If you’re new to eCommerce this summer, you may think that PIM has something to do with a lemonade mixer served with ice and a cucumber slice. What you might not realise is that PIM is also a form of marketing software that will give your online store a similarly chilled and relaxed feel, as well cashing in on your sales and stock information in ways you might have overlooked. Thirsty for that? Read on.
PIM stands for Product Information Management. In straightforward terms, it’s all about collecting, storing and managing precise background data about your products and the related buying behaviour of your customer base. If this level of scrutiny is unfamiliar to you, think about the common barcode and how much information you can store on a spreadsheet by giving each product its own alphanumeric code (or SKU – stock-keeping unit). The typical types of information you might want to store are things like product name, title, specifications, supplier info, and even more advanced information such as the product category Google will apply to it. Believe it or not, using this information and applying it to other aspects of marketing, such as frequent searches, return rate indicators and new customer purchases makes the data collated by your PIM system almost like gold dust. PIM can even handle system defined workflows in order to automate some aspects of your online store, creating extra efficiency and potentially freeing up a few working hours.
PIM isn’t for every business. If you’re wondering if it might be for you, you’ll want to think about your particular store and the way it operates. Think about the sales channels that apply and whether product information management is likely to enhance revenue from these channels. For those eCommerce stores that do adopt PIM, it can help them acquire new customers, show evidence of how conversions tend to happen, identifies sticking points in order fulfilment, and a lot more besides.
Marketing software can be invaluable for traditional bricks and mortar businesses as well as eCommerce, but for the potential spread and reach of your online store, PIM can become a valuable source of information for your marketing strategy. You might even have time for a glass of Pimm’s!
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