The manufacturing industry is constantly evolving, with competitors all undergoing varying digital transformations, underlining the importance of creating a perfect online presence. Manufacturers require a positive digital reputation to create and build a strong buyer relationship, allowing their customers to engage and interact online. The solution can be found within Product Information Management (PIM), which provides access to a reliable, single source of information.
Implementing efficient PIM is essential in the modern manufacturing world. Organising and updating product information will instill buyer confidence and promote loyalty. Therefore, staying engaged with all marketplaces – including distributors, retailers and potential buyers, is vital.
Utilising PIM For a Greater Return on Investment
With one of the highest adoption rates, the demand for PIM systems is expected to increase exponentially in the coming years. Fundamentally, businesses and product marketing teams need to be equipped with the right tools to manage the demand for online purchasing, given that digital sales are expected to grow 49% annually, compared to 15% of global sales.
PIM software increases the quality of product information, which has a direct correlation to enhancing customer navigation and the buying experience. While 41% of consumers believe that product information is a crucial component of brand image, more than 30% of online buyers abandon their purchases because they are unable to locate enough trustworthy information. By enhancing content and giving customers the information they need, PIM improves relationships with customers and increases loyalty among them. Products that have high-quality content stand out amongst others in an increasingly competitive landscape. By enhancing their brand image, companies gain increased exposure in the eyes of their target market with investment in PIM directly relating to a greater Return On Investment (ROI).
For manufacturers who manage a lot of data and sell through several channels, the advantages are significant in terms of productivity. A PIM system can assist in saving time, enhance the quality of data, and help businesses gain control over their products. Investing in innovative technologies, that streamline operations and encourage collaborative work, is a sure-fire method to increase productivity.
Providing internal and external teams a central location to collaborate is a fundamental way PIM boosts productivity and extends past the benefits of product enrichment. Given manufacturers have a large product range spread across multiple channels, it can take long periods of time to be able to gather all relevant product information. With an effective PIM system in place, manufacturers can access all their product information, providing a single source of truth. Moreover, by utilising intuitive dashboards, manufacturers can rapidly make any necessary modifications by identifying any gaps in their product data.
Increasing Accuracy of All Product Information
Manufacturers can design approval workflows to validate information before it goes online and as a result, increases business confidence in terms of dealing with product information. By utilising PIM, businesses are able to have greater inventory accuracy meaning that they’ll avoid selling items that are out of stock or unavailable and consequently, strengthens their relationships to buyers.
Manufacturers dealing with enormous amounts of product data gathered from multiple sources can now import data using PIM, allowing organisations access to all the data needed to establish a remarkable online experience. In addition, bulk updates allow users to change vast amounts of data simultaneously and these updates are immediately mirrored across all sales channels after being published to their PIM system. This will ensure that manufacturers constantly present accurate information, resulting in increased client satisfaction.
Increasing the number of channels through which products are sold, as well as ensuring that product data is sufficient in providing an excellent customer experience, are the two main drivers of growth in the manufacturing industry. A competent PIM strategy offers a competitive advantage over businesses that are still manually creating and managing their product information. An effective PIM system centralises all product information in a single source of truth, increases information accuracy, all whilst enhancing overall efficiency. Therefore, through adopting PIM, manufacturers can strengthen their relationships with buyers and thrive in an increasingly competitive landscape.