Best PIM

Product information can be most easily defined as any information about a specific product. Product information includes items like SKUs, pricing, features, benefits, dimensions, and functionality, among others. The most important thing about product information is that it relates to one individual product, and not a product line, brand, or organization.

Product information isn’t limited to just facts about the product itself. Digital assets such as product photos, how-to videos, user manuals, and spec sheets also fall under product information.

Importance of Product Information

The main goal of product information is to inform the consumer. This is helpful in two ways.

The first way product information helps the consumer is at the time of purchase. Thanks to the Internet, shoppers have a wealth of product information at their disposal, allowing them to explore every nuance of the products available to them. This information is crucial in making the right choice; it’s also helpful in ensuring the consumer buys the right version of the product that they want to purchase.

Product information is also vital after the sale takes place. Manuals and product videos can help a new buyer to learn how to use the product for the first time, learning valuable tips as they begin to incorporate this new product into their lives. Product information also helps with troubleshooting product issues if the buyer encounters difficulty with the item.

While product information is focused on the assets relating to a singular product, product information management deals with managing product-specific items and putting them to good use. Product information management takes those product specifications and uses them to advertise and sell products. Another critical element of product information management is using product information to service products after the sale.

A major piece of product information management is storing all the product information in one location, so that it can be quickly referenced and utilized. The ideal storage system is one that can be used by anybody in the company, at any time and at any location.

What Is PIM Used For?

This idea of an all-encompassing product information center is the key focus of product information management. This repository of product information should include everything about each individual product -- from basic product information like SKUs, dimensions, and colors, to digital assets such as instructional videos, manuals, and images.

Compiling product information in this way actually combines two separate computer interfaces. One is a database with product specifications, and the other is a digital asset management (DAM) tool that facilitates the use of digital images and videos. It’s possible to purchase a product information management system — also known as a PIM — that includes both the product information database and the DAM functionality. The best PIMs on the market include both features.

Once the company places all of its product information into one centralized location — ideally in a PIM software solution — it’s easy for employees to access accurate product information whenever necessary. As a result, marketing materials and customer support are significantly more accurate. This leads to consumers making better choices at the point of sale, and it leads to those same customers being more satisfied after the transaction.

How Does Product Information Management Work?

Most companies designate one person, or a group of individuals, to serve as the administrators of product information. In general, each person is responsible for one (or more) products, and the person assigned to each product is responsible for all the product information associated with that product.

The role of product information manager is made much easier by the use of product information management software.

What Is PIM?

With PIM software, product managers need only enter their product information into the program, and it will be available within the PIM for all other employees to access. However, product information managers must take care to keep product information up to date. If a product spec or a logo changes, that needs to be entered into the PIM immediately. Failure to do so may result in the customer receiving inaccurate information, which will impact their perception of the brand.

Define Product Information Management System

A product information management system is a central hub of all the company’s product data for all of its products. It contains all facts and figures about a given product; if the PIM system contains digital asset management functionality, it also stores the digital assets that speak to the benefits of that product. PIM software excels because it allows multiple users to access the information contained within the PIM at any time. It also makes product management very easy because it allows administrators to update information in just one location. In this way, the PIM serves as the single source of truth for the business.

What Is PIM Software Used For?

PIM software can be used by any business that deals with retail goods. Stores, manufacturers, and distributors are just a few examples of companies that can utilize PIM software. Typically, the product information management team is tasked with keeping the PIM up to date. If the company does not have a dedicated product information management team, PIM updates are left to the marketing team or the product management team. Regardless of who is in charge of updating the PIM, the actual data stored within the PIM will be utilized by multiple teams, such as customer support, sales, and product management.

PIM Software Category and PIM Competitive Landscape

The PIM software landscape is burgeoning with growth, with the PIM market size expected to grow from $12.2 billion in 2022 to $23.8 billion in 2027. As a result, the market is exploding with product offerings and added features that aim to entice buyers to choose a particular software provider. But what is an example of PIM? Which of the following is PIM software? And which of the following are examples of PIM applications?

Leading product information system examples include Plytix, Pimcore, Inriver, Catsy, and Lumavate. Additional PIM software examples are the Akeneo PIM, the Acquia PIM, the Plytix PIM, the Salsify PIM, and the Gartner Magic Quadrant for PIM. Each of these offerings contains the basic PIM functionality of storing product information in one centralized location. However, only Lumavate goes far and above what is typically offered by PIM producers. With its functionality as a PIM, digital asset management (DAM) solution, and a digital experience platform (DXP), Lumavate offers more than the competition at a fraction of the price, making it easily a top 10 PIM software solution.

Is PIM a SaaS?

Many leading workplace software companies offer their programs as a “software as a service” program, otherwise known as SaaS. The SaaS model provides ongoing support and regular updates, so that users always have the latest functionality available. Non-SaaS providers may charge for a static version of the software that is never updated, or can only be upgraded by paying for an additional version.

Some PIM software solutions are not SaaS, leaving users potentially without important functionality that is added after the purchase date. On the other hand, SaaS setups give businesses regular updates and cloud-based support. Lumavate, for instance, is a fully cloud-based SaaS solution that provides biweekly updates to its customers. This means that all customers get the newest upgrades from Lumavate, and those upgrades come at no extra cost.

Largest PIM Solutions

There is much variance in the PIM landscape regarding the size of the companies in the marketplace. Additionally, there are pluses and minuses that must be considered when working with a bigger name in the industry.

Companies like Pimcore and Salsify are the biggest names in the business; accordingly, they boast the biggest market share. However, because of their large client bases, it’s hard for them to adequately service all of their customers. Additionally, when they roll out new software, it’s hard for them to do so on a regular basis because of the sheer enormity of the project. As a result, customers don’t always get the latest functionality as fast as they otherwise would.

On the other hand, smaller companies like Lumavate can turn those issues into competitive advantages. Because they’re smaller, they are able to provide more frequent updates — and in the case of Lumavate, updates are sent on a biweekly basis to all customers. Additionally, the lighter client load means that Lumavate is able to provide faster, higher quality support when needed. These are huge benefits that can make a massive difference for a company on the cutting edge.

PIM Costs

Just as there is variance in the size of the PIM software providers, there is also significant discrepancy in the cost of these software packages. Some companies offer free PIM software, but with highly limited functionality. Others offer a lot of features, but are prohibitively expensive. Additionally, some PIM software companies price their software based on how frequently the product information is accessed.

Again, there is one solution that is better than the others. Lumavate is more than just a PIM — it’s a full-fledged product experience management (PXM) solution. What’s more, with pricing for the full PXM functionality starting at just $499 per month, it’s much more affordable than the competition. The Lumavate platform is typically 75 percent more cost-effective than competitive solutions.

How Do I Choose a PIM System?

There are many PIM solutions in today’s marketplace. But what is PIM good for? And what is a good PIM? Here are some things to consider as you evaluate the programs available to you.

• What functionality do you need? Do you need only product information stored, or do you need to work with digital assets? It’s important to consider your future needs as well. Even if you don’t utilize digital assets now, you might need to do so in the near future. It’s advised to work with a company that is able to meet those future needs.

• What other systems do you need to integrate with? You want to pick a PIM that works with your currently functioning systems. If you have to waste extra time and resources integrating your PIM with your existing software, it may do more harm than good.

• How will the product information be used? Before buying a PIM, understand what you’ll actually use it for. What other items will be linked to the product information? Who will need access to the information? Consider all the implications of your PIM and what levels of access you’ll need for your organization as a whole.

• What type of budget is defined for this initiative? Everyone wants to get a good deal on their PIM purchase, but the reality is that this is not something to cheap out on. The best PIM is the software solution that meets the needs of your organization at a price point you can afford. Some platforms, like Lumavate, offer full functionality at a reasonable price.

• What is your timeline for implementing a solution? A SaaS solution is ideal for the company that wants to be up and running quickly. An offline platform might require specific hardware or system upgrades, and that takes time and money. Consider the potential time and cost of upgrades when choosing your PIM.

Considering all of the above, it’s clear that Lumavate is among the best PIM tools in market. Not only does Lumavate offer a fully functional product experience platform, but it also integrates with your existing software. Its cloud-based nature means you can be up and running within one business day. Best of all, it’s significantly more affordable than the competition, with functionality that eclipses the biggest companies in the industry.

Why You Need More Than a PIM

Although a PIM solution is necessary for manufacturers and retailers, the reality is that it’s only one piece of a larger puzzle. Also, that one piece is only truly helpful if it integrates well with the rest of the company’s procedures. It has to be easily accessible by all team members, but has to do a lot more than simply store product information.

The ideal PIM is one that works well with digital asset management and allows the company to do much more than they thought possible. The PIM should be able to take the company’s operation to the next level by making it easy for them to deploy their product information and digital assets into marketing materials that will generate revenue. A digital experience platform can enable the company to produce catalogs and other digital experiences, while also adding in features like text messaging and form builders.

Lumavate excels in all of these areas. In most other software platforms, integration requires third-party connections. If any of those connections break, the integration doesn’t work. With Lumavate, everything is on one platform, which means integration is fully equipped right out of the box. This integration also means that the software can be used by everyone in the company, from product information managers to marketers to sales personnel, and much more. Lastly, the software also comes with extra features that aren’t available elsewhere.

What Lumavate Offers

As we’ve seen, Lumavate’s PIM software is the best of all possible worlds. It comes with a fully integrated product experience platform that gives the company everything it needs from a product information and marketing standpoint. It provides product information management, digital asset management, and a product experience platform. Additionally, it comes with text messaging functionality, a form builder, and more than 40 integrations. This software suite allows you to not only manage your product data and digital assets, but also create and update digital experiences containing product information, send highly targeted text messages, collect product registrations or lead registrations, and much more. Best of all, Lumavate does all of this at a fraction of the cost charged by bigger names in the industry that charge far more for far less functionality. For these reasons, Lumavate is the best PIM software for just about anybody.

How to Get Started with Lumavate

It couldn’t be easier to get started with Lumavate. The first step is to access a 14-day free trial or to schedule a demonstration of what is possible with Lumavate. There are multiple subscription options with varying price points depending on the needs of your business, with the lowest cost subscription being $499 per month.

When you subscribe with Lumavate, you are onboarded immediately and can be functional on the same day. Once you’re up and running, you have full access to the entirety of the Lumavate platform. Lumavate is built for marketers, and it’s very easy to use. And best of all, since it’s a SaaS, it doesn’t require any additional technical resources.

Although Lumavate prides itself on its ease of use, the company does offer technical support to any business that requires assistance while getting started with Lumavate. Most companies who work with Lumavate find themselves launching product guides within just a few days of their start with Lumavate. Many companies then expand into using Lumavate to update their company website, create sales resources, and coordinate events.

Lumavate is the best bargain in product information management, and it’s so simple that anybody can use it. It’s the best PIM software 2024 and beyond. To get started with Lumavate, click here.