Why Every Retailer needs a PIM Strategy?

1. Better Product Data Management

Companies introduce a lot of new products, their portfolio of offerings in their growth stage. It gets progressively more burdensome for companies to keep a track of all its product’s information. This disorganization of the product information can lead to poor customer experience.

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2.Time Efficiency

You do not have to spend time on manual and constant data entry work with a PIM strategy. PIM can let you focus on the tasks that are important while it takes care of the redundant tasks. It also helps improve your search for products and inventory information about the products.

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3. Ownership

A PIM system provides tools that can streamline interdepartmental collaboration, create ownership, and provide transparency. It has tools that internal employees can utilize to access comprehensive details about the products, internal audits, periodic reports etc.

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4. Cost Savings

Higher accuracy of data reduces management risk of wrong decisions and prevents the cost of having incorrect product data. Implementing a good PIM strategy can help reduce operation and supply chain costs. In addition to this, a supplier can use the PIM data for audit and can utilize this information to improve their product delivery. Companies can refill their out-of-stock items before the customers feel dissatisfied with out-of-stock products.

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5. Easy Integration

PIM requires minor customization than what ERP requires to integrate into the business enterprise systems. This flexibility assures the time to market new products is reduced while also saving on management costs.

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To efficiently manage and curate product information, brand consistency, market trends, multichannel publishing, and blogging needs, a robust PIM strategy that is flexible, scalable, and easy to configure is the foundation for any retailer’s online presence. But remember, any PIM strategy is as good as the data you collect. With PIM, you provide superior customer experience, understand how data impacts profits, customers, and adjacent processes, and introduce data accountability, ownership, and responsibility in your organization, thereby making your business more equipped for future digital transformations.

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