Product Data Management is one of the many challenges faced by eCommerce stores. We’re excited to announce Unbxd PIM, a shopper-focused Product Information Management (PIM) solution for eCommerce companies.
Great product content that is complete, accurate, and rich in product information can significantly increase sales. Consider these findings from a survey of online shoppers, which underline the importance of product content:
- 26% of online shoppers consider product information to be ‘the most important attribute’ when deciding which website to buy from.
- Over 87% believe clear product images to be essential for a great shopping experience.
- Over 46% of online shoppers say they research a product digitally before making a purchase.
Deliver Right Product Content to Shoppers
But delivering product content that catches the attention of online shoppers can get challenging. Many brands and eCommerce companies manage catalogs of tens of thousands of products, each with as many as 200 attributes. Then consider the numerous SKUs and variants for each product.
Dealing with high volumes of data is just the tip of the iceberg for product data management. This challenge only gets exacerbated during peak shopping seasons. Companies need to run aggressive promotional sales and get updated and accurate product catalogs in front of customers at lightning speed.
Not only is the product data high in volume, but there is also a complicated product data ‘supply chain’ that brands and retailers often need to navigate — collating data from various sources, checking the data for errors and validating it, supplementing product content with digital assets like images and videos, and finally distributing it to resellers.
That’s where Product Information Management, or PIM, comes into the picture.
Why use a Product Information Management System?
PIM tool can streamline the entire product data management process and be the single source of truth for all of a brand’s or eCommerce company’s content needs: from sourcing product data from vendors and suppliers to creating and maintaining product data, to enriching it, and then distributing it to partners and marketplaces.
You might already be using a PIM system or several different spreadsheets/documents (the ‘chicken wire and duct tape’ approach). Still, there are several issues with that system that keep you from engaging with your customers in the best possible way. Your workflow might be based on legacy tools like spreadsheets, your product data could be in silos, and bottlenecks like email-based approvals could be slowing things down — all hurting your ability to get products out to your sales channels on time.
A cloud-based PIM tool can solve all of these problems for your business and more. The right PIM tool can make your workforce a lot more productive, making them capable of managing larger product portfolios with a higher number of product attributes. More productive teams mean faster product launches, leading to higher sales and revenue.
3 Product Data Management Challenges
A PIM solution addresses the 3 key challenges of product data management:
- Data Ingestion
- Data Transformation
- Data Distribution
Sourcing and consolidating product data from various suppliers can be challenging, as the data comes in different file formats. Product data may be stored internally across multiple tools, resulting in silos and data redundancy.
Raw product data needs to be enriched with digital assets such as images and videos, and legacy systems like spreadsheets do not handle digital assets well.
Brands and online retailers can find it challenging to manage their partners, check their product information for export readiness, and adhere to multiple sales channels’ unique content format requirements.
Why Unbxd PIM?
With more than a handful of PIM solutions already in the market, why did Unbxd invest in another? The answer lies in Unbxd PIM’s AI and machine learning-driven automation engine that connects products with shoppers faster while preventing errors in the product information.
Request a demo today with our product experts to learn how Unbxd PIM can help your business scale and grow.
Starting next week, we’ll take a deeper dive into how Unbxd PIM addresses each challenge of product data management.
What’s new in Unbxd PIM?
(Updated on 14.12.2020)
1. KPMG: 2017 Global Online Consumer Report
2. Namagoo: 2018 Online Consumer Study
3. Online shopping and buying-related activities performed by internet users in the United States as of March 2018