By the year 2024, the Product Information Management (or PIM for short) software market is expected to reach an $11.4 billion valuation.
Have you been on the fence about using this type of software? If so, keep reading.
Six of the greatest benefits it has to offer are explained below.
What Is PIM?
Before we dive into the benefits, let’s address one of the most common questions: What is PIM or Product Information Management?
Product Information Management software is a tool that helps eCommerce businesses to store all of their product information in one centralized platform. It aids in data management and ensures that everyone has access to consistent, up-to-date details.
The following are some specific tasks that this type of software can carry out:
- Collecting and unifying product information
- Identifying and fixing inconsistent data
- Automating data and other business processes
- Simplifying search processes
PIM software can also aid in distributing product information to retail, marketing, sales, and social media channels.
Benefits of Product Information Management for Small Business
Now that you understand the what, let’s explore the why. Why is product information important? Why should you use a Product Information Management software?
- Better Data Management
First of all, data management is much easier when you use a good PIM software. PIM automates most (if not all) of your small business’s data management processes and frees you up to focus on other things.
- Better Customer Experience
The customer experience improves with the implementation of PIM software, too. When customers have access to clear, detailed, and relevant product information, they’re less likely to abandon their shopping cart. They’re more likely to shop with your business again, too.
- Increased Efficiency
You can save a lot of time when you starting using PIM software. Since so much is automated, you and your team don’t have to waste time with a lot of manual data entry. You can easily find what you need, too, with PIM’s simple and accurate search features.
- Increase Cost-Effectiveness
You might have to spend more money upfront to purchase PIM software. In the long run, though, it’ll save you money. Think of how much gets wasted every year due to inaccuracies in your business’s product information. PIM can help you to avoid this.
- Easier Integration
When engaging in PIM vs Excel debates, one of the most common arguments is the fact that PIM is easier to integrate into your existing systems. It allows for a more streamlined process and doesn’t come with a significant learning curve.
- Easier Time Reaching New Markets
With PIM software, you can reach new markets more easily than ever before. By automating data management processes, you can release product information, access new customers, and grow your business.
Invest in Product Information Management Software Today
Now that you know more about product information management software and the benefits it has to provide, are you ready to start using it? Do you want to experience these benefits for yourself?
Once you start exploring the different product information management features, you’ll never want to use another type of software again.
For more information on other tools that can help you to run your business, check out some of the other articles on our site. Head to the Corporate Life section today to keep learning.