This IRCE session is Conquer the Pain Points and Capture the ROI of Product Information Management Systems, presented by Cynthia Rodgers Maignan, Director, E-Commerce Content Strategy, Management - Office Depot and Ryan Lee, Manager, Technology - Gorjana Griffin. Companies that aren't using a product information management system will waste a combined $2.1 billion. Much of this comes from products that are sitting in warehouses but aren't listed for sale.
Some of the pain points with product data and product information management:
- Data from multiple sources
- Excel spreadsheets
- Inconsistent and poor data quality
- Erroneous and out-dated information
- No data validation
- Manual processes and lack of workflows
- Legacy systems
- Unclear roles/multiple users - everyone has access to the system and can edit, etc.
- Merchants and vendors are using different systems
30% of item data in catalogs used by retailers for reordering stock is in error - each of these errors cost $60-$80 to address.
Product information management leads to a better customer experience - bad product data leads to a bad user experience.
Some of the benefits of PIM:
- Centralizes and streamlines all product data and syncs with multiple systems
- Manages data validation to improve data quality
- Ensures data accuracy
- Enhanced product descriptions
- Improved use of data to drive web functionality
- Improves search and comparison shopping experience on your site
How to identify your right PIM system:
- Know your specific product information management pain points - there is no one size fits all PIM system
- Do your homework to narrow down resources
- Obtain an RFI/RFP from top 3 to 5 resources
- Acknowledge a PIM implementation is organizational change - get everyone on board and gather the resources you need
Product data is an asset. Data + PIM = revenue. Organizing product data can increase sales, margins & customer loyalty.
Improved product data through product information management provides a competitive advantage by enabling rich content on your site.
Small-and-medium businesses can use product information management systems - there are PIMs targeting Magento Community Edition such as ClaraStream and Akeneo.
The templates built into a PIM help ensure even small retailers can make sure their data is loaded accurately, correctly and quickly.