How Much Does It Cost to Use PIM Software?

The PIM software market, which was valued at just $2.49 billion in 2021, is expected to be worth almost $13 billion by 2029 as companies the world over turn to PIM programs to manage data, improve product experiences, and more. Discovering what PIM software can do for your business can spell the difference between exponential growth and a struggle to turn profits.

What Does the Acronym PIM Stand For?

The acronym PIM stands for product information management. However, there is more to the PIM meaning than keeping information organized. PIM programs act as a "source of truth" for all information related to products for sale. They allow authorized users in multiple locations to access and update information with ease. This not only ensures the PIM program is always up-to-date but also improves marketing and customer service by ensuring all information shared with consumers and sales partners is 100 percent accurate.

What Is a PIM Tool?

A PIM tool is another name for PIM software or a PIM platform. It is a program specifically designed to centrally store and manage product data such as SKUs, prices, product descriptions, features/benefits lists, and information about product dimensions and functionality. Many PIM tools in market also include digital asset management (DAM) functionality to allow businesses to store video files, image files, and file attachments such as owner manuals and spec sheets with text information. Well-known PIM software examples include Akeneo, Pimcore, Salsify, PIMworks, Acquia, and Lumavate.

How Much Does It Cost to Use PIM Software?

The cost of a PIM solution varies depending on multiple factors. Unfortunately, most PIM companies do not share pricing information upfront. Rather, you would need to provide information on your business and request a custom quote. This quote does not include the cost of having the PIM company's IT technicians install the program on your computer. It also doesn't include the cost of making changes to the program if you need to add new tools at a future date.

Lumavate stands out from other PIM software tools because you can choose a price plan on the company website. The Starter plan costs $499 a month, the Growth plan costs $999 a month, and the Enterprise plan costs $4,999 a month. These price points are up to 75 percent cheaper than many other PIM programs on the market. The Lumavate PIM does not require professional installation assistance, although you can request it if you wish. You only need to pick the plan of your choice and then start using it. What's more, you can update or downgrade your plan at any point in time.

How Do I Choose a PIM System?

There are five important questions you should ask yourself before selecting a PIM system:

1. What functionality do you need? Most companies need a system that includes DAM functionality. Storing images with your product information helps to keep your digital assets organized and enables you to share these assets with sales partners and your target audience.

2. What other systems do you need to integrate with? If you sell items online, you'll want product information management tools that integrate with your website and third-party sales platforms. These tools will automatically update your product pages as soon as you add new information to your PIM system. If you do a lot of social media marketing, it's a good idea to pick a PIM platform that can integrate with the social media platforms you use to promote your business. Other helpful programs you may want your PIM platform to integrate with may include catalog creation programs, Microsoft Office, and Adobe.

3. How will the product information be used? If you have a B2B company, you'll want a PIM platform that can help you organize product information and keep your digital catalog up-to-date. You'll also want to make sure your PIM platform allows sales partners to access product information and digital assets, as this ensures brand uniformity when third-party vendors promote your products online. If you run a B2C company, the way in which you use your product information will likely depend on your industry, target audience, and marketing plan. It's a good idea to choose a platform that can automate as much of your work as possible to save time and avoid human error.

4. What type of budget is defined for this initiative? Cost should not be the primary factor you consider when choosing the best PIM for your business. Low-budget tools may not have enough storage space or the tools you need to grow your business to its fullest potential. Even so, not every company can afford to spend thousands of dollars a month on a PIM program, so you'll need to consider how much you can afford per month when choosing a PIM platform for your business. The good news is that price alone isn't the only factor that determines if a PIM program is a good choice.

5. What is your timeline for implementing a solution? It can take a week or longer to get some PIM programs up and running for your business. This is especially true if you choose a program that requires you to request a price quote. While you don't want to rush into picking a PIM platform, getting a PIM solution running ASAP will enable you to start using your data to grow your business faster than would otherwise be possible.

The best PIM software 2024 is the one that best meets your business needs. Even so, there are many reasons why companies in multiple industries are turning to Lumavate for PIM services. Lumavate's PIM platform not only offers PIM and DAM tools but also a full product experience management (PXM) suite. The PXM platform allows you to use your data to build websites and microsites for your brand, create forms and design catalogs, promote events, and more. What's more, Lumavate has over 40 integrations with other commonly used software programs. This allows you to share product information quickly and easily. Another advantage of Lumavate is that you don't need to learn how to code in order to use its main features. The "what you see is what you get" (WYSIWYG) platform makes it easy for anyone to start all of Lumavate's tools right away.

PIM tools enable you to save time while boosting business growth. They increase brand awareness and build brand loyalty. Get in touch with us today to find out more about what Lumavate can do for you, or schedule a free Lumavate PIM demo at your convenience.