In the modern world, eCommerce enterprises are prevalent and profitable because of the increasing levels of online shopping. But the truth is eCommerce websites cannot operate without product management. A lot of information is required for a single product displayed on an eCommerce website. The information enables the consumer to identify the product’s features just as they would when shopping physically. When shopping online, a consumer can only rely on the product information they read, including specification, weight, images, and videos, to make a buying choice.
Therefore any company in the online retail market needs robust, accurate, compelling, and up-to-date product information to ultimately win the consumer in the digital world. That is where a product information management solution comes in. Today, many companies are harnessing the power of product information management for efficient business workflows and driving more eCommerce success.
What is product information management?
Product information management (PIM) enables an organization to collect, manage and distribute all product information from a centralized location. A product information management software such as www.encode.eu aims to secure and boost the quality of product information available to internal and external stakeholders in the company.
Before eCommerce, consumers only learned about products when shopping physically in shops. However, in the modern age of eCommerce, shoppers can learn about products through images, specifications, videos, and descriptions competing for their attention online.
Many companies run and manage product information using platforms and spreadsheets made for engineers and product managers, but they don’t always work well with marketing systems. If anything, you are stuck with the error-prone and time-consuming task of reentering thousands of lines of product information into various tools like project management, data asset management, and eCommerce syndication. That increases the risks of inaccurate product descriptions reaching the customer. When a customer sees a product description that describes something else apart from what is in the accompanying image, they will not be happy and will leave a negative review.
Therefore a product information management system that works in tandem with a digital asset management system is handy to enrich product information search optimizes images, photos, and descriptions.
How does a product management platform work?
A product management platform or solution ensures every piece of information associated with a particular product lives in one central profile within the system. Additionally, designated stakeholders like product managers can transport product data from external systems into the product management platform. It also provides the users, product partners, print publishers, and other eCommerce collaborators with updated versions of the recent product information.
In simple words, product information management improves the internal workflows of an organization to deliver accurate, consistent, and compelling product information to its consumers. That results in a strong brand, which fuels business and revenue growth.
Product information management uses logic that determines how a product and its related information can be consolidated within a system. That involves using taxonomies of multilevel hierarchies that categorize products and data used to describe them in different levels resulting in the structured product information.
A product information management system is vital for product managers to deliver accurate and consistent product information to the consumers and marketing teams.