What Are the Core Processes and Features of PIM?
by Lumavate | Last Updated: Nov 4, 2023
Product Information Management (PIM) helps manufacturers manage their business more efficiently. A thoughtful PIM strategy enables employees to do their jobs faster and more accurately than would be possible otherwise.
What Is Product Information Management?
Product information management is the process used to manage all the information about each of the products you sell. This information includes descriptions of items for sale, product features, product amenities, and a list of each item's benefits. It also includes images, video descriptions/walkthroughs, owner's manuals, assembly instructions, and warranty information. This data is typically stored in a single, centralized location for ease of access.
What Are the Core Processes and Features of PIM?
PIM software is designed to make product information management easy and efficient. This type of software allows company employees in multiple locations to update information in real-time. It also helps employees keep track of inventory and keep tabs on product sales trends. Many programs offer Digital Asset Management (DAM) functionality, so you can store image files, video files, and attachments along with the relevant text information for each product. This functionality makes it easy for a company to create accurate, appealing marketing brochures and catalogs.
Other PIM features enable companies to share product information with consumers. Some programs will automatically update online sales listings if products are sold out or the company releases new products for sale. Others will provide custom product recommendations based on a potential customer's search history or past purchases.
What Are the Benefits of PIM?
A PIM solution gives organizations a single source of truth. It enables a company to keep tabs on business growth and trends that could affect sales and profits. It helps company employees provide accurate information to potential customers. It also helps employees track products from multiple locations and reduces employee errors that may occur when logging product information manually.
What Are PIM Platforms?
A PIM platform is a cloud-based product information management solution. Following are some of the many PIM software examples:
InRiver PIM
Plytix PIM
Acquia PIM
Salsify PIM
Pimcore PIM
Akeneo PIM
Lumavate PIM
Each one of these platforms offers basic features to help companies centralize product data management. However, many also offer additional features and amenities to empower companies to use their product information to its fullest potential. Pimcore, Salsify, and Lumavate all offer integrated digital asset management as an integrated part of the PIM platform. Akeneo, Pimcore, Lumavate, Plytix, InRiver, and other platforms automatically update e-commerce sites, so your product descriptions are always accurate. Plytix and InRiver offer AI functionality to help businesses create engaging product descriptions. Lumavate offers a Digital Experience Platform (DXP) along with its PIM solution to help you promote your brand, company events, and individual products.
What is the best PIM software 2023? That is a question only you can answer. While some programs are arguably better than others, the truth is that a platform that meets one company's needs may not be ideal for another business in a different industry. Following are some points to consider when looking over PIM tools in the market to find one for your company.
Digital asset management (DAM) functionality is a must. Content with images boosts the view rate by 94 percent and increases the product engagement rate by a whopping 180 percent. What's more, people are 85 percent more likely to buy a product after watching a video about it. You need good DAM functionality to provide engaging, accurate visual content along with each product you list for sale.
Can the platform grow with your business? Plytix, for instance, only offers a limited number of outputs unless a business owner signs up for an unlimited package that costs $1,650 per month. Other platforms may limit the number of users who can access the platform and/or the number of products that you can add to the platform. Lumavate, on the other hand, puts no restrictions on these features. Even the starter plan, which costs $499 a month, allows for unlimited products and unlimited DAM storage space.
How fast is the onboarding process? For many platforms, the onboarding process can take days or even weeks. InRiver, Acquia, Salsify, and many other platforms don't provide pricing up-front. You would need to provide information regarding your business and the features and amenities you need for your PIM solution to get a custom price quote. Once you agree to sign up for the platform, the PIM platform company will start the onboarding process with their IT experts to get you set up to use their platform. Some firms, such as Plytix, charge an additional onboarding fee. The delay in getting your PIM solution set up can cut into potential profits. What's more, you would need to repeat the process as your business grows and you need to add new features to the PIM platform. Lumavate, on the other hand, doesn't have to be set up by an IT expert. You simply need to pick the platform of your choice and pay for it. You then gain immediate access to all the plan's features and amenities. What's more, you can also upgrade or downgrade your plan at any time without interrupting regular business operations.
Improving customer experience can boost your revenue by up to 15 percent. It also boosts word-of-mouth marketing as nearly three-quarters of customers who have a positive experience with a business will tell at least half a dozen other people about it. Furthermore, almost two-thirds of customers consider customer experience to be more important than a product's price tag. Product information management plays an important role in improving customer experience because it provides customers with accurate, engaging information on each product you offer for sale. At the same time, it also helps you manage your products, keep tabs on inventory, track product trends, and improve customer service. To this end, you need the best PIM solution for your business to not just keep it running smoothly but enable it to grow long-term.
Lumavate is the PIM platform of choice because it offers all the features and amenities you need in a single package. What's more, the go-to-market rate is over eight times faster than that offered by other platforms. The price plans are designed to meet the needs of small businesses as well as large ones; in fact, the cost of using Lumavate can be up to 75 percent cheaper than using another, similar platform. Get in touch with us today to find out more or to request a free demo with one of our PIM experts.