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What is PIM
What is a PIM and why do you need one?
Product information management is the process of managing all the information required to
market and sell products through your distribution channels.
What is PIM (Product Information Management), its
benefits, and how to select best PIM software for
eCommerce & Retail?
Product Information Management (PIM) has become a critical element of modern enterprise
data management in almost every industry. But, selecting the right PIM solution can be a
challenging task. This guide helps explore the key elements you should consider while choosing
the PIM software for your business. It also provides directions on PIM components, key
features, business benefits, vendor evaluation, industry-wise PIM usage, and best practices.
Let’s explore.
History of Product Information Management (PIM)
Product information management has its roots in the early days of e-commerce, when
organizations began to realize the importance of providing accurate and detailed product
information to their customers. In the early 2000s, PIM emerged as a discipline. PIM software
came to the fore to help manage and distribute product data accurately across multiple
channels and platforms.
What is PIM
The earlier
PIM solutions were basic and focused on providing a centralized repository for
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product information. These solutions were primarily used by large enterprises with complex
product catalogs and distribution channels.
In the mid-2000s, as e-commerce continued to spread its wings, PIM solutions began to evolve
to meet the changing needs of businesses. These solutions became more capable, with the
ability to manage product data across multiple languages, currencies, and channels.
Mobile and social media rise around 2010 further spurred the development of PIM solutions. As
brands realized the necessity of seamless customer experience across multiple touchpoints,
PIM solutions became cardinal for managing product data across multiple channels and
devices.
Today, PIM solutions are now a critical component of digital commerce business. They enable
organizations to manage and distribute product information across multiple channels, including
websites, mobile apps, social media platforms, and marketplaces. Using advanced AI/ML, they
also provide valuable insights into customer behavior and preferences, enabling organizations
to optimize their product offerings and personalize the customer experience.
What is Product Information Management
(PIM)?
Product Information Management (PIM) refers to the process and technology applied to
centralize and manage all the information related to products, including descriptions, images,
specifications, pricing, and other relevant data.
According to Wikipedia, product information management (PIM) is the process of managing all
the information required to market and sell products through distribution channels. This
product data is created by an internal organization to support a multichannel marketing
strategy.
A PIM system serves as a centralized hub for product information, providing a single source of
truth for all product-related data. It enables organizations to create, manage, and distribute
consistent and accurate product information across multiple channels, such as e-commerce
websites, marketplaces, mobile applications, print catalogs, and other sales channels.
PIM solutions typically include data modeling, data enrichment, workflow management,
collaboration tools, and integration capabilities with diverse systems.
In essence, PIM helps organizations ensure that their product data is accurate, consistent, and
up-to-date, improving operational efficiency, reducing errors and discrepancies, and enhancing
the customer experience.
Why is PIM Important?
Product Information Management is important because it helps businesses effectively manage
and maintain accurate, complete, and consistent product information across all channels,
ultimately leading to better customer experiences and increased sales.
One specific example of why PIM is important is in the case of an online retailer selling a wide
range of electronic devices such as laptops, smartphones, and tablets. Each device has a wide
range of features and specifications that must be accurate and consistent across all sales
channels, including the company’s website, social media pages, and third-party marketplaces.
As you can see, using a PIM system can provide significant benefits for the online retailer, such
as increased data accuracy and consistency, improved efficiency, enhanced customer
experience, improved search engine visibility, increased sales, and reduced likelihood of returns
and complaints.
With PIM
Without PIM
Managing all this product information
can quickly become a daunting task.
Product data might be stored in various
spreadsheets, databases, and content
management systems, making it
challenging to ensure that all information
is up-to-date and consistent across all
channels. It can lead to inconsistent and
inaccurate product information across
channels.
All product data is stored in a centralized
location, making it easy to manage and
update as necessary. Product managers
can add new products, update existing
product information, and ensure all
product data is accurate and complete. It
helps avoid confusion or discrepancies in
product information that could
negatively impact sales and customer
satisfaction.
What are the Different Components of a PIM
System?
MINDS TASK
TECHNOLOGIES
IM
Syste
m
How Does a
PIM System
Work
Collect and
Normalize Data
P
Different components of a PIM system include product data, such as descriptions,
specifications, images, videos, and pricing. Here is the classification of PIM anatomy:
Product Data: This is the core component of PIM. It includes all the information about a
product, such as its name, description, attributes, SKUs, and pricing.
Data Sources: Receive product data from multiple sources, including internal systems
(such as ERP, CRM, and PLM systems) and external sources (such as suppliers, distributors,
and marketplaces).
Data Mapping: Use data mapping to transform and standardize product data from various
sources into a consistent format across all channels.
Data Enrichment: Enable product data enrichment, which involves adding or enhancing
product information with additional attributes, images, videos, and other rich media.
Data Governance: Provide data governance capabilities to ensure the accuracy,
completeness, and consistency of product data across all channels.
Data Syndication: Simplify product data syndication, which involves distributing product
data to multiple sales channels, such as e-commerce websites, marketplaces, and social
media platforms.
Workflow Management: Deliver workflow management capabilities to streamline the
product data creation, review, and approval process.
Analytics and Reporting: Provide analytics and reporting features to track product
performance, identify trends, and optimize product data for better sales and marketing
results.
Integration: Easily integrate with other systems, such as e-commerce platforms, marketing
automation tools, and ERP systems, to provide a seamless product data management
experience.
The PIM system collects
product data from various
sources such as ERP, PLM,
and other systems to
collect all product-related
data in one place. It
includes product
descriptions, images,
attributes, specifications,
and pricing.
Manage and
Streamline
Syndicate and
Distribute Data
It then manages the data by
creating a single source of
truth for all product-related
information. It ensures data
quality and consistency
across all sales channels,
ensuring customers receive
accurate product
information.
It enables you to distribute
product data to various sales
channels, including e-commerce
platforms, marketplaces, and
social media channels. The
system can also format the data
to match the requirements of
each channel, ensuring that the
data is consistent and accurate
across all channels.
Enrich and
Standardize Data
In this stage, it enriches the data by
adding additional attributes such as
product descriptions, specifications,
images, and videos. This includes tasks
such as translating product information
into multiple languages, adding
marketing copy, and ensuring that all
product information is accurate and upto-date.
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If you have any specific questions on PIM software selection, PIM
development, implementation, and integration, feel free to contact our expert
PIM consultants.
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