Which retailers benefit most from a PIM? A PIM solution can help improve efficiency, boost profits and deliver better retail experiences for your customers, but which types of retailers are going to see the most benefit?
Our recommended PIM partner, Akeneo, works with us on many projects to deliver a high-growth multichannel offering, and so we recently spoke with James Barlow, UK & IRL Regional Manager for Akeneo, to discuss these common traits.
#1 – Retailers who sell in multiple channels
One of the main reasons that retailers invest in a PIM is to manage their product information across multiple channels and marketplaces. You may sell online, on the high street, or in Amazon and eBay marketplaces, and so having a solution to make sure that your product data is consistent across these channels can be very beneficial for any high-growth retailer.
James explains that “a PIM solution can make managing different product data for different channels much easier. You can see the data used in each channel side by side, and even manage translations to ensure a consistent product experience across locales.”
#2 – Retailers who sell in multiple countries
Similarly, if your online store sells internationally and you need your product information to include various languages, prices etc., then you need to make sure that this is all managed accurately.
James mentions that “PIM is particularly useful if you sell products in multiple channels and multiple countries with different languages. The number of SKUs you have isn’t typically relevant — even with only a few thousand SKUs, managing product information across channels and languages can be a monumental task.”
#3 – Retailers with 100+ SKUs
Whilst James mentions that the number of SKUs isn’t always relevant, there is usually a threshold where retailers begin to struggle to manage all of their product data. This is more of an indication of scale, as a PIM can then reduce the risk of human error, remove the reliance on manual spreadsheets, and generally speed up any processes.
James reiterates that “if you have hundreds of thousands or millions of SKUs, then a PIM is almost mandatory. Marketing teams of all sizes can benefit from the labour savings a PIM affords, while large or distributed teams can benefit from business rules, workflows, and approvals processes to foster collaboration and ensure high-quality product information is available.”
#4 – Retailers with varied seasonal products
Any retailer with seasonal products, or fast-moving products, will also certainly benefit from a managed PIM solution. You will need technology to manage product data as quickly as you need it and as a result, you can get your products to market faster. There are certain industries where this would be more common, with fast fashion being an obvious one.
James explained the added importance of a PIM if “your marketing and ecommerce teams are struggling to collect, enrich, and distribute product information in a timely way. Do they work long hours trying to get new or seasonal products launched? Is a stack of complex spreadsheets their main tool for managing product information? If so, your marketing and ecommerce teams can become much more productive using a purpose-made tool for efficiently enriching product information.”
#5 – Retailers focused on multichannel growth
In general, if you’re a retailer focused on multichannel growth, a PIM is necessary. If you’re looking to diversify your retail offering whilst retaining an online store and your high-street locations (and taking advantage of the scale of Amazon at the same time), then you need a system that will facilitate further growth for you.
Investing in scalable and reliable ecommerce tech is vital for growth, but also key for survival in today’s retail landscape. For many retailers, this includes a PIM.
Unlock your ecommerce growth
If your current ecommerce tech stack is hard to integrate with because of a stubborn or legacy platform, this can be difficult to invest in other systems that will unlock this growth. However, now may be the time to kickstart your digital transformation to set a path for growth for you to become a multichannel leader.