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All You Need To Know About Product Information Management
Shoppers return 1/3rd of the products purchased online annually, 64% of which is due to inaccurate product descriptions. It cost the US eCommerce stores a whopping 550bn USD in 2020. eCommerce stores cannot take the wrong product description issue for granted anymore, as the shoppers do not have a way to see the product themselves before purchasing online.
Product Information Management (also commonly known as PIM) can help eCommerce platforms, retailers, and product aggregators deal with this issue. PIM can help them by automating end-to-end catalog management, collating product data from multiple sources, editing and enriching product content, accurately distributing transformed product information to various channels, collaborating with teams effectively, and attaining revenue goals.
Along with all the above benefits. PIM also helps you tackle the following additional challenges:
- Inefficient manual product data management process
- No single location for the product data
- Collaborating with internal & external users
- Complicated workflows in data error correction and validation
- Large sets of complex tools to manage product data
- Cumbersome and time taking online product submissions to product retailers
- No control over product release
- Inconsistent Product Data across eCommerce channels
All these are a tiny part of what PIM can achieve. There is more to what meets the eye. Check the infographic below to understand what PIM is: