Shopping in-person allows consumers the chance to inspect an item’s texture, feel its weight and decide its overall suitability. Unfortunately, shopping online cannot provide the same opportunities to the shopper. To level the playing field, an e-commerce business must be able to provide correct specifications, detailed copy, accurate images and more.
If the product’s description does not match the delivered product, the buyer is more likely to request a refund, return the product, or post a negative review. In a recent survey, experts discovered half of the customers who returned a product did it because their purchase did not match with the information provided. To combat bad business and to remain competitive with in-person retailers, accurate product information is imperative to any online business.
Introducing PIM
Product information management, or PIM, has been gaining traction as businesses search for an accurate method. PIM is a system of product data collection, regulation and circulation. It yields data from the suppliers, enterprise resource planning (ERP) applications and other trustworthy sources to create a more precise distribution. This information can then be sent to mobile apps, catalogues and other points of sale.
Combining Information & Consistency
Product descriptions rarely come from one source. Luckily, a PIM system can help streamline the process. It can collect every piece of incoming data and create a single view from which it can be managed. A working PIM software provides e-commerce suppliers and marketers the resources needed to distribute and maintain accurate product information across all output channels, media and platforms.
Omnichannel consistency is also vital. An estimated 60% of customers expect any modifications made to the product’s description to be reflected across all other distribution channels such as the company’s site and emails. Meeting these standards is one of the primary driving forces behind PIM’s upward growth; the PIM industry is predicted to surpass $16 billion by 2025.
Reaping The Rewards
Executives and managers alike agree that one of the many perks of utilizing a PIM solution is that it can successfully streamline a company’s digital plan which results in better conversion sales and rates. Considering the current landscape where a buyer’s habits can rapidly change, having PIM as a tool provides online companies an edge over in-person retailers.
These benefits help further improve an establishment’s ability to provide the best omnichannel and customer experience. Your business’ reputation and trustworthiness can be strengthened, conversions successfully made and sales increased, driving up revenue.
To learn more about the significance of PIM, look over the following resource created by experts in retail cloud solutions.
