Product Information Management (PIM) isn’t just a "nice-to-have" tool for businesses. For many of them, it’s a
necessity. Today’s world is fast-paced and data-driven, which translates into businesses having to manage their product data more effectively than ever.
It doesn’t matter whether you're a small enterprise or a large corporation — PIM is a game changer when you need to manage a lot of product data. Say 1000 products and above (or a few hundreds but with very complex product info). That’s when investing in a PIM solution significantly improves your operations and boosts your bottom line. Here’s how.
1. A Much Need E-Commerce Boost
Digital commerce has been booming for over a decade now — and this trend is not expected to leave us any time soon. According to a
Shopify report, global e-commerce sales are predicted to surpass
$6.5 trillion in 2025.
And it‘s not just B2C e-commerce thriving — B2B online sales are also increasing:
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This only drives even more demand for accurate and enriched product data. As companies scale and expand into new markets, managing multiple sales channels, product attributes, and specifications becomes an increasingly difficult task. A
PIM solution acts as a single source of truth, centralising all your product data in one place, making it easier to add the data, update it, maintain, and distribute.
→ OUR TIP: An article on
how Pimics leads companies to e-commerce success.
2. Efficiency Gains & Time Savings
Managing product data manually or using disparate systems results in
inefficiency and
errors. Without a PIM, product data is often spread across spreadsheets, databases, and various software tools, making it time-consuming to update and prone to errors. A
PIM solution eliminates this chaos by providing a centralised platform for managing, enriching, and distributing product information.
Gartner's Research on PIM:
- A 2020 Gartner report highlights how Product Information Management (PIM) platforms help reduce errors and streamline operations. It suggests that companies can experience up to a 30% improvement in product data accuracy and up to 50% faster time-to-market.
- Gartner’s Magic Quadrant for PIM Solutions also highlights that businesses using PIM solutions tend to be more effective in their product content management and more competitive in the market due to this improvement.
Source: Gartner’s Magic Quadrant for PIM (Available with a subscription)
Various PIM suppliers (us at Pimics included) then boast their own statistics showing that businesses that implement a PIM solution reduce
product data errors (some say by up to
80%) and improve the speed of data updates (by
50-70%).
These numbers vary across businesses, but the final result is always the same: their teams spend less time correcting mistakes and more time driving business growth. Optimisations of
40% and even more are not uncommon.
3. Improving Customer Experience & Driving Conversions
In today’s competitive market, customers demand more than just a product. They expect
accurate, rich, and consistent product information across all touchpoints. According to a
Forrester study,
87% of online shoppers say product information affects their purchasing decisions. Incomplete or incorrect product information can lead to confusion,
cart abandonment, and
lost sales.
Data accuracy & consistency is often even more important for
B2B businesses – that often sell very technical products on which every little parameter counts. Let alone when
international standards such as
ETIM or
GS1 come into play.
→ OUR TIP: Here’s an article which explains
how Pimics helps with complying to the most common international standards.
With a PIM solution, your product information is accurate, consistent, and easily accessible, improving the overall customer experience and increasing the chances of conversions. It allows you to deliver enriched content, including
images,
specifications,
descriptions, and even
videos across multiple channels, resulting in a more engaging and informative shopping experience.
4. Faster Time-to-Market
Time-to-market can make all the difference for your business. The faster you get your products online, the quicker you can start generating revenue. A PIM system enables your team to quickly collect, standardise, and distribute product data, drastically reducing the time needed to launch new products or enter new markets.
Businesses that implement a PIM solution report a
30-50% reduction in time spent on launching new products or entering new markets. This means you can quickly capitalise on new opportunities without the lag time typically involved in managing product data.
→ OUR TIP: Here‘s a real use case on
how Pimics accelerated time-to-market for 50,000+ products.
5. Improved Collaboration Across Teams
Product data isn’t only managed by a single department; it involves collaboration across
marketing,
sales,
IT, and
logistics teams. In the absence of a PIM system, communication breakdowns often occur, leading to silos of information that don’t align with one another. A PIM solution fosters
cross-departmental collaboration by providing all teams with access to the most up-to-date and accurate product data.
With
role-based access and
collaborative workflows, a PIM ensures that every team is on the same page, streamlining workflows and improving efficiency.
6. Scalability & Global Expansion
As your business grows, so does the complexity of managing product data. Whether you’re entering new regions or adding new sales channels, you need a solution that can scale with you.
PIM systems allow businesses to manage vast amounts of product information across multiple languages, currencies, and channels, making global expansion much easier.
A PIM solution can help businesses quickly adapt to the needs of new markets, and according to a
Gartner report,
75% of global brands that implemented PIM systems saw
an increase in sales from new markets.
7. Compliance & Regulatory Requirements
In industries where compliance and regulatory standards are stringent (like
healthcare,
food, and
manufacturing), having accurate and up-to-date product data is a must. PIM solutions allow businesses to maintain compliance by keeping track of regulatory requirements, ensuring that all necessary certifications, ingredients, and safety information are readily available.
Companies that fail to meet these regulatory requirements face serious consequences, including fines, lawsuits, and reputational damage. A PIM system provides a safeguard, ensuring that your product information is always compliant with the latest regulations.
8. The ROI of a PIM Solution
Let’s talk numbers. The
return on investment (ROI) for a PIM solution is substantial and proven. According to
Ventana Research, businesses can expect an ROI of
over 200% in just
12 months after implementing a PIM system. This comes from:
- time saved on product data management,
- improved sales,
- fewer errors,
- and faster time-to-market.
Moreover, businesses can also see
15-20% improvement in customer satisfaction after adopting a PIM system.
Do You Need a PIM Solution?
With a PIM system in place, you can ensure that your product data is always accurate, consistent, and up-to-date, helping you stay ahead of the competition and make smarter, data-driven decisions.
Whether you’re looking to expand your market reach, improve customer satisfaction, or simply streamline your operations, a PIM solution is the key to success.
Get in touch with us if you want to know more.