What Is PIM Software?
by Nick Brems | Last Updated: Apr 27, 2023
by Nick Brems | Last Updated: Apr 27, 2023
For organizations that manufacture a large number of products, it’s vital for the business to provide accurate product information and digital assets to guide consumers through the purchasing process. One product that works for a customer may not work as well for another. For example, John Deere has five different kinds of tractors you can buy from dealers across the United States. Each tractor is designed for a different use. They have different specs, different product guides, and different operation mechanics. How do consumers ensure they purchase the right product to get the job done?
Predominantly consumers trust the employees at the store to guide them to the right product. This requires companies to have the information easily available to train store employees about their products AND provide ways for consumers to learn the same type of information when they’re doing research prior to entering the store.
The solution to this problem is simple, get a PIM.
Product Information Management (PIM) is a software solution that stores important product information in one location. This makes the information easier to edit, catalog, and distribute the product information to marketing, sales, customer support, and consumers. The purpose of PIM applications is to make the creation and delivery of product information smoother throughout your digital experiences. If a product has any changes to it, then a PIM connected to a DXP can ensure all of the product data is automatically updated in the existing content. This means any customer will always see the most up-to-date information. But, what exactly is product information and what purpose does it serve for a business?
Amplifi defines product information as “any information held by an organization about the products it produces, buys, sells or distributes.” However, in the context of PIM software, product information is centered around the selling and marketing of a product. Product owner’s manuals, maintenance checklists, troubleshooting videos, product descriptions, pricing, SKUs, and more are all examples of product information. Having ample product information is a way to set your customers up for success from the consideration buying stage to a successful onboarding with your product. As a prime example of how product information can be used in your business, Lumavate has a top-of-the-line product information template that provides customers with key product information once a product is purchased.
So product information is important for a successful business, but why is a PIM important?
There are many advantages of PIM because it simplifies the data management for your marketing, sales, and customer support teams. PIMs make it easier for your marketing team to get accurate data regarding the products your organization offers to include in product guides, brochures, and even your website. And since information regarding your product is likely updated on a regular basis, having a PIM to seamlessly manage this information can be highly impactful in your business. product is constantly being updated means consistently updating product information can be a daunting task. Having all information in one central location ensures that your sales team has accurate information for critical sales cycles. All data being funneled into a singular platform will also make PIM data management much easier to access. It creates a level of transparency that not every organization offers. A PIM is crucial for an efficient business and the market knows it. A study done by O2Web indicates that the PIM market will be valued at over $68 Billion by 2030. The PIM industry is growing, and organizations know it!
PIMs are a growing brand, and there are some big players out there already. Pimcore, Akeneo, and Salsify PIM are a few PIM software examples of a growing list. These PIMs are all able to store data that can be transferred over to an organization’s digital experience platform (DXP). The issues with these PIMs are that you need to have two separate subscriptions. The problem is, if you have a digital experience platform for product information digital experiences, chances are you would need to purchase a PIM from a different vendor to gain access to the PIM market.
But with Lumavate, that problem is solved.
Lumavate has just launched our very own PIM that is a part of our digital experience platform (DXP). That’s right, now you can build a library of product information digital experiences that are all tied to our PIM and manage them all under one system! The beauty of this new update, is now when the PIM is updated all experiences for that specific product are automatically updated for you. This will save your organization countless hours to focus on other projects. Your customers will also have access to the newest product information instantaneously. Just go to the product located in the PIM, update the information in one location, and all experiences that reference that product are updated. It really is that easy.