1. A faster workflow that translates into enhanced productivity and efficiency. Having to update product information individually, pulling from different sources and into several distribution channels takes up too much time that can be used for more productive tasks.
With a PIM system, all the sources that you need for compiling the product information are already consolidated in one place, so that you only have to edit such information once and have it distributed to your channels, outlets, and platforms.
2. Reduced errors, reduced cost. By consolidating your product information in one place, the number of errors dramatically decreases and in turn lessens operational costs.
An error made within a PIM system can easily be corrected once and across all the channels that you distribute to, but an error made in separate documents and worksheets needs to be painstakingly amended individually.
Also, maintaining product information in different places also increases the risk of errors itself, resulting to inconsistent or outdated information and a poor experience for your customers
3. Increased conversions and customer trust. As PIM reduces the time it takes to complete administrative tasks, your team members can focus more on enhancing product content and enabling a richer product experience for your customers.
With more engaging and consistent product information that are beyond the basic and usual ones, your products get more appeal to customers and result to higher conversion rates.
According to the Shotfarm Product Information Report that was cited in Retail Touchpoints’ article, poor product descriptions (30%) is one of the top three reasons provided by 90% of more than 1,500 surveyed consumers for abandoning an online shopping cart. Additionally, 86% have also said that they would be unlikely or very unlikely to make a repeat purchase with a retailer that provided them inaccurate product information.
4. Business growth and expansion. Faster and more efficient processes help you smoothly launch new products and expand your market. Increased conversion rates also lead to more revenues, which in turn support your business growth.