What Does PIM Stand For?

Most companies store and update their product data on multiple spreadsheets. This is inefficient for more than a couple of reasons. First, there's the time it takes employees to find and update information. Second, it makes the data inaccessible to a large number of employees in the business who don’t have access to the ever-changing spreadsheets.

That's why PIMs were created. PIM is an acronym for product information management. This is the system and processes of managing product data and related digital assets.

What Does PIM Software Do?

PIM software allows users to create and manage product information in a centralized location. Everything about your products from product descriptions, pricing, SKUs, images, documents, related products, and so much more can all be easily created and managed in one place. This empowers users to work together on managing product information to ensure that data is easily accessible and up to date.

You can also use PIM software to create digital product guides which ensures that your customers always have up-to-date information. You can also add QR codes and NFC tags on your products to provide easy access to product information and enable your customers to compare products to find the best option for their needs.

By using PIM software effectively you can shorten your go-to-market speed by adding your product information into the PIM solution in a matter of minutes with no IT or development support required, and you can deliver memorable digital experiences by creating digital experiences to showcase your products with a variety of use cases for your customers. You can even drive more revenue by recommending relevant products.

What Are Examples of PIM Applications?

PIM applications is another name for a PIM software. The most common PIM software examples are Akeneo PIM, Pimcore, and Lumavate. 

Akeneo is a PIM software that offers a three-tier system based on company size. The three tiers are PIM Enterprise Edition, PIM Growth Edition, and PIM Community Edition. Their PIM Enterprise Edition is designed for large and complex product catalogs, while the PIM Growth and Community Edition is more designed for small businesses. The website offers upfront pricing for the Community and Growth Editions, but for the Enterprise Edition, you are required to book a demo to get pricing.

Pimcore is also a PIM software. This software offers an Enterprise Edition, Cloud Edition, and Community edition. The Enterprise and Cloud Edition seem to have mostly the same features, while the Community edition does not include product data syndication, marketplace Microsoft or adobe integration, product feed management, and a few other features. For the most part, the software seems to have good features, but there are no options for upfront pricing.

Lumavate is a customizable PIM software. What makes this unique is that Lumavate can help you create a one-of-a-kind PIM system for your company's needs which allows it to be a one size fits all product. Like other PIM software, Lumivate makes it easy to manage all your product data in a centralized location and all of your product information can be pulled for future use cases. They also offer four plans to fit your company needs with upfront pricing. Lumavate also offers a full digital experience platform (DXP) with its PIM making it possible for you not only to manage your product data and assets, but easily use them in digital experiences. 

Why Do I Need a PIM System?

PIM systems are useful because it centralizes your product information including product descriptions, pricing, SKUs, images, documents, and related products. This makes it more accessible and always up-to-date for your team. It helps streamline processes for storing and managing the information, increasing your team's productivity. 

It also allows your site navigation to be more user friendly making it easier for your customers to find the product information they need to make an informed decision. Your customers can also compare and contrast different products in your lineup allowing them to choose the best option for their needs.

Many companies that use PIM software see accelerated revenue growth. This growth is often caused by increased conversion and retention rates. Using the PIM software to recommend relevant products to their customers as well as a user-friendly site navigation design is one of the best ways to support your bottom line.

If you enjoyed this information and would like to learn more about PIM and customizable experiences you can read more articles on our Blog or book a demo if you’d like to learn how to use Lumavate’s PIM functionality for your business