Firstly, what is a PIM?
PIM stands for Product Information Management and is a software solution that helps retailers to reach their digital marketplace. When a customer begins a search, online or offline, they expect to find the item they want – quickly and easily. The best way for modern retailers to thrive is to grow their digital marketplace: a PIM enables this and much more.
A PIM creates one point of entry for all data management, keeping content central and allows multiple teams to work on product data at the same time, instead of a linear workflow. Because of this, PIM speeds up your route to market whilst also enabling retailers to reach new digital markets.
PIM and retailers – what are the benefits?
There are many benefits to using a PIM. Whether you want to improve workflow, unify your teams, quicken your route to market or align your digital processes so that they’re prepared to embrace the challenges of modern day retailing, OMIO PIM provides the solution to many challenges facing retailers today. Here are our top 5 benefits:
1. Take advantage of new digital marketplaces
Entering a whole new digital market can be daunting, especially when trying to work out the various connectors and processes so that product content can be shared. With OMIO PIM’s in-built connector technology, entering new markets couldn’t be easier: just select the channel you want to enter and the products you want to sell on there.
2. Increase speed to market
In today’s world, retailers who can provide the quickest speed to market are the ones who will thrive. By speeding up the process of releasing new products (and their content) to digital channels, retailers can take advantage of being ahead of their competition, with more opportunity to convert sales at full price.
3. Work collaboratively across teams
The issue with a linear product management workflow is that if one person is absent due to illness or annual leave, the whole process can stall. This can mean that some content is withheld, meaning that products are sent to market without any of the attributes that convince consumers to make a sale, or that the products aren’t released at all.
OMIO PIM instead offers a 360-view of product content; by working on a product’s data collaboratively, it’s easier to see where there are gaps in the chain and for different teams to be working on their related content at the same time, speeding up the process
4. Minimise errors and stop duplicated processes
OMIO PIM’s single point of entry means that there is just one starting point for each product, no matter how many channels that particular product has been selected to be sold on. Keeping this process simple – and eliminating various versions of spreadsheets for each channel – means that errors are reduced.
Product duplication or incorrect/missing data is not only off-putting to customers, but it also has a negative effect on SEO rankings. The easier your products can be found, the better your sales will be; making products are prominent as possible to consumers eliminates the possibility of low sales due to poor visibility.
5. Respond quickly to social influencers and trends
The rise – and importance – of influencer marketing is something that cannot be ignored by modern retailers. However, in order to harness this power, retailers must be able to respond quickly; if a key influencer has been spotted wearing one of your products, the ability to update your product content to reflect this is paramount.
OMIO PIM allows the simple update of product content so that retailers can adapt their product content for SEO purposes, making it easier for consumers to find the same garment that the influencer has been seen wearing.