Tag: time to market

5 Reasons Why Your Business Needs a PIM

5 Reasons Why Your Business Needs a PIM

The vastness of the martech landscape makes the process of software procurement rather unintuitive. It might be obvious that your company needs to refine its digital strategy, but since all the software vendors you speak with have a logical reason to invest in their product or platform, a sound strategy and direction are needed before you listen to your first pitch. So how do you begin to build your strategy?

The architect of the building you’re sitting in didn’t begin with the top floor and work his or her way down. Buildings begin with infrastructure. Any digital architect will also tell you to begin with infrastructure and work your way up. That being said, even digital infrastructure comes in different flavors depending on your business or industry.

If your business is reliant on catalog production, for example, a DAM might be a good foundational building block. If your business is centered around selling inventory online or even offline, then a PIM is a likely candidate to build upon.

Whichever direction you choose to go, it’s vital that you invest wisely, because starting from scratch is rarely an option, as platforms are time-consuming to research and not inexpensive to implement. By understanding the functionality and limitations of different platforms you can rest easy knowing that you made the correct decision. Below are five reasons why your business needs a PIM. .

1. You’re Still Using a Web Content Management (WCM) Solution to Manage Your Products

This is perhaps the most common reason that businesses end up with a PIM. Running your online shop with an e-commerce platform or WCM before you have a PIM is a little like building your first floor before you dig your basement. Ecommerce can technically be used without a PIM, but it’s very hard to scale upward without the strict taxonomy and structure that a PIM inherently solves for. Because of a PIM’s rule-based classification, matching and linking capabilities, for example, you can ensure high-quality data no matter the volume of data you onboard.

2. You Need a Shorter Time to Market

Having your house in order, so to speak, allows you to go to market quicker with any new products and variations of previous products. About now a light might be going off in your head. The more SKUs you have, the more important it is to have them organized in a way that can quickly be added, maintained, searched and disseminated. Improving time to market speed requires collaboration from at least three entities: manufacturers, distributors and retailers. With a PIM’s integrated workflow management capability, processes are automated and smooth collaboration and orchestration are enabled, effectively eliminating elements that slow down time to market.

3. You Want Your Business to be Data-Driven

With 47% of customers saying they would immediately take their business to a competitor the moment they experience poor customer service and 68% more vowing to never do a repeat business once they’ve switched, no wonder customer expectation delivery is critical to 81% of decision-makers. Hence, the importance of customer insights. But if your product information and digital assets are stored across multiple ecommerce platforms or even local drives, your ability to discern any relevant data from your products is next to impossible. A PIM allows you to have a 360-degree view from where your products are stored, physically, all the way through the sale and shipment of an item. Of course, the all-important sales process, which channel is most successful, who is purchasing your products, and even help to refine your target messaging based on user habits and history, is front and center when it comes to PIM development.

4. You Take Personalization Seriously

A mere online presence isn’t good enough anymore. Now consumers expect a tailored experience no matter where they visit on the Internet. In fact, 74% of online consumers don’t appreciate content that has nothing to do with them. If you can’t place relevant products in front of your target audience then they will simply purchase elsewhere, or not at all, as proper product placement can entice even a passive looker to make an impulsive buying decision. With a PIM’s analytics and digital asset management capability, you can create remarkable content based on personas, campaigns and insights from product information and digital asset association.

5. You Value Happy Customers

It’s common knowledge that it costs much more to attain a customer than to retain a customer. By having control of your SKUs from the warehouse through the buying cycle and to the front door, you can ensure that your customers aren’t getting the wrong size or color and that they’ll be as satisfied with the buying experience as they are with the end product. Why the emphasis on experience? Because more than price and product, customer experience will be the key brand differentiator come 2020.

You know your business better than any software vendor ever could. To build your digital presence properly, having an idea of where to begin is the first step to a successful procurement process. Once your foundation is in place, you can scale with the knowledge that the assets that your business needs to succeed are fully functional and carrying out a strategy designed for your business.

What Product Information Management can do for you.

How Product Data Can Increase Your ROI

How Product Data Can Increase Your ROI

Data is the new gold.  We all know this.  But how can you use data to fully optimize your business? 

You have data on customers, employees, processes and especially your products. We’ve already talked about how you can use your customer data for personalization and to increase sales in an earlier blog post in this series. But what if we told you that your product data could help you just as much, and maybe even more? That you could use it to reduce costs, speed time-to-market and future-proof your business model?

Getting a Grip on Your Product Data

Before you can start harnessing the power of your product data, you have to first organize it. When we talk to a company about their data, we notice that it’s often scattered throughout the whole organization. Person A, for example, has an Excel file, Department B has built something in their ERP, while person C has yet another Excel file… But which system contains the latest versions?

That’s where Product Information Management systems or PIM will save the day. Simply put, these databases are designed to hold, manage and distribute product data across all channels and departments. Most connect to a CMS and publish data in your web shop. Some also connect to a print plugin that makes generating catalogues much easier.  All ensuring that everyone is on the same page when it comes to your product specifications.

Shortening Your Time-To-Market with a PIM

Robust PIM systems come with a portal that is built specifically for your suppliers to onboard their data. If you’re a retailer or wholesaler, this will be a familiar scenario: One of the brands that you offer releases a new product and you plan on selling it through your online store. How long does this process currently take you?

With a PIM system, the supplier could already fill in most of their specifications in the system themselves. Once one of your employees verifies the data and, if needed, makes some adjustments, it’s uploaded, then you’re good to go. Of course, you don’t have to worry about suppliers seeing things they shouldn’t see. Their view is restricted to the data of their own products.

This means that you will only have to spend a few minutes to make sure that a product is ready to be published on your store. Additionally, edits can be done so much faster than before. In roughly eight minutes a product can be updated, processed and published online, which is roughly 30% shorter than it is for most companies. In a time where speed is of utmost importance, this could give you a significant advantage against your competitors.

Catching the Wave of the Long Tail

However, an increased speed isn’t the only advantage. You can finally make use of what’s called “the long tail of the Internet”. In essence, companies that adopt a long tail strategy dramatically increase their product assortment through niche products. These products then come with higher margins. Since the cost of adding them to your online  store is much lower than they used to be, it’s a good investment – even if you don’t sell a lot.

Since these niche items often don’t get a lot of traffic, they don’t tend to receive much love and care from the product data teams. Other products that drive more traffic will always be a priority. However, now that the suppliers can do a part of that work for you, it’s far easier to manage the quality of the data and imagery that’s being displayed.

Saving Money on Returns

Returns are an enormous source of cost for many companies. According to Trusted Shops, fashion has to deal with a return rate of up to 30%. The logistical costs and man-hours that have to be invested to handle the entire return process can quickly start to eat into your revenue.

The best solution for your problems with returns would be to offer higher-quality data on your product pages. Through a PIM system, your data would be more consistent, complete and contain less errors. These three factors would immensely decrease your amount of returns.

Are you curious as to what else product data and PIM can do for your business? Then sign up for the joint webinar between Osudio and Contentserv! Contentserv is a worldwide leading software provider for PIM solutions

In our webinar “Embrace product experience to win in Fast Moving Consumer Goods”, we will talk about how you can leverage your product data, not only to drive more revenue, but also to provide tailored experiences for your customers.

 

Sign up for our webinar: “Embrace Product Experience to Win in FMCG”

 

This blog was written by Brecht Beertens from our partner Osudio and is part of a four-part series of blogs focusing on the FMCG market in 2019.