What Is Meant By Product Information?

Knowing how to manage and use product information can spell the difference between success and failure for your business. Read on to learn what product information is, why it's important, and how to use and manage it in order to propel your business forward.

What Is Meant by Product Information?

A product description and product images are likely the best-known forms of product information. However, they're not the only ones by any means. 

Product information is any information you can post about a product for sale. It can include a list of product amenities and benefits. Listing dimensions is helpful, as is providing information about the product's functionality. How-to instructions, an owner's manual, and a spec sheet are a must for potential customers shopping for tools, appliances, or items that have to be assembled after delivery. You may also want to list the SKU number for reference. Doing so benefits not only customers but also employees keeping track of goods sold.

Consider the following product information example for a side table:

Wood and metal side table, with two handy storage shelves underneath.

There is a lot of product information missing in this sentence. Clients may be able to see the color of the table from the accompanying image. However, they won't know the measurements, how to assemble it, what type of wood it's made from, and how much weight it can handle. Employees won't know how many tables are in stock, where they're stored, or how long they'll be available.

A complete product profile would give a customer all the necessary information. It may even provide visual and text information showing how and where this table can be used. It would also give employees, retailers, and dealers the information they need to properly track, market, and sell the item.

What Is the Purpose of Product Information?

The importance of product information can't be overstated. It's a must if you want to reach your business goals. You need it to convey to your customers what you offer and why it's worth their hard-earned cash. There is a lot of competition in pretty much every single industry. Your product information will play a key role in determining if someone buys your product or a competitor’s. In fact, 60 percent of online shoppers say that poor product information is the main reason they leave a shopping cart. What's more, most of these shoppers won't come back to sellers who didn't provide adequate information in their product listings.

At the same time, your employees also need detailed information about every single product you sell. Detailed product information improves customer service. If a potential customer has a question, your employee will be able to provide knowledgeable, accurate answers. Additionally, by centralizing product information, manufacturers can create customer resources that reduce support requests. By enabling customers to find answers to common questions, manufacturers will not only save money, but delight customers and improve the customer experience.  

What Is Product Information Management?

As the name implies, a Product Information Management (PIM) solution is the management of all the information pertaining to the goods you make and sell. All manufacturers have a system for storing and managing product data. Unfortunately for many manufacturing teams, the system is typically homegrown. It is common for manufacturers to store product data in a variety of solutions, including documents, spreadsheets, databases, and even as legacy knowledge among team members. The result is a terribly inefficient solution, rife with inconsistencies.

The ideal alternative to these storage methods is a PIM software program designed to meet your industry's needs and requirements. Such a program allows easy access to any authorized individual, enabling employees to find the information they're looking for at a glance. It makes information accessible across multiple departments and allows authorized employees to update information in real-time. Furthermore, an ideal PIM solution will be secure and provide remote storage in the cloud to prevent loss or unauthorized access.

Why Is Product Information Management Important?

When product information isn't centrally located, individual teams create individual resources. Employees aren’t able to identify what product data is accurate or which resource is most up to date.

You can be assured, if your employees are confused, your customers don’t stand a chance. Inefficient product information management decreases sales as potential customers aren't able to get the information they need about items they're considering buying. It reflects badly on your business as people who come to you find they either can't get answers to their questions or are even given wrong answers by employees relying on outdated or incomplete product profiles. 

On the other hand, PIM software such as that offered by Lumavate can boost sales and profits while decreasing your workload. You'll have access to all the information you need with only a few clicks of a mouse. This makes it easy to update product information for potential clients and order popular products in advance, so you don't run out. It facilitates brand consistency, so potential customers can identify your products at a glance.

Are you ready to take your business to the next level? If so, Lumavate Products has the features and amenities you need to get you where you want to go. Our PIM solution allows for unlimited products, product types, and custom data fields. It creates product relationships to enable you to cross-sell related goods and accessories to clients who buy an item from your store. You can use it to manage products that you're removing from production and new products you're about to launch. There is also a change log that enables you to keep track of updates over an extended period of time. Get in touch with us to find out more about our services or to schedule a demo for your firm.