Product Information Management PIM

Accurate product information has never been more important. Almost 70 percent of shoppers do online research before purchasing an item, whether online or in person. Almost 50 percent use social media as a research tool. One error can be replicated hundreds of times in minutes.

For many companies, collecting, curating, and publishing product information is labor-intensive. Employees must consult multiple sources for data and contact internal resources to find the most up-to-date content. They may wait days for the "product experts" to verify the data. Something as simple as updating product specifications could take weeks. Businesses are destined to repeat the process unless they invest in product information management tools.

What Is Product Information Management?

PIM software centralizes product information needed to market, sell, and service products. It collects, organizes, stores, and distributes product data from a central repository. Users from across an enterprise can access the information, ensuring consistent product information.

What Is a Product Information Management System?

PIMs centralize text-based information; however, a comprehensive solution incorporates digital asset management (DAM) software to centralize digital assets such as images, videos, or graphics. By combining PIM and DAM functionality, PIM systems can keep all product information in a single location for multiple users to access in real time.

What Is the Goal of a PIM?

The primary goal of a PIM is to create a single source of truth for product data such as:

• Product Reviews

• Product Ratings

• Product Images

• Product Descriptions

• Product Galleries

• Product Specifications

• Product Accessories

• Replacement Parts

• User and Owner Guides

• Installation Videos

• Warranty Information

Placing product information in a central repository reduces the time employees must search and curate information before publishing. From that centralized location, PIM systems can:

• Improve Data Quality. PIM tools help users acquire and cleanse data to improve information quality.

• Return Faster Search Results. PIMs use an organizational structure optimized for fast search results.

• Deliver Consistent Information. Version controls are an essential part of maintaining accurate and consistent information.

• Facilitate Customization. Comprehensive solutions allow users to customize information to address different markets with different language and cultural needs.

Product information management system examples such as Lumavate provide a digital experience platform for end-to-end control of product information. With an experience platform, businesses can use curated product information to create personalized experiences.

What Is PIM Good For?

As more shoppers search the Internet for product information, companies should focus their resources on acquiring, maintaining, removing, and publishing product data. For example, Tom is a product manager at Company Z. One of his products is self-assembly bookshelves.

Although the bookshelves exceeded sales expectations, the overall profitability was not. Much of the profit margin was consumed in support calls after the product was delivered. After speaking with the support team, Tom realized that the majority of calls were concerned with the assembly instructions.

From his research, Tom discovered that the assembly instructions had been updated after the initial release. The update was applied to the online assembly manual. However, the manuals included in the box were printed using an older version that did not have the update.

With a PIM solution, Tom's update to the online assembly manual would be automatically applied to the printable master, eliminating the error and reducing the support calls. Fewer calls increased the product's profit margin without additional work for Tom.

What Is the Function of PIM?

Product information management software serves as a central repository for product-related information. When combined with DAM software, it functions as a single source of truth for employees, partners, and customers. It enables organizations to systematically create, disseminate, standardize, and manage data for an enriched product experience.

Who Uses PIM Software?

Employees and partners should have controlled access to data stored in a PIM. Permission to modify or change information may be restricted to a few, but everyone should be able to view the information. Corporate sales, marketing, service, and product management teams are examples of those who use PIM software.

Sales

Sales teams need access to information stored in a PIM. They may need digital assets for a presentation or a data sheet to share with a potential customer. If they are comfortable with the information's accuracy, they will not hesitate to forward a PDF by email or look up information while on a sales call.

Salespeople spend less time trying to verify information and more time interacting with potential customers. They have more confidence in the information, which is reflected in how they respond to customer questions. PIMs allow sales teams to provide a better customer experience.

Marketing

Without a PIM, marketing departments often feel like they are reinventing the wheel. They go through the same process every time a new product is released or changed. Information is often stored in engineering or development silos that marketing can't access. Because data may appear contradictory, it becomes marketing's responsibility to verify information.

Much of marketing's time is consumed with finding product information. Even with their best efforts, errors can happen. With a centralized repository, correcting errors can be performed efficiently. Once the change is made in the repository, it will be pushed to other items needing the update.

Service

Service departments and call centers with access to PIM information can respond to customer concerns quickly. Customers are not placed on hold while the agent tries to reach a knowledgeable resource. Service personnel are not frantically looking through documents for a response.

Accurate and accessible product information lessens the stress and anxiety that service agents feel when dealing with a customer concern. Armed with consistent data, agents can deliver a better customer experience that builds brand loyalty.

Product Management

Product managers are responsible for disseminating up-to-date product information. Without a centralized repository, product managers must check with all departments that use product information to ensure their content is the most current. However, they are not in control of when or if the information is updated.

What is PIM used for by product managers? Information can be updated once and then disseminated to any digital asset related to the update. Product managers do not need to check with other departments to verify that they received the updated information. They know that once the update is part of the central repository, other departments and partners will have access to the most current data.

What Are Some PIM Software Examples?

The number of PIM software companies continues to grow. In fact, the PIM market size is expected to grow from $12.2 billion in 2022 to $23.8 billion in 2027. Such exponential growth usually means a more competitive landscape. For companies looking to invest in PIM solutions, a crowded market can make the selection process seem overwhelming.

To ensure organizations select the best PIM software for their needs, they need to understand what is a PIM tool and what is not. The following are a few examples from the list of top 10 PIM software tools.

• Akeneo PIM. The cloud-based PIM solution integrates with other Akeneo tools using application programming interfaces (API).

• Acquia PIM. The PIM solution is based on Drupal, an open-source content management solution. The company has added tools through acquisitions in 2021 and 2023.

• Inriver PIM. The software offers core PIM functionality on-premise using a subscription-based pricing model. It was acquired by an equity firm in 2022.

• Salsify PIM. Designed for large e-commerce retailers, the PIM solution can be combined with other Salsify tools for DAM and Product Experience Management (PXM)

• PIMcore. The company offers free PIM software to entry-level organizations; however, all other versions require a paid subscription.

• Lumavate. Its product experience platform (PXM) allows users to access PIM and DAM tools to create digital product experiences (DXP) from a single cloud-based platform.

Because capabilities can vary significantly, organizations must ensure that their core requirements are being met.

Is Shopify a PIM System?

Shopify is an eCommerce platform that assists online merchants in creating, managing, and maintaining an online storefront. It allows retailers to upload product information such as images, descriptions, and pricing. In essence, Shopify enables sellers to create an online catalog for their stores. It does not offer centralized repositories of product data and digital assets that can be used or reused across an enterprise.

To offer a seamless customer experience across multiple delivery channels, companies such as manufacturers and retailers need more than a product catalog. They need a PIM that operates as a single source of truth that is accessible to all users needing product information.

An eCommerce solution such as Shopify is designed for buying and selling merchandise online. The information is not cleansed before publication and any updates must be applied manually to the specific pages. While Shopify may be adequate for businesses with limited product lines, it lacks the scalability that businesses with extensive product offerings need.

What Does PIM Software Cost?

The cost of a PIM solution depends on the company. However, the costs can be divided into three general categories: setup, subscription, and licensing. Setup fees are one-time charges for services such as design and implementation. Subscription models require companies to pay a recurring fee for using the software. Maintenance and support may be included in the subscription fee. Licensing charges apply when third-party software is required as part of the implementation. In those cases, organizations may incur an ongoing licensing fee.

Setup fees can be costly, ranging from $10,000 to $100,000, depending on existing data quality and availability. Subscription charges can be based on the number of SKUs, users, or entries. These are typically recurring monthly charges, often paid in 12-month increments. If licenses are purchased as part of the setup, there may be no recurring costs; however, most software licenses require an ongoing maintenance fee.

Evaluating the one-time and recurring costs of a solution is an essential part of selecting a PIM solution. Lumavate, for example, offers a 14-day free trial with subscription plans starting at $499 per month.

How to Choose a PIM?

Selecting a PIM solution begins with knowing your business needs. What functionality is needed? Is there an implementation timeline? Answers to these questions can help narrow the pool of possible vendors. Consider the following questions when evaluating PIM tools in market availability.

What Functionality Do You Need?

Is your company planning to use videos for sales training on new products? Will marketing materials such as specifications use graphics or images? If so, digital asset management (DAM) tools may be an essential function of your PIM solutions.

What Systems Do You Need to Integrate With?

Product information exists throughout a company's network. However, it is not always accessible unless the PIM solution can interface with another system. Does your product information need to feed into accounting packages, inventory control, or websites? If so, make sure your solution supports API interfaces.

How Will the Product Information Be Used?

Who knows how product data will be used in two years? In ten? Whatever solution you choose, make sure it meets today's needs and has the flexibility to grow as your business expands. You may only sell your products locally now, but what happens if you open an office in another country? Does the PIM solution have the functionality to address channel customization?

What Type of Budget is Defined for This Initiative?

Know your budget and your priorities, but be aware of future needs. Look for a solution that will work within your budget to deliver the essential priorities without limiting future functionality.

What Is Your Timeline for Implementing a Solution?

The best PIM software is only as good as the data it stores. Establish a timeline that allows various teams to evaluate data. Identify what data is ready to be added to the system, what data needs to be updated, and what information is obsolete.

Is a PIM Enough?

Does your organization have a website, issue product catalogs, or attend trade shows? Are you looking to improve your omnichannel experiences and develop more personalized interactions? If so, you need a PIM.

But . . .

If your organization wants to include images in marketing materials, you'll need a digital asset management (DAM) tool that works with a PIM so employees can create engaging product materials.

If you use multiple sales channels, you'll need a PIM that can output print files and contribute to the design of digital product experiences.

If you want seamless customer experiences, you'll need a digital experience platform that delivers consistent information across all channels while enabling the channel customization users expect.

You'll need a product experience management (PXM) platform.

Lumavate offers a Product Experience Management (PXM) platform that enables companies to create and manage their digital product experiences. Its platform includes a built-in Product Information Management (PIM) solution, Digital Asset Management (DAM) functionality, Digital Experience Platform (DXP). It also provides text messaging and form-building for easier online deployment.

With more than 40 integrations. Lumavate is an all-in-one solution for companies that manufacture and sell physical products. It delivers the latest technology to meet the increasingly complex demands of omnichannel delivery. It allows users to send targeted text messages, create product registration forms, and customize digital experiences.

You'll need a digital experience platform (DXP).

A PIM is only as useful as the tools it works with. For example, centralizing product information only has value when it is easily shared and used in creating digital experiences, channel partner marketing materials, and third-party providers. Without the end-to-end capabilities of a DXP, companies need a product information management tools list to identify the added resources required to deliver a complete solution.

Users of Lumavate's platform can create digital product experiences quickly by pulling data and digital assets for their repositories. They can tailor the materials to specific markets and deliver files for printed materials. No technical skills required.

You'll need to get started today.

Companies can use Lumavate by signing up for the 14-day free trial or scheduling a demo. The company offers multiple subscription plans starting at $499 per month. Once a plan is in place, onboarding takes place the same day. Because Lumavate's platform does not require technical resources, marketing departments can begin creating digital experiences immediately. If assistance is needed, Lumavate has professional services available to help with initial implementation.

Lumavate offers complete Product Experience Management (PXM) functionality. Employees have access to Product Information Management (PIM) tools for centralized management of product data. Its Digital Asset Management (DAM) functionality stores product-related digital assets for use with its Digital Experience Platform (DXP). No other solution has the breadth of functionality that Lumavate has. For many customers, Lumavate is often 75 percent more cost-effective than competitors.