Centralize Your Product Data

Data is a company’s most valuable inventory. Physical products may consume trillions of cubic square feet in warehouses globally, but data reigns supreme. 

Think about it. Your company has the best small kitchen appliance line. The entire line has more power and options than the current market leader. When it comes time to launch the line and begin selling, your team is going to need all the details about all the products in the line.

Marketing needs to create product information landing pages, digital ads with product images and key functionality highlights, and product recommendation digital experiences to engage new consumers, to name a few tasks.

Customer support will want to provide consumers with product onboarding and troubleshooting instructions. Consumers will expect access to manuals and product guides specific to the model they purchase.

Your team needs access to accurate and reliable product information to answer all the questions they will have:

• How much does it cost?

  • You need the manufacturer suggested retail price (MSRP) for each product in the line. 

You need data.

• Consumers want to know which product fits their storage needs the best.

  • You need to know the height, depth, width, and weight of each product in the line.

You need data.

• How is each product powered?

  • Consumers want to know which products in the line are battery operated and which have a cord. Should any be a hybrid, consumers will be interested to know.

Yup, you guessed it. You need data.

Organizing and managing this amount of data requires a robust system. A spreadsheet just won’t cut it. The importance of up-to-date product information data cannot be overstated.

This is why product information management (PIM) solutions are big business. The global product information management market size was valued at $9.9 billion in 2019, and it  is projected to reach $59.25 billion by 2027.

Allied Market Research reported: “According to the industry vertical, the retail segment accounted for the highest product information management market share in 2019, as retail industry’s distribution & supplier networks havehas become more complex across the world. Thus to provide effective product information across all distribution channels to increase sales, companies are adopting PIM software. In addition, growing eCcommerce trade across the world is leading the industry players to focus on maintaining product content and improving consumer’s experience, maintain customer reviews, ratings, and customer behavior on the online platforms. This is further leading to growth of the PIM software segment.”

Product information management software solutions are on the rise because, quite simply, they do what a product lifecycle management (PLM), inventory management solution, content management system (CMS), or an enterprise resource planning (ERP) cannot.

Product Information

You may be asking yourself, ‘What is product information?’ and moreover, ‘What is the purpose of a PIM?’.

Product information is the term used to describe the data, content, and details pertaining to an organization’s physical products. PIM solutions centralize and categorize complex product information. A PIM solution organizes product data based on their characteristics, attributes, and similarities.

There's a lot of data that supports a single product throughout its lifecycle. A powerful PIM solution is able to organize custom attributes that facilitate cross-department collaboration. A product information management software should be able to handle:

• Sales information such as prices, testimonials, and customer reviews.

• Multilingual copy, including translations.

• Design specifications such as assembly instructions and style sheets.

• Essential product information, meaning everything from the product name to descriptions to SKUs.

• Product line relationships, which cover categories, product variations, product generations, and obsolete or deprecated products.

• Technical specifications, such as materials or ingredients, dimensions, and warranty details.

• Product specific digital assets including documents, videos, images, and audio files.

A product information manager is typically accountable for managing this product information within the organization’s product information management tools, including the product information management (PIM) and enterprise resource planning (ERP) systems.

A product manager is the person who identifies the customer need and the larger business objectives that a product or feature will fulfill, articulates what success looks like for a product, and rallies a team to turn that vision into a reality.

Together, these colleagues maintain product information for the business to use with confidence. The ability to display relevant product information at the right moment in the customer journey is completely dependent on how well product information has been architected and stored within a product information management system.

Within a PIM, specific product information typically includes:

• Product Name -The official name of the product as it should appear in all consumer-facing materials.

• Product Images - Up-to-date images of the product as it should appear in all consumer-facing content. Product images can include graphics, such as those highlighting product capabilities or dimensions.

• Lifestyle Images - Images showcasing the product being enjoyed by consumers. These are typically aspirational images.

• Product Descriptions - Written content that describes the product in a way that appeals to the target consumer. It highlights product features and differentiates it from competitors. Within a PIM it is common to see multiple product descriptions for various use cases. A longer form product description may be used on a product information page of a website, whereas a brief product description is used in marketing materials.

• Pricing - There may be one or many prices associated with a single product. Different organizations also use different terms to define their prices. Whether an organization refers to a product price as the list price, manufacturer's suggested retail price (MSRP), recommended retail price, or suggested retail price of a product, a PIM can capture and label them all as needed. This ensures consumers and partners always display the correct product price.

• SKU (stock keeping unit) - SKUs, pronounced “skews”, are used by retailers to identify and track its inventory, or stock. A SKU is a unique code consisting of letters and numbers that identify characteristics about each product, such as manufacturer, brand, style, color, and size. They are necessary reference points for managing a large selection of products.

• Product Ratings - Depending on the product category this term can have various meanings. For industrial engines a product rating refers to its power. For car manufacturers J.D. Power is the gold standard for consumer satisfaction ratings. A PIM can help businesses customize the product ratings that matter most to them and their consumers.

• Product Classification - Product classifications distinguish how and why consumers purchase products, therefore this data point is unique to each business and brand. Within a PIM it is likely organizations have a few product classification data fields. Product classifications could include where a product is allowed to be sold, such as in Europe, the Middle East and Africa (EMEA), North America, or the Asia-Pacific (APAC) region. 

• Product Ingredients, Specifications, or Composition - Consumers want to know what’s in the products they consume, use, and touch. For food manufacturers it’s required they disclose allergens and a full list of ingredients. Within a PIM software solution it would be beneficial for those brands to categorize gluten-free, nut-free, vegetarian, and vegan products.  For industrial manufacturers it’ s important to convey durability and build consumer confidence that the piece of equipment is up to the task. These manufacturers will want to list the materials used.

• Intended Uses - If brands classify their products according to how consumers can or should use them, then consumers can sort and find products that meet their needs.

• Related Products - By associating similar products within a PIM, brands can help customers find similar products that might meet their needs. 

• Replacement Parts - PIMs are fantastic at organizing complex product information. That includes associating replacement parts, such as a blade for a lawn mower, or a specific piece of hardware.

• Compatible Accessories - Draw in repeat business and ensure customers are getting the most out of a product by suggesting an attachment or accessory that works with their latest purchase. For example, a brand could suggest an attachment to a small kitchen appliance or a coordinating product that has the same aesthetic as the previous purchase.

• Disclosures and Regulatory Approvals - In some cases brands must disclose product information according to state or national laws. For example, Proposition 65 requires businesses to provide warnings to Californians about significant exposures to chemicals that cause cancer, birth defects or other reproductive harm.

• User Manuals or Instructions - These are staples of most product companies. They provide documented instructions for operating a piece of equipment or executing a particular action with a product. With a PIM, organizations can catalog written and visual assets by product.

• Owner’s Guides - Typically in PDF format, these reference materials are go-to sources of information about how a product functions, how an owner can troubleshoot issues, and how to attach replacement parts.

• Assembly or Onboarding Instructions - Building loyal customers starts with a seamless onboarding process. Providing instructions for new customers to seamlessly set up a new home appliance, tool, or lawn care product is a staple of product onboarding. Within a PIM, a brand can store images, graphics, written instructions, videos, and PDFs to create helpful product onboarding digital experiences.

• Warranty Information - Brands can provide warranty terms, unique to each product line or SKU, as well as instructions on how consumers can register their products.

• Videos - Whether it’s demonstrating how to operate a new piece of machinery, or highlighting influencer product reviews, videos are a key part of a successful product marketing strategy.

What Is the Difference Between PIM and CMS?

After understanding that a PIM stores product information, which comes in the form of written and visual content, you may be questioning ‘What is the difference between PIM and CMS?’.

A PIM system stores and enriches product content, making it ready for publication. A content management system (CMS) is an application that is used to manage content, allowing multiple contributors to create, edit and publish. A CMS stores images, text, documents, forms, videos, and audio files, making it a single source of information for creating and distributing digital content.

A PIM and a CMS can and should be used together to create personalized digital experiences that are always accurate because they pull from centralized systems that are kept up-to-date. 

As more and more brands implement an omnichannel customer engagement strategy,  it’s imperative that brands establish a cohesive image and voice across hundreds of channels. This presents a new challenge for product marketers. With a PIM and CMS working in concert, managing product-specific and brand content for each channel becomes possible. PIM system administrators can assign assets to a hierarchy of catalogs which can be matched with campaigns. A PIM solution also enables product marketers to make on-demand changes and launch new content quickly.

Example of How a CPG Skincare Brand Would Use a PIM 

Products could be organized into top-level categories according to brand. Within brand categories, secondary categories could further segment products by user. For example, baby products and products branded for men, women, or unisex.

Each product could have a dropdown data fieldthat identifies if the product is designed for use on the face, body, hands, feet, etc. Product characteristics, such as organic or cruelty-free, can be added as filters.A PIM can also allow product managers to associate related products. Allowing consumers to find another organic product in the line. 

The result is well-organized product information that can be used to quickly generate a product information list of cruelty free baby products, with a list of related products.

Example of How a CPG Skincare Brand Would Use a CMS 

Brand information, such as about us copy and content marketing pieces could be stored in the CMS. Written and video content used by the brand to attract, engage, and retain an audience is typically evergreen content and used across various digital experiences throughout the customer journey.

Stock photography and customer support information can also be stored in the CMS.

As more brands endeavor to capture zero-party data, a content management system will aid marketers in deploying reusable quizzes, surveys, and other digital solutions aimed at gathering this valuable customer data. Zero-party data is that which a customer intentionally and proactively shares with a brand.

In this scenario, the CPG skincare brand could leverage the product data stored in its PIM and content stored in its CMS to create countless digital experiences quickly.

PIM Software Examples

There are a plethora of PIM software examples in the market. Some PIM tools in market include:

• Pimcore PIM is  an open source digital platform that aggregates, enriches, and manages enterprise data and provides up-to-date, consistent, and personalized experiences to customers. In a seamlessly integrated platform, it provides a centralized solution for PIM, MDM, DAM, CDP, DXP/CMS, and digital commerce.

• Plytix PIM is a collaboration platform for product content focused on the needs of small- and medium-sized businesses.

• Salsify’s product information management solution is part of the Salsify Commerce Experience Management (CommerceXM) Platform. 

• Akeneo PIM is part of the company’s a composable SaaS-based solution for orchestrating, activating, and optimizing product experiences across all owned and unowned channels, including eCommerce, mobile, print, social, points of sale, and beyond.

• Lumavate PIM is part of the digital experience platform’s suite of functionality. The company’s fully-customizable PIM is no-code and allows data and digital assets stored in the PIM to be easily pulled into data-driven digital experiences.

• PIMworks offers a product information management solution with integrations to Bigcommerce, Magento, Shopify, and Amazon.

When comparing PIM software companies it’s important to evaluate how customizable each solution is for your team’s unique needs. Some PIM solutions integrate with eCommerce platforms, customer relationship management (CRM) systems, and enterprise resource management (ERP) software.

It is also imperative that companies looking to successfully implement a product information management solution, understand it requires a culture open to change. A PIM typically represents an organization’s digital transformation in action. Digital transformation is a foundational change in how an organization delivers value to its customers, according to CIO.com.

A commitment to transformation, both in terms of people and processes will aid the successful implementation of organizing and storing product information in a PIM. Recognizing that individuals accustomed to printed product guides, or printed owner’s manuals may be resistant to digital solutions will enable teams to address the internal struggles head-on.

Benefits of Product Information Management Software

The benefits of using a product information management solution are realized when organizations have more than 50 products and/or the business is promoting its products across multiple digital channels. By implementing a PIM, organizations will:

• Create a single-source of truth accessible to all business users, thus eliminating data silos and ensuring only accurate information reaches consumers.

• Enable teams to build and launch consistent digital experiences.

• Reduce time to market. Organizations can beat their competitors to market with the launch announcement of new products in a coordinated digital strategy.

• Improve cross-functional collaboration and team morale. Data issues won’t plague internal teams, and individuals can be more productive.

• Personalization at scale becomes possible. Sales teams no longer have to wait for product and marketing teams to provide them with generalized sales materials. Instead of receiving presentations geared towards the average consumer, sales team members can be enabled to create customized digital experiences from preapproved templates and tailor the product list to the customer’s needs.

CEOWORLD magazine pointed out two pain points a product information management system addresses for B2B organizations:

1. B2B buyers are not willing to spend a lot of money on a product that may not meet their specific needs. In these instances, having a customer-service center that can quickly put the buyer in touch with a product engineer is very valuable. Additionally, having digital capabilities such as a product configurator could help answer these questions. When viewed through the lens of increasing usability of the system, we can see clearly how digital transformation is driving customer experience in the B2B landscape.

2. There are typically various internal systems that hold product information, pricing, and engineering documents. Yet for the customer, all of this needs to be displayed seamlessly. Adding technology such as Product Information Management and a Digital Asset Management System will enable the company to service customer needs using the right technology for those capabilities instead of hacking an already taxed system.

By organizing disparate product data points in a single product information management solution, companies of all sizes can build and launch dynamically created data-driven product experiences in a matter of minutes. Common product information use cases include:

• Product Guides: Eliminate the need for a printed product guide that is typically outdated as soon as it's printed and provide customers with a digital version that is always up-to-date.

• Product Information: Bring your products to life by incorporating QR codes or NFC tags on your product to provide access to product information, videos, manuals, and more.

• Product Comparison: Empower customers to easily compare multiple products so they can find and purchase the best option for their needs.

The Lumavate digital experience platform’s suite of functionality includes a fully-customizable production information management system. With Lumavate’s PIM, users can:

• Multiple Product Types: Utilize Product Types to distinguish products from parts and accessories or product lines from different business units or brands.

• Unlimited Custom Attributes: Quickly add custom attributes for each Product Type to align with your product data and related digital assets.

• Integrate to Existing Systems: Connect your existing data and content tech stack to create a unified product record.

• Unlimited Users: Enable multiple users in your business to create and manage product data and related digital assets.

• Product Relationships: Relate products to one another to drive increased revenue from upsells, cross-sells, bundles, parts, accessories, and more.

• Unlimited Products: Create a product record for every single product or SKU you offer.

• Digital Asset Management: Centralize the management of your product images, documents, videos, and more tied directly to each product record.

• Change Log: Track product record changes made by any system user.

• Drive Dynamic Digital Experiences: Launch data-driven digital experiences that always display the most up-to-date product information.

Schedule a demo to see the Lumavate Product Information Management (PIM) solution today.