The question of “why do I need a PIM?” often crops up in retail, and for me (an ex-retailer) there are numerous benefits that Retail247‘s PIM solution (Origin) can bring to a retail business and its customers.
Unless you are a brand-new retailer, with the aim of getting your systems right from the beginning, then it is very likely that several archaic processes have been inherited over the years. Whichever position you are in, a PIM, such as Origin, can help your business go from strength to strength and keep your customers coming back for more.
Here are the top 3 benefits that I believe can be obtained from a great PIM:
1. PIM delivers scalability and flexibility
A cloud-based PIM can give you peace of mind that you will not be held back as your business grows and explores new categories. No retailer wants to be told that they cannot delve into a new area of commerce because their systems are not able to adapt to the change.
With Origin you can be content knowing that new business areas can be accommodated whether that be a new product range, additional size bridges and colours, or further attribution. We adapt and adjust our PIM based on client requirements as new features are built these become available for all clients to utilise if they wish.
It is also worth noting that managing more than 100,000 SKUs is different to managing 1,000 SKUs. A PIM solution can provide scalability without speed loss, which is especially important for businesses with a constant data increase.
2. PIM offers one version of the truth
Having multiple retail technology systems can result in the same information being populated over and over, system by system. This in turn has a negative impact on product and reporting accuracy.
I could not even begin to list all the product attribute failings I have come across throughout my time in retail, but some of the repeat offenders that spring to mind would be:
- Incorrect attribution: Searching for a purple dress in store to fulfil an online customer order only to eventually find out that dress required is actually green, or scrolling through websites and finding Shirts sitting in a Skirts category
- Missing attribution: Producing a report to investigate the online demand of product types only to find that 30% of products have been defined as “N/A” or have simply been left empty
- Multiple versions of the truth: Seeing the colour “fuchsia” spelled in multiple different ways by each user – having free text attribution can lead to poor data and result in a messy website and an increase in manual workarounds for reporting
Having a PIM that provides validation rules and workflows throughout the product creation process can put a stop to the issue of attribution errors. This in turn allows for:
Consistency in Product Data
You can establish a true representation of your product across all platforms and remove the need to manually populate the same information across multiple systems. Origin takes the pain out of product creation with bulk attribution updates and image analysis tools to ensure speed and accuracy.
Reduced time to market
A great PIM simplifies processes. At the heart of Origin is the concept of data repurposing; data mapping and validation provides product data in the format and frequency required for all trading platforms. This takes away the pain of slow spreadsheets and manual data entry. Product workflows manage stages of creation and enrichment, highlighting any issues along the way so that you are no longer stuck with stagnant stock that is available to sell but not live on site for weeks on end due to missing imagery or incorrect attribution.
Having one version of the truth within a PIM allows for a superior customer experience with improved accuracy and efficiency of product information across all channels.
3. Increased productivity
Trust me when I say that quick and easy access to information has a positive effect on employees, while complicated and chaotic procedures can be soul destroying for your workforce as nuggets of information are scattered over various systems.
Having all product information at your fingertips within one system saves employees countless hours trawling through sheets of paper or scrolling through innumerable Excel files to get products ready to go live on ecommerce platforms.
Putting the pieces of the product puzzle together gets in the way of people doing their job and therefore negatively impacts company profit and productivity.
Origin allows you to pull together all product information within one easy to use search screen, so that you can see pricing and supplier information alongside product attribution, making data gathering and exploration simpler to accomplish. Product lookup functionality also allows users to enter a list of product IDs or SKUs and return any number fields associated with that product.
With products fully defined within a PIM numerous tasks such as repetitive manual data entry can become a thing of the past as product files can be fully automated to all channels resulting in increased speed to market.
A great PIM solution supplies a single location where product information is collected, managed, and enriched, giving you the ability to distribute it to internal and external channels. Origin can make it faster and easier to create and deliver powerful product experiences, while also simplifying processes, increasing productivity and providing support and flexibility as your business grows.