Product Information Management System Examples

Keeping your product information organized in a single location and updating it as often as necessary will help you stay organized and streamline your office work. More importantly, it will help you improve consumer experiences with your brand, boost your marketing, and enable you to build brand loyalty that will power your company's long-term success.

What Is Product Information Management?

Product information management is the process your company uses to organize all information related to the goods it manufactures or sells. This information should be stored in a single location that acts as a "source of truth" for company employees. Authorized company employees can access this location online to keep information updated and to use the information for sales, marketing, and to answer customer service questions.

What Are PIM Platforms?

PIM stands for product information management. PIM platforms are software programs designed to centrally store and manage your company's product data. Much of this data will be text information such as product SKUs, prices, lists of product features and benefits, product dimensions, functionality, etc. Product information management software that includes digital asset management (DAM) tools can store digital files. These include product walkthroughs, how-to videos, images, and file attachments with text information.

What is PIM good for? It's far more than an information storage system. Product information management tools can make it easy for you to share relevant product information with prospective customers. PIM systems can update an online catalog so new products you add to your product line-up immediately show up on your website. You can connect your PIM program with sites such as Amazon and eBay to upload product descriptions and update prices with a few clicks of a mouse. This feature comes in handy when you want to offer product bundles, have a special sale, or put up a new line of products right away.

If your PIM program has DAM functionality, you can use it to share product images and videos automatically with social media outlets. This improves the reach of your marketing campaign as posts with visual content get up to forty times more shares than posts with only text content. You can also use your PIM to provide interested consumers with more information about each of your products for sale by offering access to owner's manuals, user manuals, and assembly/installation instructions. These files help potential buyers see at a glance if a product will meet his or her needs. Additionally, a PIM with DAM functionality enables you to add new visual content to product description pages to make it easy for buyers to view a product from all angles and learn more about how a product works before making a purchase. Such features increase customer satisfaction levels because buyers know what to expect from your product line-up.

Who Uses PIM Software?

PIM tools are used across a huge range of industries. Manufacturers and B2B companies use PIM software to create order forms for sales partners. They also use it to share promotional materials. This gives sellers uniform marketing materials to promote brand uniformity in marketing campaigns. Retailers can use product information management software to update online stores and catalogs, create marketing campaigns, send tailored emails to segments of their target audience, and more. Even brick-and-mortar outlets can benefit from all a PIM can offer. Restaurants, for instance, may use a PIM to keep track of ingredients, post updated images on social media, and automatically update their prices on the restaurant menu page.

Within most companies, the marketing company will most likely be in charge of managing the PIM system. In small businesses, the owner or an employee in charge of marketing will most likely manage the PIM platform. However, the PIM platform isn't only for promotional purposes. Multiple people in a company will most likely need to access the PIM system in order to do their jobs properly. Customer service representatives will need information on the PIM system to answer customer questions. Managers will need to see the PIM system to keep track of stock. Those in charge of product creation will want to keep track of PIM data to see which products are most popular with the company's target audience.

Which of the Following are Examples of PIM Applications?

Which of the following is PIM software? There are plenty of programs you can use to store and manage product information. Some companies use database programs such as MySQL, Knack, and Amazon RDS. Others use Dropbox or Amazon Web Services. Still others use a dedicated PIM platform such as Pimworks, Pimcore, Plytix, Salsify, Inriver, Lumavate, or the Acquia PIM.

It's very easy to tell PIM platforms apart from other programs used for product information management. Dedicated PIM programs have features and amenities specifically designed to help you manage your product information. These include tags, filters, and integrations to help you share information with third-party platforms. They're becoming increasingly popular with companies that sell physical products. In fact, the PIM market size is expected to grow from $12.2 billion in 2022 to $23.8 billion in 2027.

AWS and Dropbox, on the other hand, don't have the filters and tags you need to find information right away. What's more, they don't integrate with the platforms you use to market your products. Database programs can't automatically update your online store or store digital assets with text information. While these programs are handy for other purposes, you won't want to rely on them to keep your product information organized, updated, and accessible to business partners and potential clients.

Is Shopify a PIM system? This is a commonly asked question, and the answer is no. Shopify is able to store product information but this information can only be used for eCommerce purposes. The platform makes it easy for you to sell products online but it's not designed to allow multiple departments in your organization to access and use information for other purposes. Do you need a PIM with Shopify? Yes, if you want to properly manage your data and use it across multiple platforms. Picking a PIM that integrates with Shopify will make it easy for you to share data with Shopify as well as other platforms. A PIM also allows multiple people in your organization to easily access and update data as needed.

What Is an Example of a PIM?

PIM software examples include the Akeneo PIM, Pimcore, Inriver PIM, Sales Layer PIM, Pimworks, Acquia, and Lumavate. Most of these platforms have the same basic features. These include digital asset management tools, integrations for commonly-used programs, filters, and tagging systems to keep information organized, and tools that allow you to give online shoppers custom product recommendations based on their past interactions with your online store.

What is a good PIM? There are so many PIM tools in market that it can be hard to know which one to pick. Looking over a list of the top 10 PIM software platforms can help you see which platforms are the most popular, but it's best to make a list of your company's requirements and long-term goals first to ensure the platform you choose has the tools and features you need to maintain and grow your business.

Five Questions to Consider When Choosing a PIM

• What is PIM software used for? Switching PIM systems is costly and time-consuming. Therefore, you'll want to make sure the first system you pick has all the tools you need. If you sell items online, you'll want to make sure your PIM can update product listings quickly. It should also have tools to enable you to offer custom recommendations to online shoppers. If you have a huge product line-up, make sure the PIM you pick has unlimited storage space and allows for an unlimited number of products.

• What other systems do you need to integrate with? If you do extensive social media marketing, make sure the PIM integrates with your chosen social media platforms. If you use Shopify, make sure your PIM integrates with this eCommerce platform. Integrations with catalog creation programs can save you hours of hard work and minimize the possibility of human error.

• How does your company use its product information? If you sell most of your products online, you'll want to pick a platform that has plenty of tools for online retailers. Manufacturers will want a secure PIM that allows them to share marketing information and updated sales catalogs with third-party vendors. On the other hand, if you run a brick-and-mortar store, your priority may be choosing a PIM system that helps you keep track of products for sale and that can automatically update information on your business website.

• What type of budget is defined for this initiative? Budget alone shouldn't be the highest priority when choosing a PIM system. While there are free PIM software and cheap PIM software programs readily available online, these programs won't have the full functionality you need to properly manage your product information. At the same time, you have to be realistic about how much you can afford to spend on a PIM before you buy one. What's more, cost alone isn't an indicator of how much a PIM can do for your business. Some PIM solutions are very expensive and may not offer the tools and amenities you need. On the other hand, an affordable PIM platform may be perfectly suited for your business size and industry.

• What is your timeline for implementing a solution? A product information management software program can be a tremendous boost to your business, which means you'll likely want to start using one as soon as possible. Unfortunately, many PIM software companies don't offer ready-made solutions. You'll need to contact the company, provide information on the features and amenities you need in your PIM program, and wait for a custom price quote. After receiving and agreeing to the quote, you'll need to wait for the company's IT experts to get your new system installed and running properly. If you want to avoid delays, it's best to work with a PIM company such as Lumavate that offers ready-made platforms at various price points. Doing so enables you to pick the plan that best meets your needs and budget, pay for it, and start using it right away. If you need more features in the future, you can upgrade your plan with a few clicks of a mouse.

PIM Costs

The cost of a PIM varies wildly depending on the brand name and level of functionality it offers. Some PIM platforms base their price on the number of SKUs stored in the PIM system. Such a system may be very affordable if you have a limited number of products. However, you'll face rising costs as you expand your product line. Other PIMs base their price on the number of times your product data is used. Again, this arrangement is far from ideal for a rapidly growing business. A set price is usually your best option as you'll know how much you'll need to spend on your PIM system each year, and you won't have to worry that an increase in PIM activity will increase your PIM system costs.

You Need More Than Just a PIM

A product information management system is vital if you want to use all your product information to its fullest potential. Your business data is one of your most important assets and you need to be able to find and share it with ease. At the same time, it's a shame to purchase a basic PIM when you can use a platform that offers a host of extra features and amenities.

Lumavate's PIM includes not only product information and digital asset management tools but also a full digital experience platform (DXP). This allows you to do far more with your product information than you'd be able to otherwise. Lumavate's DXP can act as a content management system. It allows you to not only keep your site updated but also create a host of microsites for individual products and product lines. It can create and update online catalogs as well as custom marketing materials for special campaigns and product launches. It can churn out QR codes for your products to enable people who see items for sale in a regular store to scan the code and find additional product information, purchase the product online, and view personalized product recommendations. You can use it to create forms and there are plenty of free templates for any marketing campaign.

At the same time, the unique platform isn't the only reason why considering Lumavate is a good idea. Lumavate also has over 40 built-in integrations to enable you to transfer product information to and from programs you already work with. This saves you hours of work and reduces the incidence of human error. There are no storage space limits or limit on the number of products (i.e. SKUs) you can store in the system. This makes the platform ideal for use by growing businesses. What's more, Lumavate's PIM is a "what you see is what you get" (WYSIWYG) platform. This means you don't need to learn how to code to use Lumavate's many tools and amenities.

At the same time, Lumavate is one of the most affordable PIM tools on the market. There are three price plans to pick from, with the basic plan priced at $499 a month. It's up to 75 percent cheaper than other, popular PIM platforms and you can start using it as soon as you subscribe to the plan of your choice. Tech help is available on sign-up if you wish but you don't need an IT technician to get Lumavate's PIM up and running for your business. In fact, many companies that sign up for PIM have found that they're able to master all the platform's features and amenities and get a marketing campaign up and running in just a few days after purchasing a Lumavate PIM subscription.

Are you ready to boost your branding, marketing, and customer service campaigns while improving in-house efficiency? If so, check out Lumavate's free demo or sign up for the 14-day free trial. We look forward to meeting or even exceeding all your expectations.