce
