Countless selection choices, ease of buying, hassle-free return policies, different modes of payments, and so much more make online shopping a popular and preferred choice among shoppers of all age groups and requirements. While shopping, their browsing and buying experiences should meet their expectations if you want them to purchase and stay loyal to your brand. It is true not only for B2C interactions but also for B2B purchase decisions. In both cases, product data is the key to influencing buying decisions. Organizations must deploy a PIM system to master product data management.
In B2B commerce, feeding shoppers with accurate, relevant, and complete product information is imperative for a frictionless product experience. Businesses can achieve it by deploying a PIM system. Here, PIM stands for Product Information Management and is an advanced AI-powered platform built to store, organize, and enrich product information. It provides users with a function-rich central repository for handling complex, bulk product data. Organizations doing B2B commerce can leverage it to exceed shoppers’ expectations. But then mastering it is a prerequisite.
Problems faced by businesses in B2B commerce
Data management is error-prone, time-consuming, and labor-intensive via conventional routes and means. As the data that describe products is complex and can be in different formats, such as images, PDFs, GIFs, Audio, Videos, and more, managing it is challenging. It makes the need for a PIM system is ever more intense. Organizations dealing with thousands or millions of SKUs have a lot on their plate to meet shoppers’ expectations. They need to consolidate, create, organize, standardize, and do more with product data to improve its quality and make it ready to share and publish. Here, failing to deliver quality will result in missed sales, dropping revenues, and a negative brand/company image.
Challenges pertaining to efficient product data management are enormous, while the solution lies in mastering PIM, a comprehensive software product built for business needs for product content and B2B interactions. Here is how you can master it.
Centralize and integrate systems
Businesses may have their product data dispersed across multiple systems, such as ERP, CRM, WMS, etc. Integrating these systems with PIM will harmonize the information effectively to create a single source truth for all your product information with no error. A centralized product information management system will be scalable with the potential to boost operational and enhanced decision-making.
Create and manage catalogue effectively
A catalogue is a repository of products. It must be optimally designed and organized to make products easy to find and edit. For that to happen, build a hierarchical category structure (aka, taxonomy) that classifies and houses products in proper categories. Then there is a need to define product attributes that are essential to describe products extensively. The next step is to define Schema. That means deciding which attributes are relevant to different categories. Furthermore, setting up data governance will enforce the accuracy and completeness of product information.
Increase cross-functional collaboration
Product information is scattered across development, testing, sales, marketing, channel partners, and other departments. Each must work collaboratively to utilize data effectively. Define and assign tasks for users with different roles. It will increase productivity, enhance product visibility, and improve workflow.
Leverage analytics and reports
Analysis and reports will help find areas where there is a need for improvement. Leverage advanced analytics and actionable reports that allow bulk modifications and automate fixes. The quality metrics provide a high-level view of product data with taxonomy, attribution, schema, and item-related quality metrics. By effectively using this feature, you can view and improve the health of your catalog.
Implementing and mastering these PIM practices will encourage efficient product data management, leading to superb product experiences and satisfied customers Read More