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|The importance of effective product information management is monumental for retailers. In fact http://www.ravensfootballpro.com/Ravens-Jimmy-Smith-Jersey/ , $4billion in sales, or 3.5%, are lost each year due to supply chain information inefficiencies. When it comes to products, companies spend an average of 25 minutes per SKU per year cleaning out and syncing old information and for new products, it takes an average of four weeks to launch the offering.
As retailers across the globe expand their brick-and-mortar offerings to ecommerce, and bring their thousands of SKUs to the digital world, product information management is key to driving quality traffic http://www.ravensfootballpro.com/Ravens-Jeremy-Maclin-Jersey/ , increasing conversion and building customer loyalty. Marketing teams are often expected to update multiple channels, including mobile, desktop, brochures, newsletters, print, etc. http://www.ravensfootballpro.com/Ravens-Javorius-Allen-Jersey/ , with great copy and rich imagery as fast as possible. Those are a lot of balls to keep in the air. Fortunately, Product Information Management Solutions makes marketing across multiple channels much easier.
Primary Product Information Possibilites:
• Product descriptions, product attributes (such as color, material, or feature sets,) high-resolution images, and even video are all aspects of product information that no longer have to be duplicated when you have a PIM system.
• Product Information Management parses product information from a single source and distributes to the appropriate channels. Multichannel marketers especially appreciate Product Information Management as an efficient way to share the most up-to-date product data between online and print.
• Integration is already a cornerstone of successful e-commerce. With integration between your Enterprise Resource Planning (ERP) and your e-commerce solutions http://www.ravensfootballpro.com/Ravens-James-Hurst-Jersey/ , you open up many avenues for customer self-service and a greatly improved customer experience. Adding your Product Information Management to the integrated family further streamlines your business, saving even more time and money.
• With Product Information Management Solutions together with ecommerce, your marketing team is no longer required to become expert at every aspect and it will give them opportunity to rock at their respective fields.
Product Information Management Solutions- The Best Practices for Ensuring Omni-Channel Success:
• Consolidate All Product Information: The first step in establishing a sound infrastructure to manage product information is to consolidate all product information across your organization in a single location. From this location, team members can access, manage and publish said information to one or multiple locations.In addition to consolidating all of this data in a central location, it is important to create consistency in determining how that information will be formatted.
• Build Processes To Create Speed & Efficiency: It’s no secret that rolling out new products or making updates to existing products can be a lengthy, painstaking process. By implementing processes andor utilizing technology to expedite those tasks http://www.ravensfootballpro.com/Ravens-Eric-Weddle-Jersey/ , you can significantly decrease the amount of time spent managing product information –– in many instances by more than 50%. It’s important to note that because every retailer’s product management challenges are unique, there is not a “one size fits all” approach to building these processes. Furthermore, the processes themselves are the most important consideration, whereas any technologies to support those processes should come second.
• Product Information Enrichment: Product information can be a tremendous sales asset and a competitive advantage for retailers who place an emphasis on enhancing the quality of that information. What appear to be obvious, necessary steps, such as writing unique high-quality descriptions, adding product videos and using high-resolution images http://www.ravensfootballpro.com/Ravens-Danny-Woodhead-Jersey/ , are often overlooked as brick-and-mortar stores extend their offering to the ecommerce space. Effective product information management is not just about adhering to these standards, but utilizing processes and tools to make them more efficient.
• Product Performance Optimization: Product information management is much more than simply efficiently managing product information. It’s also about optimizing the performance of those products across all sales channels. At the end of the day, ecommerce success can be boiled down to two elements: driving high quality traffic and converting shoppers to customers. Product information plays a crucial part in both areas. Below, the top four areas of focus to increase pull in quality traffic and increase conversions:
Primary Ways to Implement the PIM Solutions Effectively:
• Create rich, thorough product information that is search engine-friendly to increase traffic and attract highly qualified shoppers.
• Strategize well thought out product information that is designed via AB testing to increase conversions.
• Customize product information to better cater to different sales channels and market segments will go one step further in increasing conversion rates.
• Monitor the performance of products across all of your sales channels, then make constant improvements to these elements moving forward.
If executed properly, product information management solutions and all that it entails can improve efficiency http://www.ravensfootballpro.com/Ravens-Crockett-Gillmore-Jersey/ , increase revenue and ultimately foster growth. The methods discussed here are really only the tip of the iceberg as it concerns product information management. That said, it’s important to realize that you should build a road map for implementing a product information management strategy one step at a time to ensure long-term success.
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