What is a PIM (Product Information Management) Defined

What is PIM

What is a PIM and why do you need one?

Product information management is the process of managing all the information required to market and sell products through your distribution channels

What is PIM (Product Information Management), its benefits, and how to select best PIM software for eCommerce & Retail?

Product Information Management (PIM) has become a critical element of modern enterprise data management in almost every industry. But, selecting the right PIM solution can be a challenging task This guide helps explore the key elements you should consider while choosing the PIM software for your business. It also provides directions on PIM components, key features, business benefits, vendor evaluation, industry-wise PIM usage, and best practices. Let’s explore

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History of Product Information Management (PIM)

Product information management has its roots in the early days of e-commerce, when organizations began to realize the importance of providing accurate and detailed product information to their customers. In the early 2000s, PIM emerged as a discipline. PIM software came to the fore to help manage and distribute product data accurately across multiple channels and platforms.

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WhatisPIM

The earlier PIM solutions were basic and focused on providing a centralized repository for product information These solutions were primarily used by large enterprises with complex product catalogs and distribution channels.

In the mid-2000s, as e-commerce continued to spread its wings, PIM solutions began to evolve to meet the changing needs of businesses. These solutions became more capable, with the ability to manage product data across multiple languages, currencies, and channels

Mobile and social media rise around 2010 further spurred the development of PIM solutions. As brands realized the necessity of seamless customer experience across multiple touchpoints, PIM solutions became cardinal for managing product data across multiple channels and devices.

Today, PIM solutions are now a critical component of digital commerce business. They enable organizations to manage and distribute product information across multiple channels, including websites, mobile apps, social media platforms, and marketplaces. Using advanced AI/ML, they also provide valuable insights into customer behavior and preferences, enabling organizations to optimize their product offerings and personalize the customer experience.

What is Product Information Management (PIM)?

Product Information Management (PIM) refers to the process and technology applied to centralize and manage all the information related to products, including descriptions, images, specifications, pricing, and other relevant data

According to Wikipedia, product information management (PIM) is the process of managing all the information required to market and sell products through distribution channels This product data is created by an internal organization to support a multichannel marketing strategy.

A PIM system serves as a centralized hub for product information, providing a single source of truth for all product-related data It enables organizations to create, manage, and distribute consistent and accurate product information across multiple channels, such as e-commerce websites, marketplaces, mobile applications, print catalogs, and other sales channels

PIM solutions typically include data modeling, data enrichment, workflow management, collaboration tools, and integration capabilities with diverse systems.

In essence, PIM helps organizations ensure that their product data is accurate, consistent, and up-to-date, improving operational efficiency, reducing errors and discrepancies, and enhancing the customer experience.

Why is PIM Important?

Product Information Management is important because it helps businesses effectively manage and maintain accurate, complete, and consistent product information across all channels, ultimately leading to better customer experiences and increased sales.

One specific example of why PIM is important is in the case of an online retailer selling a wide range of electronic devices such as laptops, smartphones, and tablets. Each device has a wide range of features and specifications that must be accurate and consistent across all sales channels, including the company’s website, social media pages, and third-party marketplaces. As you can see, using a PIM system can provide significant benefits for the online retailer, such as increased data accuracy and consistency, improved efficiency, enhanced customer experience, improved search engine visibility, increased sales, and reduced likelihood of returns and complaints.

With PIM

Managing all this product information can quickly become a daunting task. Product data might be stored in various spreadsheets, databases, and content management systems, making it challenging to ensure that all information is up-to-date and consistent across all channels. It can lead to inconsistent and inaccurate product information across channels

Without PIM

All product data is stored in a centralized location, making it easy to manage and update as necessary. Product managers can add new products, update existing product information, and ensure all product data is accurate and complete. It helps avoid confusion or discrepancies in product information that could negatively impact sales and customer satisfaction

What are

the Different Components of a PIM System?

Different components of a PIM system include product data, such as descriptions, specifications, images, videos, and pricing. Here is the classification of PIM anatomy:

Product Data: This is the core component of PIM It includes all the information about a product, such as its name, description, attributes, SKUs, and pricing

Data Sources: Receive product data from multiple sources, including internal systems (such as ERP, CRM, and PLM systems) and external sources (such as suppliers, distributors, and marketplaces).

Data Mapping: Use data mapping to transform and standardize product data from various sources into a consistent format across all channels.

Data Enrichment: Enable product data enrichment, which involves adding or enhancing product information with additional attributes, images, videos, and other rich media

Data Governance: Provide data governance capabilities to ensure the accuracy, completeness, and consistency of product data across all channels

Data Syndication: Simplify product data syndication, which involves distributing product data to multiple sales channels, such as e-commerce websites, marketplaces, and social media platforms.

Workflow Management: Deliver workflow management capabilities to streamline the product data creation, review, and approval process

Analytics and Reporting: Provide analytics and reporting features to track product performance, identify trends, and optimize product data for better sales and marketing results.

Integration: Easily integrate with other systems, such as e-commerce platforms, marketing automation tools, and ERP systems, to provide a seamless product data management experience.

MINDSTASK TECHNOLOGIES

Collectand NormalizeData

ThePIMsystemcollects productdatafromvarious sourcessuchasERP PLM andothersystemsto collectallproduct-related datainoneplace It includesproduct descriptions images attributes specifications andpricing

PIMSystem

Manageand Streamline

Itthenmanagesthedataby creatingasinglesourceof truthforallproduct-related information Itensuresdata qualityandconsistency acrossallsaleschannels ensuringcustomersreceive accurateproduct information

Enrichand StandardizeData

Inthisstage itenrichesthedataby addingadditionalattributessuchas productdescriptions specifications images andvideos Thisincludestasks suchastranslatingproductinformation intomultiplelanguages adding marketingcopy andensuringthatall productinformationisaccurateandupto-date

Syndicateand DistributeData

Itenablesyoutodistribute productdatatovaroussales channels includinge-commerce platforms marketplaces and socialmediachannels The systemcanalsoformatthedata tomatchtherequirementsof eachchannel ensuringthatthe dataisconsistentandaccurate acrossalchannels