5 Things PIM Is Not…
An outdated concept
PIM, the acronym for Product Information Management, came into use by retailers over 30 years ago as a basic data management tool. This was long before e-commerce, complex assortments, the speed of inventory turns afforded by technology and consumer behavior today, cloud computing driving analytics & predictive merchandising tools. Despite the dramatic change in just about everything, for some, PIM still carries with it the burden of history, being born in another era for another (highly limited) purpose.
For e-commerce only
The other extreme in perception is that modern PIMs (Product Information Management) are for e-commerce only. Therefore, it is usually e-commerce or digital departments driving the purchase of PIM systems today. The idea that PIM is just for e-commerce perpetuates data silos and inefficient operations and is the big moat companies must cross to reach the promised land of omnichannel.
For types of retailers and consumer brands only
Today there are many types of retailers and consumer brands, spanning many categories and types of goods. Some are fast paced like fast fashion, and others are comparatively slow movers like auto parts.
Modern PIMs provide value to all types of retailers, consumer brands, B2B and B2C companies. Fast moving categories may need quick, efficient, collaboration for the introduction, enrichment, and publishing of new products. Slow moving categories or wholesalers may need more automation, governance, and a system that enables management by exception.
An enterprise solution
Along with the perception that PIM is either outdated, or e-commerce only, another misconception is that PIM is not an enterprise solution, but instead “mainly for selling on Amazon.” This could not be further from the truth!
As earnings reports come out, there are several top-tier retailers and brands that have shown tremendous growth globally, both in bricks and clicks revenue. What is the driving force behind them? Likely a modern PIM that delivers workflow, automation, collaboration, data governance, translations, publishing, and more to be the backbone of all things product.
A low priority
Retailers and consumer brands are incredibly challenging and complex businesses. The constant need for fresh assortments, keeping up with all the new ways and places customers shop, and of course top of mind recently is all the supply chain issues, it is clear that the speed bumps are never ending.
Running a modern organization requires a variety of different systems — ERP (Enterprise Resource Planning), merchandising, marketing, supply chain, POS, analytics, etc. Do organizations need yet another system? If so, why PIM and why now? Well, let us answer this question by the next point, the 1 thing PIM is…
1 Thing PIM Is…
Essential for Omnichannel and DTC
If the last 5 years have taught us anything, the pace of change is faster than ever, and uncertainty of where things are going is greater. The pandemic showed retailers and brands deep weaknesses in their organizations, and a need to remove data and operating silos, to push toward omnichannel and DTC in a meaningful way finally.
The most important enabler of omnichannel and DTC is the modern PIM. It is the one place to centralize all things product — content, images, stories, reviews, attributes, translations, and much more. It is the one place from which all systems that consume product content for merchandising, marketing and analytics are fed. It gives agility, flexibility, removes barriers to entering new channels, all while driving bricks and clicks revenue and margins.
Digital Wave’s AI-Powered PXM
Digital Wave Technology’s modern, AI-powered PXM solution takes PIM to the next level PIM, enabling content and media optimized for each channel, language, and currency. It focuses on telling each product’s best story, curated specifically for where customers shop, so they buy more. It then automates that story-telling process across thousands of products and dozens of global shopping destinations.
It is a necessity in today’s digital market! You can easily automate your brand’s story-telling process across thousands of products and dozens of global shopping destinations. Get in touch with our team to find out how!