Why Your eCommerce Business Needs PIM Solution?
Consumerism is at an all-time high right now. There are a plethora of items available in every sector, category, and geographic region.
More individuals than ever before have turned to internet purchasing in the previous year. The rate of e-commerce growth has increased to a point where the majority of businesses are unprepared.
While it’s vital to keep up with the ever-increasing demand for new items, it’s also critical for businesses to manage and communicate product information properly.
Product Information Management (PIM) and eCommerce is an important tool for success. It’s a central hub for managing your product data.
It’s no easy task to keep track of all of this content for an entire product line.
Let’s Look at Some of the Most Common eCommerce Content Challenges that Companies Face
Managing Large Amounts of Product Data
As your company grows, so does your product data…and the complexity of a number of factors increases.
Managing a 1000-SKU catalog is fine, but managing millions of SKUs is a nightmare. What if a single product has a variety of variants and attributes? You don’t want to get yourself into any more trouble.
Inefficiencies in the Product Lifecycle
It takes time to develop new products and then create accurate, attention-grabbing listings, but if you wait too long, your product will be available for purchase for fewer days, weeks, or even months.
Reducing the Number of Digital Assets that are Cluttered
Having a sea of digital assets scattered across multiple platforms can make it difficult to keep everything organized and as well as accessible for stakeholders.
Managing Multiple Sales Channels is a Challenge
Enterprises must have a strong and as well as consistent presence across multiple sales channels to successfully tap current digital marketing trends. However, meeting the diverse demands of various e-commerce sites is difficult.
Data Imports and Exports
Importing and exporting data can take a long time and expose you to data entry errors. Aim for a single source of editable data, and then sync that data across multiple systems.
PIM (Product Information Management) may undoubtedly help here and significantly reduce the workload and import/export products from different channels like E-commerce, Online Marketplace, and Print Catalog.
What is PIM?
PIM stands for Product Information Management, which refers to the central management of product information for various external and as well as internal channels.
Furthermore, PIM systems help with the entire process of product information creation, enrichment, planning, and distribution across all channels.
E-commerce solutions have considerable benefits that can assist increase profitability in today’s increasingly competitive consumer and B2B industries.
The Market for PIM Software is Growing at a Breakneck Pace
The market for PIM solutions is growing in tandem with the growth of online retail sales.
In 2019, 83 per cent of small-to-medium-sized businesses (SMBs) said they expected to invest in business technology, with 70 per cent explicitly planning to invest in cloud-based solutions.
It’s apparent that small and medium enterprises want easy, cheap, and scalable cloud-based PIM solutions with features that appeal to them.
It’s no wonder, then, that the PIM market is growing at a compound annual growth rate of above 25%. By 2024, the market is expected to be valued at $31 billion, and by 2026, it will be worth $48 billion.
PIM and eCommerce
Your e-commerce platform’s faithful jester is a PIM system. PIM can also save you time, money, and effort when it comes to running an e-commerce business
Here are reasons why you’ll need PIM with E-commerce if you want your efforts to succeed.
PIM Solutions Can Provide Your Company with the Following Major Advantages
Product Lead Times are Shorter
A good PIM can make go-to-market quickly and more standardized by allowing you and your team to handle and edit all product information at once.
Easy Translation and Localization
You can easily translate and localize product information before pushing it to the appropriate sales and eCommerce channels.
User Experience Enhancement
The more smartly your items are organized, the more effectively they will be classified. If your descriptions are more thorough, your readers will find it easier to do searches and identify the items.
Data Expansion
Getting a competitive advantage over other businesses in the era of e-commerce frequently boils down to simply giving more data and as well as information.
Get to the Market Quicker
our time to market determines when you start generating revenue, whether you’re launching a new product or a new sales channel. PIM solutions make it possible to manage product data effectively.
Cost-Cutting is Ensured
A good PIM system can help you save money on your operations and supply chain and avoids the costs of inaccurate product data. Companies can replace items that are out of stock before customers complain.
Multichannel
The ability to distribute product data and information across multiple channels, such as retail, social media, marketing, and sales.
Integrations with Other Systems
For both import and export, a PIM system can be linked to other systems. Manually, semi-automatically, or fully automatically, data can be exchanged.
Mid-market and enterprise PIM and E-commerce solutions
With the need of selling across a variety of problems and complexity, as well as multi-location and multi-language trading, the necessity for a distinct PIM has grown, and the primary players have become more popular.
Furthermore, Larger clients are often lured to these platforms due to their ease of use and short installation times, but they require a solution to address the lack of multi-store capabilities and limited product data management features.
The Best PIM Tools for your eCommerce Company
Akeneo an Open-Source PIM for Large Enterprise
Akeneo is an open-source PIM designed for large businesses. A free community version is available, as well as premium growth and enterprise editions.
However, Akeneo is particularly useful for retailers who operate across multiple channels and as well as have a large number of SKUs. It also helps if you sell internationally and in multiple languages.
Akeneo has evolved into an all-in-one utility tool by connecting various systems such as ERP, databases, and spreadsheets for product data consisting of texts, images, and videos, enriching the information, and then delivering it to various channels.
Here are Some More Advantages of Utilizing Akeneo.
Management of Resources
Akeneo can help you centralise all of your data and eliminate duplicate data, saving you the time and effort of maintaining many data sheets.
User-Friendly to the Max
Akeneo features a very user-friendly, easy-to-understand, and learns user interface. This web-based PIM with good design trends and as well as excellent handling allows your team members to work fast and easily.
Management of Digital Assets
The practice of managing asset information across many platforms from a single source is known as digital asset management (DAM).
Multi-Channel
Distribute product data to a variety of channels. An e-commerce store, a mobile app, or a brochure are all examples of online channels.
Pimcore
Pimcore is an open-source enterprise platform. There is a free community version as well as a premium enterprise edition with limitless subscribers.
Pimcore offers a self-service architecture based on APIs for connecting to third-party software such as ERP, CRM, and eCommerce channels (Magento, Shopify).
To manage information and integrate content and data from various sources, Pimcore offers single-source and multi-channel publishing functionality. Users can create and manage digital experiences for a variety of output channels with Pimcore.
Here are Some More Advantages of Utilizing Pimcore.
Management of Product Information
All information is centralized in one location, and all information needed to sell across different channels is readily managed.
Management of Digital Assets
The process of managing asset information from a single source across many platforms. Digital asset management is at the heart of Pimcore’s DAM, which puts it at the heart of digital experience management.
Platform for Digital Commerce
Platforms that allow customers to connect with merchants and other sellers through the internet and foster the development of customer relationships.
Management of Master Data
Required to improve the consistency and quality of their essential data assets, such as product, asset, customer, and location data, among others.
Future Scope of PIM and eCommerce
A solid PIM system is one of the most crucial tools you can find if you run an e-commerce firm.
A PIM with Ecommerce may help your operations succeed by lowering product lead times, minimizing product returns, boosting cross and up sales, enhancing your data information, and optimizing your user experience.
PIM systems provide long-term assistance in the generation and maintenance of product data. This means that all corporate personnel have access to a single data source from which all media channels may be fed centrally and automatically.
Evolutionary “urban planners” and sales drivers, PIM systems are. They offer the infrastructure that makes scaling and expansion concepts easier to implement. Furthermore, they are the ones that make all of this possible in the first place.
Support
So, that was much about the PIM and Ecommerce for any queries or doubts reach out to us at support@webkul.com. You can also raise a ticket at our HelpDesk system webkul.uvdesk.com