How Much Does a PIM System Cost?

Are you tired of spending countless hours tracking down product information and assets? If you are, it may be time to implement a product information management system at your company. 

How Much Does a PIM System Cost?

You have determined that a product information management (PIM) system would be beneficial for your business. What are the next steps? One important aspect would be determining how much a PIM system costs. The PIM software cost can vary and depends on the vendor and the specific solution chosen. Some companies charge month-to-month pricing, which can start as low as $450 per month and range to tens of thousands of dollars annually based on the vendor subscription plan selected.

There are a number of PIM systems that are available on the market today. A few of the well-known PIM systems are Plytix PIM, Akeneo PIM, Lumavate, and PIMcore. 

Below are a few samples of pricing for some PIM solutions:

• Plytix pricing - The pricing for Plytix is provided on a monthly basis on their website. They offer three plans: Starter, Custom, or Unlimited. Their price options are $450/month, $900/month, or $1,650/month, depending on which plan you select.
• Akeno pricing - The pricing for Akeno is provided on an annual basis on their website. They offer three plans: Community Edition, Growth Edition, or Enterprise Edition. Their price options are free, $25k annually or the third requires that you call for a quote. 
• Lumavate pricing - The pricing for Lumavate is provided on a yearly basis on their website. They offer four plans: Free, Basic, Professional, or Enterprise. Lumavate’s PIM functionality is included in its Professional and Enterprise Plans which are $10,000/year or $50,000/year. Lumavate’s subscription costs also include a full digital experience platform (DXP) with the ability to build an unlimited number of digital experiences as well as text messaging functionality. 

What Is a PIM?

If you have decided to purchase a PIM system, then you likely know what a PIM is, but let’s recap to ensure we understand what a PIM solution is. 

If you search for PIM or production information management software/solutions, you will find numerous definitions. According to Amplifi,  “product information refers to any information held by an organization about the products it produces, buys, sells or distributes.” In short, a PIM is a place where you can store all of the information about your products. This can include the product name, description, SKU, sizing,  and pricing. Product information can also include safety information and installation documents.

How to Use a PIM?

Now that we understand what a PIM solution is, let's discuss how you actually use a PIM. In short, using a PIM solution will be a little different, depending on the company you decide to use. Each one will require you to gather a list of your products and start compiling descriptions, photos, etc. for each. Once you have all of this information, you will begin adding this information into the solution you decided to use. 

Using a PIM will help you shorten your speed-to-market, especially when using a solution like Lumavate. Lumavate has its own PIM solution that allows you to add your product information and assets in a matter of minutes. This also means that you will not need to involve developers or your IT department!

What Are Examples of PIM Applications?

There are many PIM tools in the market today. Some of the well-known PIM software examples are: Salsify, Unbxd, Pimcore, Lumavate, and Akeneo. Some of these solutions focus solely on PIM solutions, while others have product information management solutions along with an integrated digital experience platform. The upside to some of these solutions is that you have access to their PIM, but also have access to their other systems.

How Do I Choose a PIM?

Now that we have reviewed how much a PIM costs, what a PIM is, and how to use a PIM, how do you actually choose a PIM to use for your business? How you choose a PIM depends on what your needs are. Is cost your main concern? Or, are you wanting a solution that provides the most features? While each product out there offers its own pros and cons, it’s ultimately up to you to choose the product that works best for you. 

Lumavate is a platform that provides a PIM. The great news is that your company can have access to the PIM for as little as $10,000 per year, as it’s available on their Professional Plan. By using Lumavate’s product information management solution, you will also have access to build an unlimited number of digital experiences. This will allow you to add all of your products to the PIM, then add these products to as many digital experiences as you would like to create.

Want to learn more about Lumavate, schedule a demo to learn more.