PIM stands for “Product Information Management”. Product Information Management is a digital commerce solution that acts as a single source of truth to create, optimize, enrich, and syndicate your product data to a variety of marketplaces and distribution channels.
PIM solution addresses crucial product-data-related use cases such as data errors and inconsistencies, time-consuming manual and redundant labor, expensive data management, time-to-market delays, and poor customer experience. Product information management (PIM) systems centralize and organise product data by storing it in a single location that is available to software users, channel partners, and other data owners.
When technology evolves, data unleashes enormous power to do more. But along the way, it also brings its share of challenges for organizations - one being the quality management of the data and data governance. That’s why product information management (PIM) tools are a preferred instrument for data quality and product management processes.
PIM tools help not only manage 'the incredible mountain of data that we collect within the company' but also meet the 'ever-increasing demand for data dissemination'. Product content plays a significant role in the consumer path-to-purchase and what consumers want are seamless, connected, and personalized experiences. To meet these challenges, brands must invest in a PIM solution to cover the basic requirements of accurate, complete, rich, and up-to-date product information across eCommerce marketplace and distribution channels
The process or a system by which a company shares, stores, and organizes digital assets in a centralized location is known as Digital Asset Management (DAM).
Digital Asset Management benefits digital merchandising to go beyond the basics and represent your product in the best possible way.
Create engaging visual experiences with digital assets
Build digital asset meta-information and tags to drive SEO efficacy and sales
Link digital assets to items, product categories, and attribute
View digital assets against individual products to see what customers will see
Edit digital assets in bulk efficiently
Deliver photos, videos, and other assets to your eCommerce channels with dynamic hosting
Digital Asset Management integration can assist businesses in building an engaging and visually appealing online product experience for customers, linking the right digital assets to build confidence in purchase, strengthening their brand image by showing an up-to-date and consistent product images & product videos across all sales channels, central repository for the marketing team to control the image usage & circulation, and setting robust data governance.
Digital asset management integrates with a variety of martech tools, from PIM and Product Data Syndication systems to your design and social media plugin tools, to provide a more effective flow of digital assets across the content lifecycle
Product catalog management is a robust process intended to ensure high-quality, precise, well-organized, and consistent product data across all marketplaces and distribution channels.
Centralizing your product catalogs ensures that you always have updated and consistent catalogs. Without going through a time-consuming and manual product catalog management process, you can easily define and map new product offerings, as well as incorporate new products, pricing, and discounts.
Product catalog optimization is critical for robust customer experience (CX) and quick purchase decisions. Focusing on creating accurate and up-to-date product descriptions, engaging visuals and agile interfaces improves your catalog's win ratio.
Following are the 5 Best Practices for Product catalog optimization:
Optimize Product & Meta Descriptions Attributes for Customers and SEO
Centralize Product Data Repository
Regulate Brand Images
Conduct Customer Journey Tracking
Promote Cross-Selling and Upselling opportunities
Digital merchandising often referred to as eCommerce or online merchandising encompasses all activities related to marketing your goods online. That can include everything from digital product display on ecommerce site, product display page on marketplaces, site performance, branding & digital marketing and other online promotional activities required to create awareness and sell your product online.
Key elements of Digital merchandising strategies include:
Every information about a product that can be read, measured, and organized into a useful manner is referred to as product data.
For each unique, marketable product in your inventory, comprehensive data covers all necessary product attributes. Product data attributes include functions and features such as size, color, flavor, etc. Product data attributes assist consumers in determining and identifying their options when purchasing something, and they assist businesses in deciding how to organize their products in-store on shelves or online in catalogs.
Consumers need accurate and detailed product data to make a confident purchase, build brand trust especially when purchasing online. If attributes are missing from the product descriptions, organizations lose credibility with consumers and their products are less likely to be purchased.
Data intelligence is the process of translating data into information, information into knowledge, and knowledge into value. It refers to the intelligent interaction with data in rich, semantically meaningful ways, where data is utilized to learn and get knowledge.
Data intelligence, when combined with optimal data awareness, provides an exceptional 360-degree view of the business environment, encompassing both customer and organization-centered data analysis.
To summarize, data intelligence is transforming into a cutting-edge tool that will become a necessity for any successful firm. Data intelligence offers the groundwork for a company's smooth and advantageous operation with enhanced features such as adaptive dynamics, data transformation, and augmented analysis.
A single source of truth for product attribute information, specs, photos, videos, and other brand material is product content management.
A product experience management system generally includes everything that a product content management tool does, plus some additional features like aggregation and data quality. Data aggregation is the process of curating product information from a variety of sources and format into a single source of data. The capacity to normalize and correct data is referred to as data quality.
The digital shelf refers to the way and location in which a brand's products are presented on the internet – D2C websites, eCommerce marketplaces and distribution channels. It is used by the consumers to discover, review, and purchase things through digital channels.
Shoppers in actual retail locations can browse the shelves before making a purchase. In the world of eCommerce, Shoppers can find products on store websites, third-party marketplaces, mobile apps, and other eCommerce platforms. Category pages, product shelf recommendation lists, and search results are all examples of the digital shelf.
Brands require data about their customers' requirements, competition, and marketing trends. As a result, marketers require skills, tools, and processes for acquiring, interpreting, and applying environmental data to support marketing decisions. This leads to the creation of a system that collects, stores, analyses, and distributes marketing data to marketers based on their requirements. Marketing Information System is the name of this system (MIS).
The process of obtaining, organizing, and analyzing key market research data is known as marketing information management.
Product information management (PIM) provides all of the required product data, such as text descriptions, photos, and videos. It acts as a single source of truth for cross-functional teams, allowing them to easily integrate numerous images, rich content, and translations into a system in a standardized manner. PIM functionality allows for the automatic adaptation of product data to the requirements of various marketplaces and distribution channels.
PXM i.e Product Experience Management is a fundamental process that examines all decisions and resources that impact the product experience and enhance customer satisfaction. PXM embodies standardization, distribution, optimization, and customization of product data across all touchpoints. To get more insights into PIM Vs PXM read our blog .