Best Known Practices of Product Information Management for Ensuring E-Commerce Success

Product Information Management is managing information which is needed to promote and sell products through multichannel e-commerce. Product Information Management (PIM) is very important in any business in today’s age of content driven commerce environment. To make purchasing decisions, customers are looking for rich data and images whereas business owners and managers are looking for analytical data to make critical decisions to achieve their goals.

Need for data integration and PIM

It is seen that in e-commerce business, inspite of boom in the market, business owners or retailers suffer a loss due to supply chain information inefficiencies. It takes time for companies to remove the old SKUs, insert the new SKUs and integrate the new and old data. In the digital world, PIM is essential to driving quality traffic, to increase conversion and create customer loyalty. The importance of effective product information management cannot be ignored in onmi-channel commerce and most companies are opting for integration services to achieve this. One most recommended software for data integration is the A href=http://www.eperiumindia.com/informaticaInformatica data integration software.

Best known practices of product information management

Presenting below some of the most popular practices for implementing product information management, ensuring success in e-commerce business through different channels:

• All product information should be consolidated: The first step is to manage product information from all locations and sources efficiently. This can be achieved by consolidating all product information data across your company in a single location or centre, from which team members from multiple locations can manage, access, edit, publish the needed information. Besides consolidating the data in a central location, it is very necessary to be consistent on the formatting of the information. By doing this, there are fewer redundancies and errors in product information and improved control on managing products and greater scalability of information.
• To create speed and efficiency, effective processes should be built: Uploading new products or updating the existing products or removing the out of stock products can be a lengthy and tedious process. By implementing proper processes and advanced technology, these tasks can be completed quickly, thereby you can decrease the time spent on managing product information significantly. Every business owner’s product management challenges are different and hence efficient processes are needed for each business to create speed and efficiency. This way, you can increase revenue by bringing new products faster and have a more accurate and up-to-date inventory and price information.
• Enrichment of product information: Product information is an important sales asset. It is a competitive advantage for owners who place more focus on enhancing the quality of that information. Such information includes writing high-quality descriptions, adding high resolution images, product videos. Effective product information management makes the business more efficient and helps in improving customer engagement and loyalty and increasing conversions and revenue.
• Optimization of product performance: Last but not the least, PIM also means to optimize the performance of those products across all sales channels. The ultimate objective of e-commerce is to drive high quality traffic to your site and to convert visitors to customers. Product information optimisation helps to pull in quality traffic and increase conversions.