How our PIM solution, Origin, can help retailers prepare for peak.
There has never been a more important time for retailers to be on top of their product data. In any year, Christmas is the most important time period in a retailer’s calendar, but 2021 is a year like no other. In 2020’s peak period, stores were closed nationwide, meaning profits only increased by 0.3% between November and December; far below the forecasts of 1.2% growth. This lack of growth puts a lot more pressure on the peak period in 2021, especially when forecasts show that total retail sales in Q4 are expected to increase by 1.8% compared to Q4 2019.
With these forecasts in mind, retailers must ensure that the technology systems they use to keep track and organise their product data are up-to-date, efficient and strong. Archaic systems that have been around for decades are simply not up to the task of dealing with an influx of customers both in-store and online. With the increase of customers and sales comes busier times for all retail staff, from the shop floor to the head office.
Imagine, if instead of using hundreds of time-consuming spreadsheets (leaving room for multiple errors and irregularities), products could be managed, distributed and uploaded at the simple click of a button. Our PIM solution, Origin, saves time and offers one version of the truth. What more could retailers wish for in terms of product management and organisation before peak period?
Origin’s single view of product is a key pillar of retail efficiency. Clarity, accuracy and efficiency across multiple trading platforms is the dream ticket in terms of getting a product rapidly to market and sold through with maximum margin. Adoption of Origin ensures data is accessible and available where and when needed with the facility to control updates and clearly define ownership.
Below are key elements of our PIM solution that support our clients’ technology infrastructure and enable them to be in the best place possible before Christmas.
Product Data Management
Key product data is usually held in multiple spreadsheets, deep within legacy solutions. With multiple departments updating the same data, duplication and inaccuracy is inevitable. Our PIM solution keeps all retailers’ product data in one place and provides users with customised views and workflows to meet individual functional needs. Multiple custom dashboards ensure that everyone has a comprehensive view of product data.
Our deployment team first maps our clients’ existing product data journey, identifying data ownership and evolving product states. We will then illustrate how Origin can bring clarity to your product data. Origin handles huge quantities of product type, hierarchies and structures. Attributes are defined and maintained at any level of the product hierarchy and are product type aware, only presenting those attributes that are applicable.
Product Data Distribution
Multiple commercial channels and marketplaces are playing an increasingly important role in modern retail. Taking advantage of them, especially in peak shopping periods, is essential for growth but can bring significant data challenges. Product data needs to be repurposed for these channels, and this can be a burden for retailers. Channel requirements change; constant review and management detracts from core retailing and slows the time to market for your products, missing vital selling opportunity.
Price Change Management
Origin has advanced price change management functionality and can handle multiple countries, currencies and zones as well as permanent reprices, markdowns and promotional price change activity. Custom rules are applied to control inter-zone relationships, and routine price exports are automatically distributed to trading partners with individual conditions and lead times considered at the point of price change creation. User permissions ensure that all price changes are approved before being generated and exported, while discount verification highlights any pricing anomalies to prevent human error. With Retail247’s PIM solution, price change management full of visibility of future and historical price activity is provided by product, zone and channel.
Digital Asset Management
Product data should all be in one place. Our PIM solution is designed as the single platform for everything related to product including digital asset management, product attribution and web content. Origin can create workflows to manage the capture of assets, for example, the journey through a photo studio – Origin uses image analysis to generate standard product attribution and enables users to see all product assets in one place.
Our clients will be in the best place possible in order to be fully prepared for the peak period this year, ensuring a strong end to 2021. To book a demo for Origin and learn about the possibilities for your product data, get in touch.
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