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Product Information Management (PIM) Unbxd News 

Why Content Is King For Online Retailers: Challenges and Opportunities

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.1
  • Over 87% believe clear product images to be essential for ‘a great shopping experience’.2
  • Over 46% of online shoppers say they research a product digitally before making a purchase.3 

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 when it comes to product data management. This challenge only gets exacerbated during peak shopping seasons, when companies need to run aggressive promotional sales and get their updated and accurate product catalogs in front of customers at lightning speed.

Not only is the product data high in volume, 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. A 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 a number of different spreadsheets/documents (the ‘chicken wire and duct tape’ approach), but chances are there are a number of  issues with that system that are keeping 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.

A PIM solution addresses the key challenges of product data management:

Data Ingestion

Sourcing and consolidating product data from various suppliers can be challenging, as the data comes in in different file formats. Product data may be stored internally across multiple tools, resulting in silos and data redundancy.

Data Transformation

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.

Data Distribution

Brands and online retailers can find it challenging to manage their partners, to check their product information for export readiness, and to adhere to the unique content format requirements of multiple sales channels.

Why Unbxd PIM?

With more than a handful of PIM solutions already in the market, why did Unbxd invest in another one? The answer lies in Unbxd PIM’s AI and machine learning-driven automation engine that connects products with shoppers faster, while preventing errors in 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.

 


References:

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

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