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This blog is published byRam Awadh Prasad
In the current digital world that is competitive like never before, enterprises have realized the limitless power of data and information. They have begun paying attention to the way they present product information to users. Huge investments have been made toward product information management (PIM) systems to manage and share marketing and business information efficiently. For the uninitiated, PIM or product information management refers to centralized information management of all of the company’s products—not just physical retail products, but virtual products too such as insurance policies and software licenses.
Maintaining product information is a real challenge
Why is PIM complex? As opposed to simple text information that was associated with products a few years ago, today, there is an array of related digital assets in the form of images and videos, technical specifications and warranty documents, customer reviews and feedback, etc. There is a huge amount of information on a single product and maintaining the large number of complex product attributes and relationships between products can be tough if businesses do not have a strong PIM strategy. There are other complexities too.
As enterprises have invested heavily in their existing systems, switching to a new system every time requirements change is not the solution. A PIM system that can be easily tailored to business needs and one that can smoothly integrate with different existing systems is the need of the hour. Such a system should allow enterprises to add new product information, consolidate product data from diverse sources, enrich that product information, and deliver it across multiple channels—websites, enterprise partners, stores, customers, etc.
What should your 2020 PIM strategy focus on?
Enterprises should chalk out their 2020 strategy in line with the current PIM trends.
Users in the current digital era are information-savvy and enterprises are approaching them from all channels. Having just a website or store is not sufficient anymore. At the same time, information across all channels should be consistent and up to date. Customers should be able to: get required information effortlessly, search for what they need, understand how products compare with competitor products, gauge customer feedback on the product, etc.
It is also true that businesses do not want to make huge upfront investments on PIM systems. Instead, they prefer investing in a system that will scale up as the business grows. Open-source systems allow rapid scale-up and system updates as per market needs.
Pimcore – The ideal PIM solution!
The Pimcore platform eliminates the need for integration between PIM and DAM systems. Different devices and channels need media in different formats, and Pimcore allows having multiple images and videos of products in multiple formats. An image that may look perfect on the desktop may not look equally good on a mobile device due to image dimensions, resolution, etc. Pimcore allows conversion of such media files into different formats based on the channels that the business is targeting. That’s not all! Once product information and digital assets are ready, Pimcore’s content management system (CMS) empowers enterprises with the required tools to set up their own product information, develop an e-commerce website or catalog, and present product information through different channels.
Pimcore also provides a robust customer data platform that handles customer experience management. Enterprises can track customer behavior on the website, present content, define customer segments, and target them with tailored content based on demographics, region, etc. Based on customer behavior and past purchases, Pimcore offers recommendations, enhancing click-to-conversion rates.
Pimcore happens to be one of the most cost-effective options with product information management, digital asset management, customer data management, enterprise content management and an e-commerce platform—all in one solution. Enterprises can deploy the 100% open-source PIM platform without any subscription or licensing costs. It is completely modular, flexible, and service-oriented. All that enterprises need to invest in is the implementation and support. Pimcore can be customized with ease, letting enterprises add new features if required—based on business needs. The PIM solution can be set up on any platform—on the Cloud or on-premise.
A Zion Market Research report highlights that the global PIM market that was approximately USD 8125 million in 2018 is expected to grow to ~USD 61263 million by 2027. Enterprises that are looking for seamless content management to bring about: systematic processes across the business, smoother and faster production, accelerated lead generation, and a greater click-to-conversion rate need to act now. It is time for them to come up with a strong strategy for 2020 and invest in a scalable, flexible and customizable PIM system to thrive and stay relevant.
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is Program Director, Digital Business Services at Happiest Minds. He is an Enterprise Architect with around 20 Years of experience in Software Industry. He is a TOGAF Certified Enterprise Architect, Google and AWS Certified Professional Architect.He has rich experience Digital Business Transformation, Product Information Management, Master Data Management, Digital Asset Management and Cloud Architecture. He has successfully architected and managed projects including PIM, MDM and Digital Asset Management Solutions for Enterprises.
Ram Awadh Prasad is Program Director, Digital Business Services at Happiest Minds. He is an Enterprise Architect with around 20 Years of experience in Software Industry. He is a TOGAF Certified Enterprise Architect, Google and AWS Certified Professional Architect.He has rich experience Digital Business Transformation, Product Information Management, Master Data Management, Digital Asset Management and Cloud Architecture. He has successfully architected and managed projects including PIM, MDM and Digital Asset Management Solutions for Enterprises.
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