Product information management (PIM)

Are you struggling to keep your product information consistent across multiple channels? Do you find it challenging to manage detailed specifications, descriptions, and pricing for your diverse catalog? If so, you're not alone. Many businesses face the same issue, especially those with extensive product catalogs and complex data needs.

Enter PIM, or rather, product information management. By centralizing and streamlining your product data, PIM systems can help ensure accuracy, improve efficiency, and enhance the customer experience. In fact, they’ve been known to increase online conversions by 20 to 50%. Let’s dive into the world of PIM, explore why it's crucial for businesses, and demonstrate how Productsup’s P2C solutions can simplify your data management and drive better results.

What is PIM?

Product information management (PIM) is a system that centralizes and manages all of the information required to market and sell products through various distribution and retail channels. PIM ensures that all product data, such as descriptions, specifications, images, prices, and other relevant details, are accurate, up-to-date, and consistent across all platforms. By organizing product information within one system, businesses establish a single source of truth for their data, which can then be efficiently distributed to other platforms.

The global product information management (PIM) market was valued at $14.45 billion in 2023 and is projected to surpass $92.49 billion by 2033. Retail is the largest market segment, followed by finance and manufacturing. Here are some key benefits of using a PIM system:

• Simplify product launches
• Optimize supply chain
• Enhance customer trust
• Boost sales efficiency
• Improve data quality
• Accelerate time-to-market
• Increase conversions
• Reduce product returns

You need a PIM if you are…

1. Selling across multiple channels

For businesses operating in an omnichannel environment, ensuring that product information is consistent across various platforms (e.g. ecommerce websites, marketplaces, social media, and brick-and-mortar stores) is vital. PIM helps synchronize product data across all sales channels, reducing the risk of discrepancies and enhancing the customer experience. With PIM, companies that implement multichannel commerce strategies retain up to 89% of their customers.

2. Struggling with data quality and consistency

Poor data quality can lead to negative customer experiences, reduced sales, and increased returns. If you find it challenging to maintain accurate and consistent product information, a PIM system can help you standardize and enrich your data, ensuring high-quality information is available across all channels.

3. Facing complex localization needs

If your business operates in multiple regions or countries, managing localized product information can be daunting. A PIM system supports localization by allowing you to manage translations, region-specific data, and compliance requirements, ensuring your product information is tailored to each market. PIM can speed up your time-to-market by 50% and boost operating margins by 5.5 times.

4. Collaborating with multiple stakeholders

When multiple teams, such as marketing, sales, and supply chain, are involved in managing product information, collaboration can become complicated. A PIM system centralizes product data, facilitating seamless collaboration and ensuring that all stakeholders have access to the latest information.

Check out how Productsup helped a global leader in skincare, streamline their product data management, significantly enhancing data quality and consistency across various channels. This improvement led to more efficient product launches and a better overall customer experience. [PIM customer success story]

How does PIM work?

Over 13,451 companies are using product information management (PIM) tools. They help in streamlining the process of managing and distributing product information through several key functionalities, such as:

1. Centralized data repository

PIM acts as a central hub for all product-related data, integrating information from various sources, such as ERP systems, suppliers, and internal databases. This centralized repository ensures that all data is accurate, up-to-date, and easily accessible.

2. Data enrichment and standardization

PIM systems enable businesses to enrich and standardize product data. This includes adding detailed descriptions, high-quality images, and relevant attributes, as well as ensuring that the data adheres to industry standards and internal guidelines.

3. Workflow management

PIM systems facilitate efficient workflow management by allowing businesses to define and automate processes for data entry, approval, and distribution. This ensures that product information is consistently reviewed, updated, and approved before being published across various channels.

4. Multi-channel distribution

PIM systems enable businesses to distribute product information across multiple channels simultaneously. This ensures that all platforms, from ecommerce sites and marketplaces to print catalogs, receive consistent and accurate product data.

How can Productsup’s P2C solutions help you?

While PIM offers all of the above benefits, it has some limitations. For instance, PIM doesn’t cover the entire product content journey from start to finish, including feedback loops like customer reviews. And even though most PIM systems can integrate with other systems, they don’t necessarily streamline workflows across those systems.

Productsup’s P2C (product-to-consumer) approach is designed to address the complexities of modern commerce by streamlining and enhancing the product content journey. P2C provides a unified solution that consolidates operations, bringing all commerce systems (e.g. PIM, ERP, DAM, etc.) into one data flow. This makes it easier to manage product data as it moves between suppliers and buyers. If your business handles a wide range of products, a P2C strategy makes it easier to manage high volumes of product data, ensuring you maintain consistent and accurate information.

Productsup’s P2C platform processes over two trillion products per month for the world’s Fortune 500 companies. With advanced capabilities, such as AI-driven automation and comprehensive data integration, Productsup helps businesses increase efficiency, reduce costs, and drive revenue growth. It enables faster time-to-market, optimized budgets, and improved collaboration across teams, ultimately allowing businesses to scale and succeed in a competitive market. Learn more about Productsup’s P2C approach.