Understanding PIM

As you already know, PIM software is a tool used to store and syndicate product information across multiple channels. But what if I say – a PIM solution is not just a database? It is a valuable tool that would save you lots of time than you imagine, because it automates data handling, reduces errors, and ensures consistency across all your sales channels. Further, it helps to take better business decisions with its reporting and analytics functionalities. Thus, the real value of PIM lies in its ability to enhance your operational efficiency and strategically align with your business goals.

Do you need a PIM?

Deciding whether to implement a PIM solution is a pivotal decision that could massively impact the efficiency and growth of your business. But the question arises is – How will you determine if investing in a PIM solution is a right step to take for your business? 

Thus, to answer the above question, you should evaluate the current state of your product data. That is why we’ve developed a step-by-step guide to assist you in making this assessment.

E-Commerce Risk Assessment: Is Your Product Data Exposing You?

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What You’ll discover:

• Hidden costs: Understand the real impact of inconsistent data on your sales and customer trust
• Emerging risks: Get ready to stay ahead of the new e-commerce challenges
• Actionable solutions: Access a Risk Mitigation playbook to transform your Product Information Management

Turn your product data into your competitive advantage by navigating the e-commerce risks effectively.

How to Choose a PIM?

Choosing a PIM solution requires a step-by-step approach so that you select the right one that fits you the best. 

1. Define Your Needs and Goals

Start by identifying your specific needs such as centralized product data management, multi-channel support, accurate and consistent product data. Identify specific goals that you want to achieve by implementing the PIM solution, like improving the efficiency or minimizing the errors.

2. Evaluate Features and Functionality

Accurately assess all the features of each PIM solution, to determine whether it provides all the needed functionalities. Ensure that the selected solution aligns seamlessly with your business objectives, meeting all your requirements.

3. Look for Customization and Scalability

You should ask whether the selected PIM system is flexible enough to fit your business needs. Also, ensure that it’s capable of being scaled to address the growing needs of your business, particularly concerning the amount of data it can accommodate without any performance issues

4. Understand Integration Capabilities

Evaluate how well the PIM integrates with your existing systems like ERP, CRM, and sales channels. If possible, seek native API integrations that would enable you to have a seamless integration.

5. Consider Vendor Support and Training

Identify and assess the various types of customer support that you will be getting from the vendor such as email, call, and access to a dedicated account manager. Assess the response time and also the quality of the training provided to ensure smooth operations.  

6. Assess Pricing and ROI

Assess the pricing by understanding the TCO (Total Cost of Ownership) including license fee, implementation, and ongoing maintenance charges. Evaluate the potential return on investment by considering how the PIM system can drive revenue by reducing the costs.

7. Utilize Trials and Testing

The free trials or demo sessions provided by the software providers will enable you to experience how the software works, and how it fits in your business needs. Thus, prior testing of the system helps ensure that it fulfills your requirements before entering into a commitment, as the PIM solution must be chosen with utmost care.

By following these steps, you can simplify your decision-making process and find a PIM solution that aligns well with your business objectives.

Must-Have Features in a PIM

Choosing the right Product Information Management (PIM) system for your business requires a careful assessment of its features. Although PIM solutions may come with a range of functionalities, certain features are crucial and cannot be ignored.

Here are some of the most essential features that a PIM solution MUST include:

1. Integration with Existing Technology Stack

A PIM should integrate seamlessly with existing systems like ERP, CRM, and e-commerce platforms to ensure consistent data flow and eliminate data silos. This integration streamlines workflows, making data management efficient and effective.

2. Digital Asset Management (DAM)

Integrated DAM capabilities simplifies the management of both product data and digital assets, including images, videos and documents. This not only saves time but also ensures consistency across all the channels.

3. Predefined Integrations

Predefined integrations provide ready-to-use connectors for popular tools, facilitating quick connectivity without complex development. This reduces setup time and enables smoother operations, allowing for faster deployment and improved efficiency.

4. User Roles and Permissions

User roles and permissions within a PIM system allow you to assign specific access levels to different users, maintaining data security. This feature ensures that team members have the appropriate level of access to perform their tasks, safeguarding sensitive information and streamlining workflow processes.

5. Workflow Management

Workflow management features ensures the tasks are assigned, tracked, and completed promptly. This helps in minimizing bottlenecks, optimizing team collaboration, and enhancing productivity by keeping everyone aligned with their responsibilities.

6. Data Quality Management

Data quality management ensures the integrity of product data through validation rules and quality checks. This feature maintains data accuracy and consistency, reducing errors and increasing customer confidence in your brand.

7. Category Classification

Category classification organizes products into logical categories, enhancing product discoverability and simplifying customer navigation. A robust PIM supports flexible categorization to adapt to various markets and customer segments.

8. Automated Data Enrichment

Automated data enrichment leverages AI and machine learning to enhance product information by automatically populating attributes, descriptions, and tags. This reduces manual input, increases data completeness, and improves product listings for better search results and conversions.

9. Channel-Specific Content Personalization

Channel-specific content personalization allows for tailoring product information to fit the unique requirements of different sales channels. This ensures that product content is optimized for each platform, improving engagement and ensuring a consistent brand message.

10. Bulk Import and Export

Bulk import and export functionalities enable the efficient management of large data volumes, allowing for quick updates and synchronization across multiple platforms. This feature saves time, reduces errors, and ensures consistent product information across all channels.

11. Digital Shelf Intelligence

Digital shelf intelligence provides insights into product performance and competitiveness in digital marketplaces. By analyzing metrics, this feature helps optimize product positioning, pricing, and promotions to drive sales.

12. Analytics and Reporting

Analytics and reporting offer insights into product data, performance, and consumer behavior, enabling informed decision-making. This feature provides actionable intelligence to refine strategies and achieve business goals.

13. Comprehensive Support

Comprehensive support includes access to technical assistance and resources to ensure successful PIM adoption. This guarantees users receive the help they need to resolve issues and maximize system benefits efficiently.

Potential Challenges in Choosing a PIM

When choosing a Product Information Management (PIM) system, you might encounter the following challenges:

• Evaluating the initial cost, ongoing fees, and potential return on investment (ROI) to ensure the expenditure is justified.
• Ensuring the system is user-friendly and aligns with your team’s skills to avoid a steep learning curve.
• Differentiating between essential features and non-essential ones to avoid paying for unnecessary functionalities.
• Evaluating the level of support and training provided by the vendor to ensure effective implementation and ongoing assistance.

To address these challenges effectively, carefully research and compare the range of PIM solutions available in the market. Choose a system that fits your needs, offers good support, and provides only the features you require. This approach will help you make a smart choice and get the most value from your investment.

Final Thoughts

Choosing the right PIM software is a crucial step in enhancing your business’s operational efficiency and driving growth. By understanding the core features, evaluating your specific needs, and addressing potential challenges, you can make an informed decision that aligns with your goals.

A well-chosen PIM system will streamline your product data management, improve consistency across channels, and provide valuable insights to support strategic decisions. Ensure that the system you select integrates seamlessly with your existing technology, supports your growth, and offers robust support and training.

Investing time in careful research and planning will pay off in the long run, helping you leverage your product information as a competitive advantage and ultimately achieve greater success in your business endeavors.

The post How to Choose a PIM software in 2024 appeared first on PIMworks Blog | Fresh Retail Insights.

Definition of PIM

The simple answer to “what is PIM” is: PIM stands for product information management that helps eCommerce businesses centrally store and manage product data. PIM system unifies unorganized product data from sources like spreadsheets, CRM, ERP, and local folders into a single, centralized eCommerce management platform. By organizing product information into one source of truth, businesses can eliminate errors, improve efficiency, take products to market faster, and ultimately boost revenue.

There’s often a lot of confusion between master data management and product information management. Master data management refers to managing an organization’s critical data like customer data, employee data, product data, and more. It acts as a single point of reference for all the data in an organization. A PIM is a subset of master data management; it helps specifically manage product data.

A PIM is also not a DAM, CMS, or PLM.

Importance of accurate product information

The impact of accurate and consistent product information on customer experience and business operations can’t be overstated.

Without a PIM system, the data remains trapped in disparate systems leading to inaccurate information. Here are some reasons why your product data needs to be accurate:

• Builds customer trust
• Enhances buying decisions
• Reduces returns and dissatisfaction
• Boosts brand reputation
• Improves SEO and discoverability
• Increases sales and revenue

How PIM Works?

Product Information Management (PIM) systems work by centralizing and streamlining the management of product information within an organization. Here is a general overview of how a PIM system works:

Product data sync:

PIM acts as a centralized repository for all product-related information, consolidating data from various sources such as suppliers, manufacturers, and internal systems.

Data import and integration:

PIM imports data from various sources including spreadsheets, databases, and it integrates with external marketplaces and channels for data distribution

Data standardization and normalization:

PIM standardizes and normalizes product data to ensure consistency across all attributes, formats, and units of measurement enabling high data quality and accuracy

Enrichment and attribute management:

Users can enrich product data by adding additional information, filling missing information, and enriching catalogs with media assets

Workflow and collaboration:

PIM systems often include workflow management tools, allowing teams to collaborate on approval of product information.

Data governance in PIM:

Data governance in PIM includes lifecycle management processes, stringent access controls, and continuous monitoring of data quality. It ensures compliance with regulatory requirements – by establishing data governance you can ensure customer trust and satisfaction.

When do you need a PIM system?

A product information management tool is an immediate need for your company when you experience one or all of the following.

• When product SKUs are growing
• You collect data from multiple suppliers
• When you expand your sales channels
• You want to achieve an omnichannel experience
• Difficulty in managing multiple teams
• A lot of time and energy goes into manual tasks
• Dealing with frequent updates
• Handling complex product data
• Struggling with data inconsistencies

Here’s a quick summary

Get a step-by-step analysis of how to evaluate the need for a PIM

Learn More

Key Components of PIM

Centralized data:

A PIM system helps in organizing data from various sources – ERPs, CRMs, CMS, spreadsheets, and local folders to a single source of truth. This helps eCommerce businesses manage product data efficiently, maintain data accuracy and consistency, syndicate content seamlessly, and increase overall revenue.

Instant syndication:

The major challenge that eCommerce businesses face today is publishing content on different sales channels and adhering to the unique channel requirements. Without a platform like PIM in place, businesses spend endless hours on standardizing and creating channel-specific content.

A lot of human effort goes into this that impacts productivity and results in delayed time to market. But, with PIM’s instant syndication and native integrations, products can be instantly published on channels meeting the exact requirements.

Team collaboration:

Creating a final product catalog goes through multiple iterations and contributions from multiple stakeholders. But, the pain here is, without a PIM, the internal and external stakeholders end up writing long email threads to follow up and communicate. Some stakeholders collaborate on spreadsheets leading to costly errors.

A PIM can turn this around by enabling real-time collaboration. The teams can tag, comment, assign and collaborate with one another. They can create workflows and ensure productivity.

Vendor data management:

Vendors often find it difficult to collaboratively work on product data and make it market-ready. You can also assign roles and controls where one vendor cannot view other vendors’ data.

A PIM helps in reducing the complexities of unorganized vendor data and streamline, standardize, and structure high volumes of data with pre-built rules and templates.

SEO:

Search Engine Optimization (SEO) for product catalogs is an essential to maximize online search visibility and drive targeted organic traffic. By optimizing product descriptions, titles, images, and metadata with relevant keywords, you enhance the chances of your products appearing in search engine results.

A very few PIM platforms understand the significance of optimized product catalogs and provide options to optimize content with the help of performance metrics and content integrity tracking.

Channel personalization:

A PIM helps in personalizing product data based on the unique requirements of each channel with its in-built templates. Let’s say for example, you sell on 2 channels (Matrix and Nexus). Your apparel (red shirt) needs to be called out as “Red” on Matrix and “Maroon” on Nexus – PIM helps in standardizing this based on channel requirements.

Not just that, the content can also be localized based on the language of a particular region.

Data Enrichment:

Enriching product catalogs with rich and comprehensive information helps in improving customer experience and enables your customers to make informed decisions.

With a PIM, product data can be enriched – missing data can be automatically updated by scraping relevant information from the web.

Analytics and reports:

Analytics and reports are integral components of a Product Information Management (PIM) system, providing valuable insights into the performance and effectiveness of your product data management strategies.

With robust analytics, you can track data quality, user engagement, and the impact of your product information across various channels.

Benefits of Implementing PIM

Enhanced Data Accuracy:

With a PIM, all your product information lives under one roof which means your data is managed efficiently reducing the errors, inconsistencies, and inefficiencies. This ensures that your final catalogs are error-free, crisp, and engaging.

Reduce time to market:

You can save hours of manual work involved in standardizing product data to make it comply with unique channel requirements. You can take your products to market faster by automatically syndicating data with in-built templates.

Multi-channel consistency:

A generic one size fits all product catalog does not make the cut if you are selling on multiple channels. A PIM helps in maintaining brand consistency and channel adherence by standardizing product data.

Ease of collaboration:

Communicate with you marketing colleagues and catalog managers within your organization or with suppliers and manufacturers who’re external collaborators at ease with a PIM.

Who needs a PIM?

Suppliers and vendors:

Suppliers and vendors utilize a PIM to store, send, and manage product information. They collaborate with the companies to share any updates or changes. They also assign approval workflows on a PIM to ensure data consistency and accuracy.

IT teams:

IT teams help in evaluating a PIM system for its security, efficiency, and other aspects and implementing it across the organization.

E-commerce managers:

E-commerce managers play a crucial role in product content creation. They are under constant pressure to create, update, and modify product information. A PIM system helps in managing and refreshing the content.

Marketing teams:

Marketing teams create and finalize the customer-facing product catalogs. They coordinate with multiple stakeholders to finalize the catalogs. The content should also be optimized for search engines. The centralized management in the PIM system facilitates optimizing product content and syndicating accurate data to the websites.

Expand to global markets with product data that is presented in multiple languages to build loyalty and attract new buyers.

Retailers & Brands:

Retailers and brands need an efficient and advanced PIM system to manage huge volumes of product information. The information is acquired from different sources – suppliers, retailers, brand owners, agencies and internal teams. This data is poor in quality because it comes in large volumes, different standards and inconsistent in formats.

A PIM system helps retailers organize, normalize and enrich product content that is consistent with every channel.

What kind of data is managed in a PIM?

Basic product information

Product title, descriptions, SKUs, and features

Digital assets

Images, documents, music, videos, and other multimedia content

Technical details

Measurements, variants, specifications, and ingredients

Sales data

Customer reviews, pricing information, and testimonials

Marketing data

Keywords, meta information, and promotional content

Why is PIM not the same as DAM?

Often PIM (product information management) and DAM (digital asset management) are used interchangeably. While there are some similarities, PIM and DAM are different concepts. While PIM is product information management, DAM is handling of digital assets like videos, images, documents etc.

The Ultimate Guide To
Digital Asset Management (DAM)

Learn More

How to choose the best PIM solution?

There are a ton of PIM software in the market. But, business needs are different. Depending on your unique needs, you have to choose a PIM. You must also be watchful of what utility you gain from investing in a PIM. A good product information management system will help you:

• A PIM tool should help you manage product experience and not just data. Creating contextual customer experience can be achieved when a PIM helps you define overall data quality
• A good PIM platform should enable ease of onboarding data, workflows, and integrations. An important aspect of successful change management is the usability and intuitiveness of the system
• Product data management becomes holistic and becomes a unified infrastructure only when you are able to manage information even after syndication
• A PIM solution gives product information performance and in-depth insights to help you understand the perception of product information by the customer and allows you in an informed overall strategic planning
• Product information management system should extend a 360-degree view of products by incorporating additional data assets such as transactional, interactional, observational, and analytics data to enable greater business insight

For more guidance on choosing the best PIM solution for your needs, check out our blog How to Choose a PIM.

What are the best PIM tools to get started with?

There are bunch of good PIM tools in the market that you can get started with. Here are the top five that you can explore:

PIMworks:

It is a product information management tool that helps small and medium-sized e-commerce businesses manage their product data centrally and get their products to the market faster with instant syndication and native integrations.

With PIMworks, you can:

• Centrally store and manage your product data.
• Integrate with leading marketplaces and channels like Amazon, Walmart,Shopify, WooCommerce, BigCommerce, and Magento.
• Enrich product catalogs automatically.
• Collaborate with external and internal stakeholders with automated workflows.
• Syndicate products instantly with in-built channel templates
• Personalize product content and translate them to suit any language or region.

Plytix:

Plytix is a user-friendly Product Information Management (PIM) platform that caters to small businesses and helps them establish a single source for their product data.

Akeneo:

Akeneo is a leading Product Information Management (PIM) solution, that helps businesses efficiently manage product data and create omnichannel experiences.

Salsify:

Salsify is a robust Product Experience Management (PXM) platform, offering end-to-end solutions for product content management, digital asset management, and syndication.

Pimcore:

Pimcore is an integrated digital experience platform that includes Product Information Management (PIM) capabilities. It provides a centralized solution for managing product data, digital assets, and other content.

Check out our latest blog on the Best PIM software to discover and compare top solutions for effective product information management.

What are the different industries that a PIM caters to?

Apparel:

Manage detailed categories, attributes, and minute product information for the apparel industry.

Consumer goods:

Manage diverse product portfolios, optimize marketing content, and ensure accurate and consistent information for consumer goods such as apparel, electronics, and household items.

Automotive:

Handle extensive product data related to vehicle parts, accessories, and specifications, improving collaboration across the supply chain.

Healthcare:

Manage product information for pharmaceuticals, medical devices, and healthcare equipment, ensuring compliance with regulatory standards.

Food and Beverage:

Handle detailed product information including ingredients, nutritional facts, and compliance data for food and beverage products.

Electronics:

Manage technical specifications, compatibility information, and marketing content for electronic and technological products.

Industrial equipment:

Streamline the management of complex product data for industrial machinery, equipment, and components.

Home and Furniture:

Centralize and optimize product information for furniture, home decor, and appliances, ensuring accurate details for customers.

PIM Implementation Process

Needs Assessment:

The first step in implementing a PIM Software for your organization is understanding the need and finding out how a PIM can transform your business and change the way things are done

Vendor Selection:

Next step is to evaluate the players in the market and identify the best PIM platform that serves your business needs. PIMworks is a leader in the industry that helps eCommerce businesses solve all their product data challenges. You can talk to a PIM expert before making a decision

Data Migration:

After finalizing your PIM provider, you should think about the process of data migration. Involve your IT team at this stage

Integration with Other Systems:

Integrate PIM with other business systems like ERP, CRM, and other platforms that your business currently uses

PIM Integrations

A PIM system integrates with internal systems like ERP, CRM etc. and external systems like marketplaces and channels. Here’s an overview:

1. Amazon and PIMworks integration

If you are selling on Amazon, integrating with PIM helps you publish products on Amazon with a click of a button. You can stay compliant with the constantly changing rules and guidelines of Amazon easily

Learn more about this integration

2. Magento and PIMworks integration

If you are selling on Magento, integrating with PIM helps you import inventory in a single-click and link multiple Magento stores to your PIM account.

Learn more about this integration

3. Shopify and PIMworks integration

If you are selling on Shopify, integrating with PIM helps you publish products on your Shopify store with a click of a button or in batches. You can manage multiple product data, SKUs, and variants in your Shopify store from a central location.

Learn more about this integration

4. Walmart and PIMworks integration

If you are selling on Walmart, integrating with PIM helps you manage and edit your product data in bulk and expand your business globally with automated data syndication.

Learn more about this integration

Future Trends in PIM

Artificial Intelligence (AI) and Machine Learning (ML) are among key trends in the further development of PIM by automating data categorization, enrichment, and personalized recommendations.

Integration with emerging technologies such as Augmented Reality and Virtual Reality will give customers an immersive product experience. PIM will continue to advance its omnichannel competency by ensuring seamless distribution of information across all the touchpoints.

Hence, as companies continue to acknowledge the existence of such trends, PIM will continue to be a decisive tool for managing data and improving customer experience.

Conclusion

PIM is not just a mere data management tool; it empowers organizations to centralize, enrich, and distribute the product data efficiently across various channels. By adopting PIM solution, businesses ensure accurate and consistent product data, streamline workflows, enhance customer experiences, and accelerate time-to-market.

The ability to harness the power of PIM Software not only leads to operational efficiency but also positions companies to succeed in the competitive market, create marketing campaigns, and foster trust among the customers.

FAQs

The post What Is PIM? Must-Read Guide for Newbies appeared first on PIMworks Blog | Fresh Retail Insights.

For a deeper understanding of what PIM is and how it can benefit your business, be sure to check out our comprehensive guide on PIM

Let’s dive in to find the perfect PIM solution for you!

Why Choosing the Right PIM Matters?

PIM software is designed to streamline your business operations and make it smoother. But, choosing the wrong PIM might become a disaster!

Just Imagine what will happen if- 

• Your are facing delayed product launches due to complex UI and data entry, while your teams struggle with ineffective communication features in the PIM?
• Your customers become frustrated by inconsistent product information across all channels because of poor integration?
• Your competitors are moving ahead, while you are stuck with the scalability limitations of your outdated PIM?

Sounds like a total nightmare, right?

But don’t worry! You don’t need to face these challenges.

If you pick the right PIM – one that best fits your needs, you will be flying high in no time!

Top 10 Product Information Management Solutions

Choosing the Best PIM software could be a game-changer for your Business resulting in increased add-to carts, market presence, and faster time to market.

To help you navigate the decision, we’ve handpicked the top 10 PIM software available in the market, presented here in no particular order.

Syndigo

Syndigo is a cloud-based platform that enables efficient management of your data with integrated PIM, MDM, and DAM. You can manage all content and data flows at every point, driving sales without compromising on quality. With Syndigo, you can deliver a seamless omnichannel experience to your customers, boosting sales and improving customer satisfaction.

Pros:

• Rich Content Management including high-quality images and descriptions which ensures accurate product listings.
• The customer support team is highly responsive, providing timely assistance and resolving issues promptly.
• Cloud-based PIM solution, providing flexibility and easy accessibility from anywhere.
• Scalable to accommodate the needs of growing businesses.

Cons:

• The User interface can be complex to navigate especially for new users.
• Limited options for customization might restrict meeting the unique needs of your business.

Best Suitable for:

Large Enterprises that require a robust and scalable solution to manage the product data across multiple channels.

Pricing Options: 

Syndigo doesn’t disclose pricing information online

PIMworks

PIMworks is a comprehensive PIM solution designed to organize all your product data at one place, enrich it there and syndicate it to your sales channel within minutes. With its powerful workflow management features you can easily tag, assign and comment, facilitating effective collaboration. You can easily access the channel templates and guidelines which makes the syndication even faster. PIMworks also offers a free trial to explore how it can strealmline your product management.

Pros:

• Native integrations with key marketplaces lead to better product content management.
• Automated content enrichment helps reduce manual errors improving the data quality.
• Digital asset management centralizes and manages all the assets needed for each marketplace. 
• Product content can be personalized to meet the unique requirements of each channel while maintaining brand consistency. 
• Digital Shelf intelligence helps you stay ahead of the competition by tracking compliance across channels while providing competitive insights.

Cons:

• API integrations for major channels like Amazon, Shopify, BigCommerce, WooCommerce, and Magento are available, but additional integrations are still in the pipeline.

Best Suitable for:

Small, Medium, or Large sized Businesses requiring a comprehensive and feature-rich PIM solution to manage their product information.

Pricing Options:

Standard, Professional, Enterprise

Salsify

Salsify offers unified Product Experience Management (PXM) solutions for both brands and retailers. It allows businesses to automate the process of centralizing product data and distributing it to different channels. Salsify positions itself as a leader in the PXM space which helps businesses win the digital shelf.

Pros:

• The User Interface is Intuitive and user-friendly, making it easy to navigate for the users.
• Comprehensive syndication capabilities ensure the seamless distribution of product data across multiple channels. 
• Data validation and enrichment features ensure the accuracy and completeness of the product data. 
• Digital Asset Management enables organizing all the images and videos in one place.

Cons:

• Support team is slow which makes it difficult to get the issues resolved quickly.
• Editing product information might be complex and time-consuming.
• Bulk deletion of products is a quite lengthy and cumbersome process.

Best Suitable for:

Large Enterprises with complex product data management needs.

Pricing Options: 

Salsify doesn’t disclose pricing information online

Akeneo

Akeneo is a Product Information Management solution that enables retailers and brands to deliver consistent product experience across all platforms. The AI-powered features enhance the product data by identifying and rectifying missing or inaccurate information and also optimizing it for improved SEO.

Pros:

• Allows customizing the Import/Export files to fit your specific business needs.
• Provides an Intuitive and User-friendly Interface that simplifies the navigation.
• AI-powered data enrichment enables easy identification and correction of missing or inaccurate information.

Cons:

• Limited customization and flexibility may restrict the adaptability to fit all business needs.
• Workflow management feature is not very comprehensive compared to others in the market.

Best Suitable for:

Large Enterprises requiring a robust PIM system to manage extensive product catalogs.

Pricing Options:

Community Edition, Growth Edition, Enterprise Edition

Plytix

Plytix is a Product Information Management solution initially built for small and medium sized enterprises that helps in managing all the product information at one place. With its AI integrated product description generator you can automatically generate compelling high quality product content.

Pros:

• Provides a User-friendly Interface facilitating easy navigation.
• The customer support team provides prompt and effective support to address the issues.
• AI-powered product description generator automates the generation of compelling product content.

Cons:

• Offers only limited Customization options which may restrict the adaptability.
• Performance issues reported with large product catalogs or complex data structures.
• May not fully meet the needs of large enterprises with complex data management requirements.

Best Suitable for:

Small to Medium-sized Businesses seeking a user-friendly PIM solution to manage product information.

Pricing Options: 

Basic, Custom, Unlimited

SalesLayer

Sales Layer is a cloud-based PIM solution that centralizes, optimizes, and automates the syndication of product information to all sales channels. You can create and share your digital product catalogs to all B2B and B2C channels in real-time. You can make bulk edits to the product data that get updated across all touchpoints. 

Pros:

• Intuitive and user-friendly Interface makes it easy to use.
• Provides timely customer support to address any issues or queries.
• Offers the flexibility to customize and scale according to your unique business needs.
• Facilitates seamless editing of product information in Bulk.

Cons:

• Steeper Initial learning curve for new users when getting started with the system.
• Transfer of information is slower sometimes, which may impact the efficiency.

Best Suitable for:

Medium-sized businesses requiring an extensive PIM solution that scales with the growth of the business.

Pricing Options: 

Premium, Enterprise, Enterprise Plus

Pimcore

Pimcore is an open-source PIM software, that helps to centralize all the product data and publish it across various channels. Pimcore offers built-in DAM and CMS enabling flexible product data management. Its API-driven architecture provides a fast and seamless connection to third-party software such as ERP and CRM.

Pros:

• Integrated DAM and CMS enhances the data management capabilities.
• Open-source platform gives the flexibility to customize the solution as needed.
• Offers customization and scalability to fit your growing requirements. 
• Data validation and enrichment features help ensure the accuracy and completeness of the information.

Cons:

• Complex User Interface might lead to a steeper learning curve for new users.
• Some users have reported performance issues while handling large data sets.
• Documentation could be more comprehensive.

Best Suitable for:

Large Enterprises requiring PIM solution with complex integration capabilities.

Pricing Options: 

Community, Professional, Paas, Enterprise, Unlimited

Inriver

Inriver is a cloud-based PIM solution designed to efficiently manage, create, and distribute accurate product information across various channels. Its AI-powered automation enables automated content enrichment and streamlined workflows. 

Pros:

• AI-powered content enrichment helps ensure the product information is accurate and of high quality.
• Cloud-based PIM solution enables flexibility as it provides access from anywhere.
• Customer support team is highly responsive and promptly responds to the queries raised.

Cons:

• Extended learning curve for new users while getting started.
• Complex User Interface makes it difficult for the users to navigate through.
• Offers limited possibilities to control user access and permissions.

Best Suitable for:

Medium to Large Enterprises requiring a robust PIM solution to handle product data across multiple channels.

Pricing Options: 

Core, Professional, Enterprise

Pimberly

Pimberly is a cloud-based PIM solution designed to centralize, manage, and optimize product information while maintaining consistency and reliability. Its built-in AI functionality enhances product data processing capabilities, increasing efficiency. It can automate the data syndication process enabling real-time updates. 

Pros:

• Built-in AI functionality enhances productivity while ensuring the accuracy of the data.
• Easy to implement and set up, which could save a lot of time and effort.
• Customer support team provides timely responses, helping resolve the issues.
• User-friendly Interface facilitates easy navigation of the platform.

Cons:

• The learning curve might be steeper for the new users.
• Sometimes Imports/Exports take a longer time than expected, thereby impacting the workflow.

Best Suitable for:

Medium-sized Enterprises looking for a scalable PIM solution to manage their product information.

Pricing Options: 

Regular, Pro, Corporate, Enterprise

Catsy

Catsy is PIM software designed to help businesses manage all the product information in one place. With features like automation, content enrichment, and analytics, you can efficiently manage and distribute product data.

Pros:

• User-friendly Interface makes it easy for the users to navigate through the platform.
• Customer support team provides timely assistance in resolving the problems.
• Customizable according to the specific needs of your business.

Cons:

• Search functionality can sometimes be slow, which might affect the efficiency.
• Learning curve could be steeper for the new users.
• Slow processing speeds when handling large volumes of data, causing delays in the workflow.

Best Suitable for:

Medium to Large sized businesses looking for a strong PIM solution to handle their product information.

Pricing Options: 

Essential, Multi-store, Enterprise

How to Choose the Best PIM Software?

Choosing the best PIM software can become a game-changer for your business. You should approach this decision with a strategic mindset to make sure the PIM aligns with your current and future needs. Ask yourself the following questions while evaluating a PIM solution. 

What challenges will the PIM solve for your business?

Can it smoothly integrate with your current systems and is scalable for future growth?

Does it offer built-in workflows, collaboration tools and customization options?

Do you find the UI user-friendly for daily use ?

How does it ensure data quality and manage channel-specific content variations ?

What types of support, training and security measures are provided?

What is the TCO (Total Cost of Ownership), including both setup and maintenance costs?

Emerging Trends in the PIM space

The emerging trends in Product Information Management are significantly reshaping the way businesses approach e-commerce. 

According to the study made by the Fortune Business Insights the overall product information management market is projected to grow from $4.47 billion in 2024 to $20.66 billion by 2032.  The estimated growth rate (CAGR) is 21.1% during the period. 

We are getting to see an expanding demand for online shopping. Hence, there is an unavoidable need to consistently maintain accurate and up-to-date product information which drives the development of PIM software. 

As the product data is growing continuously in terms of volume and complexity, the integration of AI and ML algorithms has become essential. This enables the automation of several complex and time consuming tasks in a fraction of a second. Incorporating emerging technologies like Augmented Reality (AR) and Virtual Reality (VR) will offer immersive product experiences.

Cloud-based PIM solutions are gaining significant popularity as it enables to collaborate and access the data from anywhere while also reducing operating costs. PIM will further enhance its omnichannel capabilities, ensuring seamless data distribution across the touchpoints.

Final Thoughts

Choosing the best PIM software goes beyond making a mere decision – it is a journey towards figuring out the full potential of your business. It is like finding the perfect key for a treasure box.  Just like only the right key could unlock the hidden treasure, only the right PIM can make your business scale greater heights!

As we’ve explored, each PIM software comes with its own advantages and drawbacks. This implies that the one-size-fits-all approach won’t work here. You should align your decision with the exact needs and requirements of your business.

Keeping an eye on the constantly shifting trends can gain you a competitive edge in this rapidly evolving market. Strong customer experience and increased operational efficiency will be the building blocks of your business.

So, carefully find the right key for your business- the PIM software that opens up all the doors for your success.  Your treasure awaits!

Need more clarity? – We’re here to help! Schedule a free one-on-one demo of PIMworks today and we’ll be happy to answer all your questions. Discover how our solution can be tailored to meet your specific needs and take you toward success.

Click here

Let’s begin your Journey to better product management together!

The post Best Product Information Management Software in 2024 appeared first on PIMworks Blog | Fresh Retail Insights.

Centralized Hub for Product Data

PIMworks acts as the central nervous system for all your product information. Imagine a single platform where you can store, manage, and enrich product details like descriptions, specifications, and rich media assets. This eliminates the need to juggle separate systems, ensuring everyone across your organization has access to the same trusted source.

Streamlined Workflows and Data Validation

Maintaining data accuracy is paramount. PIMworks offers built-in workflows to streamline data ingestion and validation processes. Data quality checks ensure information is complete and error-free before publishing. Furthermore, user access controls prevent unauthorized modifications, upholding data integrity.

Effortless Data Enrichment

PIMworks goes beyond simple data storage. Its data enrichment tools empower you to enhance product descriptions with rich details, boosting customer trust and conversions. Automated processes save you valuable time and resources, allowing you to focus on strategic initiatives.

Seamless Product Distribution

A single source of truth empowers seamless product distribution across various channels. PIMworks simplifies the process of syndicating accurate and consistent product information to your website, marketplaces, and other sales channels.

Benefits of a Single Source of Truth with PIMworks

Enhanced Customer Experience: Accurate and consistent product information builds trust and satisfaction.
Improved Operational Efficiency: Streamlined workflows and data management save time and resources.
Reduced Errors and Inconsistencies: Eliminate discrepancies and ensure data integrity across all touchpoints.
Faster Time to Market: Get products to market quicker with efficient data management.

PIMworks: The Foundation for Success

PIMworks is more than just a PIM system; it’s the cornerstone of your product data strategy. By establishing a single source of truth, you empower informed decision-making, streamline operations, and ultimately drive business growth.

Ready to unlock the power of a single source of truth? Explore PIMworks today and experience the difference for yourself.

The post PIMworks: Your Reliable Partner for a Single Source of Truth appeared first on PIMworks Blog | Fresh Retail Insights.

Source: Fast company

They can simply visit the Ikea website on their phone, and explore detailed product information. Unlike printed catalogs, digital product pages offer more than just well-shot images; they include videos, 3D models, and even VR experiences to visualize furniture in your space.

While Ikea stays modern, Amazon takes a nostalgic route with traditional holiday catalogs. The crucial point is that product pages, the feisty alter ego of physical catalogs, play a pivotal role in purchase decisions.

Creating an online catalog, unlike its printed counterpart, is complex. It compiles data from various sources, involves numerous data fields, and must comply with different channels. 

This complexity is where PIM for eCommerce becomes indispensable.

What is eCommerce PIM?

An online business keeps a product catalog on a tight leash to ensure that the data is accurate, consistent, and complete and most importantly gives customers a good shopping experience.

While this is the objective of an eCommerce business, it is no small feat to get there.  An eCommerce PIM helps streamline the journey of creating, managing, standardizing, enriching, and syndicating data, all from one platform.

Benefits of PIM for eCommerce

It is your product data HQ: 

Imagine having to create product catalogs by referring to a bunch of files and folders. Running from one spreadsheet to another, scouring through files, digging through CRMs and ERPs, and finally putting together a catalog – only with many errors!

Without a PIM platform, online businesses would struggle to create and manage product information and ensure quality in published catalogs. A PIM platform acts as a single source of truth and makes it easy to manage product information.

Helps you create clean and consistent catalogs: 

“Overall the web is pretty sloppy, but an online store can’t afford to be.” – Paul Graham, co-founder of startup accelerator Y Combinator.

Brand consistency and content accuracy are essential for your products as they directly impact reputation and revenue. 

You cannot have different tones, styles, and content for each channel. For instance, a retailer selling fashion accessories may use a PIM system to ensure that product descriptions, images, and specifications are uniformly presented across their online store, mobile app, and printed catalogs. 

This not only enhances the overall customer experience but also instills trust and reliability in the brand, as customers encounter a seamless and coherent representation of products, regardless of the platform.

Consistency also has another meaning in the world of e-commerce. For instance, a marketplace has certain norms and rules about the specifications or templates in which they present their products.

A PIM helps in maintaining that consistency so that your product content stays compliant with the channel requirements.

Enriches your product data for better engagement

In addition to maintaining consistency, PIM systems excel at enriching product data to drive better engagement. These systems allow businesses to include detailed and relevant information about each product, such as features, benefits, and usage scenarios. 

For instance, an electronics manufacturer using a PIM system can easily update product specifications, include high-quality images, and attach user manuals to create a comprehensive and informative product listing. 

This enriched data not only aids customers in making informed purchase decisions but also enhances search engine optimization (SEO) by providing search engines with valuable content to index. As a result, the products become more discoverable and attractive to potential customers, leading to increased engagement and, ultimately, higher conversion rates.

Helps you get to the market faster

One of the significant advantages of employing a PIM system is its ability to expedite time-to-market for new products. 

For example, a consumer electronics company launching a new smartphone can use a PIM system to swiftly update product information, pricing, and marketing materials across various channels simultaneously. 

This not only ensures a coordinated and coherent product launch but also enables businesses to respond quickly to market trends and consumer demands. By streamlining the process of updating and disseminating product information through native integrations of PIM with marketplaces and e-commerce platforms, it becomes easy to syndicate products in a snap.

Streamlines workflow management

PIM systems contribute significantly to the streamlined management of workflows within an organization. They provide a centralized platform where teams can collaborate on product data, ensuring that everyone is working with the most up-to-date and accurate information. 

For example, a global retailer with multiple teams handling different product categories can use a PIM system to establish clear workflows for data creation, review, and approval. 

This prevents bottlenecks, reduces the likelihood of errors, and enhances overall efficiency. 

By optimizing workflow management, businesses can achieve a higher level of operational efficiency and bring products to market more smoothly.

Factors to consider when choosing a PIM for eCommerce business

Integrates with your existing tool stack:

A PIM system should seamlessly integrate with your existing technology stack, including your eCommerce platform, CRM, ERP, and any other essential tools. It should also integrate with the marketplaces and channels that you are using for seamless transfer of data.

Checks off all the basic features:

Ensure that the PIM solution covers fundamental features necessary for effective product data management. This includes support for product categorization, attribute management, version control, and multi-channel publishing. If your eCommerce business operates in multiple regions, the PIM should have localization capabilities to adapt product information for different markets

Helps enrich your data (beyond SSOT):

Look for a PIM system that goes beyond just maintaining a Single Source of Truth (SSOT) and offers tools for enriching product data. This could involve supporting multimedia assets etc.

Gives you a good ROI:

Evaluate the return on investment (ROI) potential of the PIM solution. Consider factors such as time saved on manual data entry, reduction in errors, and improvements in product discoverability and customer engagement. Choose a PIM system that aligns with your budget while delivering tangible benefits.

Supports with implementation:

Select a PIM provider that offers robust support during the implementation process. This includes comprehensive documentation, training resources, and responsive customer support

Top 5 PIM Tools for eCommerce Businesses

PIMworks:

A product information management platform that is industry-agnostic and serves businesses of all sizes. It helps e-commerce businesses solve product data challenges, improve time to market, and maintain product data quality and consistency.

Top features: 

• Centralized storage
• Data syndication
• Data import and export
• Collaborative workflows
• Workflow management
• Automated content enrichment
• MAP monitoring
• Vendor onboarding
• Multiple vendor management
• SEO for product pages
• One-click integrations
• Digital asset management
• Localization and translation
• Category management
• Taxonomy management
• Analytics and insights

Pricing: Custom quote

2. Akeneo:

Akeneo helps medium-sized businesses and large enterprises manage product data and deliver consistent product experiences across channels. Akeneo helps e-commerce businesses achieve omnichannel experience through rich and consistent product catalogs.

Top features:

• Centralized product repository
• Data import and export
• Channel-specific data customization
• Versioning and history tracking
• Product enrichment 
• Collaboration workflows

Pricing: Custom Quote

3. Pimcore:

With an open-source approach, Pimcore offers a comprehensive suite of PIM solutions, perfect for businesses seeking customization.

Top features:

• Digital Asset Management (DAM)
• Product Information Management (PIM)
• Multi-channel Publishing
• Workflow management
• Product data syndication
• Omnichannel publishing
• Data quality management
• Data Integration 

Pricing: Custom Quote

4. Salsify:

Salsify focuses on enhancing the customer experience by providing tools for digital shelf optimization and real-time collaboration.

Top features:

• Centralized product data
• Onboard vendors
• Product data validation
• Workflow management
• Supplier experience management (SXM)

Pricing: Custom Quote

5. Plytix:

It serves small businesses and it has the main objective of helping online businesses end spreadsheet chaos.

Top features:

• Single source of truth for product data
• Product data syndication
• AI-generated product descriptions
• Digital asset management (DAM)
• Product sheets creation

Pricing: Starts at $499/mo

Final thoughts

Investing in a robust e-commerce PIM is not just a choice; it’s a strategic imperative. As the digital marketplace evolves, businesses that harness the power of PIM gain a competitive edge, ensuring their products shine brightly amidst the online retail landscape.

FAQs

The post eCommerce PIM: A Comprehensive Guide [Meaning, Benefits, & Popular Tools] appeared first on PIMworks Blog | Fresh Retail Insights.

After a lot of iterations, a product passes through the design, production, launch, growth, maturity, and decline stages. 

From ideation to retirement, managing each transition in the product life cycle poses challenges for cross-functional teams in terms of collaboration, data management, retrieval, and more.

This is where Product Lifecycle Management (PLM) comes in by enabling the management of a product throughout its lifecycle.

PIM on the other hand facilitates product data management when the product is in its flourishing stage. To store, manage, enrich, and syndicate product data, PIM software helps improve customer experience and increase revenue.

Like a butterfly’s wings allow it to take flight, PIM gives products the digital wings to soar across channels. 

PIM VS PLM: Key Differences 

Defining PLM

PLM facilitates efficient management of a product through its entire lifecycle. Think of a running shoe for instance – the final product that we see on the online store has gone through a lot of stages before it is ready to consume. The shoe would have been just a rough drawing on a whiteboard in the ideation stage. It then takes shape through design and CAD models. The shoe then goes through the production stage, launch, and finally to the market. 

A PLM facilitates managing data at each of these stages. It involves various stakeholders’ data, from engineering to supply chain management.

Who are the stakeholders involved in Product Lifecycle Management (PLM)?

• Design Team
• Product Managers
• Manufacturing Team
• Marketing Team
• Supply Chain Managers
• Sales Team
• Quality Assurance/Testing Team
• Customer Service
• Retailers/Distributors

Why is a PLM important?

PLM systems enable cross-functional team collaboration that makes information accessible

It helps streamline the product development process which reduces chaos and enables quicker time to market

Optimizing the entire product development process helps reduce rework and minimizes the possibility of making costly errors

PLM centralizes product-related data, reducing data silos and empowering all the stakeholders to easily access the information 

Enables continuous improvement by having all the learnings every step of the way  right from ideation, prototyping, and experimentation

Tracking and attributing becomes easiest as each step can be traced with the PLM

Defining PIM

PIM is a product information management software that helps online businesses including retailers, brands, and manufacturers centrally store and manage product information. A PIM helps significantly reduce time to market with marketplace and channel integrations that facilitate instant syndication.

Who are the stakeholders involved in product information management (PIM)?

• Product Managers
• Marketing Team
• Sales Team
• IT Department
• Content Creators/Writers
• Graphic Designers
• eCommerce Managers
• Supply Chain Managers
• Manufacturing Team
• Retailers/Distributors

Why is a PIM important?

Simplifies product data challenges by serving as a single source of truth for all the product information

Speeds up the time to market with instant syndication

Integrates with eCommerce channels and marketplaces that enable two-way synchronization of data. This helps in the smooth syndication of data

PIM supports personalized marketing strategies by enabling syndication of content that is compliant with each channel’s unique requirements

Centralized access to product information ensures that the data is always accurate and consistent

Enables collaboration between internal and external stakeholders by creating powerful workflows. This enhances productivity and improves efficiency

Synergies between PIM and PLM

While PIM and PLM serve distinct purposes, they can complement each other in some scenarios. At the core, both these systems help in simplifying processes and enhancing efficiencies. 

It’s not about PIM VS PLM: An eCommerce business needs both PIM and PLM when:

• An eCommerce business that has huge volumes of products and associated product information that frequently changes needs a PIM system to ensure data consistency and accuracy across channels

• eCommerce businesses involved in the design, development, or assembly of products should invest in PLM. A PLM helps streamline product ideation, and development, taking the product to market, and its retirement

• eCommerce companies dealing with technical information and intricate product information can greatly benefit from integrating PIM and PLM. This integration helps in achieving comprehensiveness of data and ensuring that it is accurate and up-to-date

Let’s look at some of the common purposes that both PIM and PLM solve:

Unified Product Data: PLM is the home to product information such as design specifications and manufacturing details. This data is also crucial for product catalogs that get disseminated from the PIM software. A PLM when integrated  with PIM ensures consistency in product information

  Collaboration and Communication: Both systems contribute to improved collaboration among different teams. A PLM helps product development teams, marketing, sales teams, and other key stakeholders find and access all the key information in one platform. PIM enables internal and external stakeholders involved in product catalog creation to collaborate by creating workflows

Time-to-Market Reduction: A PLM has all the product-related information throughout its lifecycle that helps accelerate the product launch process. Marketing teams can quickly access product information from PLM, allowing them to create and distribute marketing materials faster. Similarly, a PIM helps in syndicating the products to the marketplaces with tight integrations. This eliminates manual data entry and increases the time to market

Consistent Branding: PIM ensures that product information, including images, descriptions, and specifications, remains consistent across various channels. Similarly, a PLM has all the information about the product right from the time it is taking shape. It becomes easier to access and streamline branding efforts

Final thoughts: PIM VS PLM, what’s the verdict?

PIM, PLM, DAM, and CMS – These platforms may seem like they’re similar, but there are vast differences in their purpose and audiences. 

PIMworks is a product information management platform that simplifies product data management, improves time to market, enriches product data, and syndicates your products to marketplaces and channels seamlessly.

PIM and PLM are powerful tools with distinct purposes in the world of eCommerce. Understanding their differences and considering their synergy can help in analyzing the need for each of these platforms for your eCommerce business.

Whether it’s optimizing online product presentations or streamlining complex product development, choosing the right system (or a combination of both) is essential for success.

FAQs

The post PIM vs PLM: Your Simple Guide To Understanding the Key Differences and Synergies appeared first on PIMworks Blog | Fresh Retail Insights.

An eCommerce business would want to implement a PIM for various reasons and to accomplish different outcomes. The objectives could vary based on the business priorities, size, and industry.

So, does this impact the cost of PIM? The short answer is yes.

You can purchase a PIM software starting from a free 30-day trial, for $699 per month to $25,000 per year. The cost of product information management software is mainly influenced by the number of SKUs and your marketplace presence.

Are you curious about the potential factors impacting the PIM price, the various costs involved in implementing PIM, and the hidden costs associated with PIM?

Well, you’ll get to know all of these before you leave this page!

Before looking at the pricing of a PIM, you need to ask yourselves these questions and look at the business fit:

Which customer channels do most of your business come from?

Do your key channels accept data in standard templates or require complex templates, processes, or guidelines?

Are you looking for platforms that give better integrations without manual processes? These platforms can range from $1,000 to $2,000 per month

How many integrations does your business need?

Do your key channels accept data in standard templates?

Are you specifically looking for platforms that give flexible tools to manipulate and export data – These platforms can range from $500 to $800 per month

Are you cautious when you choose the platforms to see if they can help you expand and grow in the future? This is because a PIM implementation involves key business change, time, and effort. Choosing a provider who is too cheap or too expensive will hurt your business growth

Are you a larger enterprise where there may be a need for some customization and are you looking for platforms that are flexible to accommodate these at a nominal cost?

How much does a PIM cost?

As we discussed, PIM cost might vary depending on several factors. And generally, there are two types of costs that you need to deal with: One-time costs and Ongoing costs. Let us help you get a clear idea of what they are.

One-Time Costs

Yes, you are right. These are the costs that you will have to face only once, typically during the initial phase. You can think of them as the foundation for your Journey ahead. This could vary depending on the size and requirements of each business. The more complex the need is, the higher the cost will be! Let us break down and explore the one-time costs involved.

Conception Cost: The first and foremost step for anything we do is Brainstorming! This is where you need to figure out what exactly you want to achieve with your PIM solution. Either you can do your own research or hire a professional consultant to analyze the needs and gather requirements. The conception cost will cover the cost incurred through either of the options. 

Evaluation cost: Once you get a clear understanding of your needs, you will think of choosing the best PIM for your business. This means you will be exploring the various PIM software available in the market. Evaluation costs include the time and resources that you spend on exploring the various options and attending demos and presentations.

Set-up Cost: Now that you have selected the right PIM for your business, the next step is to set it up for use. You might want to make the system compatible with your existing tools and databases to ensure a seamless performance. Again, the setup cost could vary depending on the complexity involved.

License Acquisition cost: Just like any other software, you need to buy a License to use the PIM software. There are many types of licenses available in the market, you need to choose the one that best fits you carefully. The cost will either be a one-time payment or recurring depending upon the type of license and the software provider. Choose wisely!

Customization and Implementation Cost: Every business is unique and will have its own needs and requirements. Yes, you can tailor your PIM to fit your specific needs. You might want to migrate your existing data, Integrate your PIM with other systems that you are currently using, program workflows, and add any new features. Customization and Implementation costs will cover all of these.

Ongoing Costs

Now that you have set up your PIM and started using it, it doesn’t end up there. You’ll need to budget your expenses to keep things running smoothly!

License Renewal Cost: As we discussed earlier, depending on the type of license you acquire, the license cost could be either one-time or ongoing. If you buy a rental license or a subscription-based one, you will have to pay the money at recurring intervals to continue using the PIM software.

Maintenance and Support Cost: Let it be any product, definitely some kind of maintenance is necessary! Similarly, PIM software will also need regular maintenance to ensure a smooth operation. This could be any bug fixes or software upgrades. PIM providers offer various support options like Email support, Call support, or even a dedicated account manager. Hence, the expense could vary based on your requirements.

Hosting Cost: You can host the PIM either on your own servers, rented servers, or even on a cloud platform. The cost involved will vary based on the storage space required, bandwidth usage, and the level of support you need. 

Run Cost: Yes, this is the cost incurred for the seamless running of your PIM. This might include the support for integration or regular monitoring of the third-party channels for updates and implementation. This will again vary depending on the number of connections.

Hope you have gained a better understanding of the various costs involved. This will greatly help you in your decision-making, as now you can better analyze the options!

Let’s now understand in-depth the factors affecting the cost of a PIM solution.

9 Key Factors Affecting The PIM Cost

Here are some aspects a business looking to invest in a PIM consider:

1. Number of users of the PIM platform

Some PIM systems charge based on the number of users of the PIM platform. So, before investing in a PIM, understand who would be the end-users of the PIM platform. 

It is always a good practice to map the users of the PIM (role) with the objective. This will give you a clear picture of the usage cost.

2. The complexity of integration

A PIM system, when integrated with your existing platforms and marketplaces can do wonders for your business. For instance, if you are selling on Amazon and Walmart online stores, a PIM can help you natively integrate with these platforms. 

This integration can benefit you by having a two-way synchronization of all your data. When it comes to the cost factor, the complexity of integrating the PIM system with your existing software and the number of channels can influence the pricing. 

If you have multiple software platforms that need to be connected, this can add to the expense.

Some of the PIM platforms charge based on the number of exports. This is because these platforms don’t have native integrations with marketplaces and channels.

Their data syndication is typically cumbersome and involves:

• The data has to be prepared manually to ensure that it complies with the channel or marketplace to which it is syndicated to. On average, preparing one data template for retail takes about 3-4 days and the effort costs around $500
• The mapping of data happens manually. The template is downloaded from the channel and uploaded back to the PIM platform (you cannot copy + paste column to column)
• Once the mapping is done, the template has to be uploaded back to the channel and this is generally not successful in the first go. You get errors, and run into a loop of endless re-work, creating and fixing the data errors losing a lot of time and money

How does PIMworks stand out?

PIMworks’ cost is based on the number of channels you publish your content on and not based on the number of exports. The advantage here is, that unlike a few other players in the market, PIMworks has pre-built templates for all the key channels and marketplaces that make automating and syndicating the product catalog content a breeze.

You don’t have to manually get the templates, it is configured already and ready to go. Your data also goes through a health check before syndication that helps you monitor and track the changes needed. 

3. Features and Functionality

This is the most crucial factor that determines the cost of a PIM solution. There are platforms in the market that offer a vast range of features and functionality that can significantly affect the cost. More advanced and comprehensive PIM solutions tend to be more expensive. 

If you have multiple stakeholders in the supply chain, like vendors, supplies, retailers, and others involved in contributing to your product information, managing the workflows could get a bit complex. In such scenarios, you need a PIM platform that can help you create seamless workflows and give your stakeholders granular access controls.

Another advanced feature is the integrations that we discussed. If you are looking at robust integrations, that could inflate the cost to a certain extent.

Do your syndication channels expect data in a certain way and constantly change the formats?

A lot of eCommerce businesses work with channels that demand data in a specific format. Not just that, these formats are subjected to continuous changes and you have to be assertive and proactive to keep up with these changes. 

A platform like PIMworks can help you with data preparation and ensure that you stay compliant with the periodic changes.

4. The level of customization 

Every eCommerce business and its needs are different. For instance, an eCommerce business would want specific fields in their product catalog to meet the unique requirements of their business or specific taxonomy classification.

If you need extensive customization to tailor the PIM system to your unique business requirements, this can increase the cost. The more you customize the PIM platform to meet your unique needs, the costlier it could get.

5. The volume of data and the no. of SKUs

An eCommerce giant with huge volumes of product data needs a PIM platform that is scalable. The amount of data (SKUs, product information, media files, etc.) that the PIM system will manage can impact the cost. 

Online websites with high data volumes often require more powerful infrastructure that could potentially impact pricing.

6. Support and maintenance

A PIM platform needs ongoing support and maintenance. There are a variety of modules in a PIM that need extensive training, updates, and more. 

Some PIM systems offer additional modules or extensions for functionalities like data quality, digital asset management, or workflow automation. Purchasing these modules may increase the overall cost.

7. Pricing models

• Usage-based pricing: Some PIM systems may charge based on the amount of data you store or the number of API calls or data transactions.

• Custom pricing: For larger enterprises or unique requirements, custom pricing may be negotiated with the vendor based on your specific needs.

Each PIM provider has their own approach and has different PIM Pricing Models. Some may charge based on the number of users, SKUs, or integrations, while others may have tiered pricing plans. 

To get a better understanding, let’s review the two different pricing models offered by PIMworks.

We at PIMworks, also provide completely customizable solutions depending on your requirements.

8. Free and Open Source

Some PIM systems are open-source or have free versions with limited features. However, these may require more in-house development and support.

9. Level of automation and AI

A PIM platform can be modern and advanced with AI features for data enrichment. While a lot of PIM players don’t offer advanced features to create catalogs at speed and with accuracy, the ones that do might offer this feature at a price. How do PIM platforms help you leverage AI:

• Let AI write product descriptions
• Use AI to complete the missing information in your catalogs
• AI-driven language translation tools can help in translating product information into multiple languages
• AI can monitor competitor activities and pricing strategies
• AI can be used to automatically identify and correct data inconsistencies

Hidden Costs of PIM

While investing in a PIM, there could be some additional costs businesses may not have initially thought of that could increase PIM expenses.

Here are a few aspects that could be hidden or unknown at the time of investing in the software:

• Professional Services (consulting, training, customizations)
• Support Services
• Adding new channels
• Data quality management
• Maintenance and scalability costs

Analyzing and mitigating these hidden costs will help you make informed decisions. To avoid these hidden costs, clearly define the needs and identify the features required for your organization. Make sure, you clearly discuss the pricing details with your PIM provider to ensure transparency, avoiding unpleasant surprises.

Final thoughts

Understanding the cost of implementing a PIM solution and analyzing its potential value is a huge step toward effective product data management. As we discussed, PIM costs can vary depending on multiple factors like the choice of software provider, Number of SKUs and users, and the complexity and scale of your business needs.

Investment in a PIM system is a strategic decision that can bring significant benefits over the long term. The series of costs involved in implementing a PIM might appear to be a maze of expenses. But with careful consideration and planning, you can reap your fruit very soon.

To make an informed decision, consider your specific needs, budget, and long-term scalability needs.

Interested in seeing how PIMworks can elevate your Business strategy?

 Schedule a free demo today and discover the difference.

FAQs

The post How Much Does a PIM Cost in 2024? Key Factors and Insights appeared first on PIMworks Blog | Fresh Retail Insights.

While a CMS helps a business create, manage, host, and publish content; a PIM helps with managing product information as your business grows. To better understand these two concepts, let’s take a look at Jane’s journey through CMS and PIM software.

Meet Jane: An ambitious apparel store owner

Jane owns an apparel brand called “Urban Glam” and wants to have a strong online presence, but here’s the catch: she has no prior coding experience. With CMS systems like Shopify and BigCommerce she can create a stunning online store without needing to write a single line of code. 

PIM VS CMS: The Complete Breakdown

What is a CMS?

The CMS systems make it easy to build your dream website with simple drag and drop features. You can create web pages, manage, host, and publish content.

How does a CMS help an online store with content management?

• Non-technical users with zero code experience can create and publish content, including product descriptions, blog posts, and landing pages
• You can involve multiple users to collaborate on content creation, with role-based permissions. You can control who can create, edit, and publish content
• If you are doing specific marketing campaigns or seasonal promotions, you can schedule content to be published or removed 
• CMS platforms can be integrated with SEO tools to optimize your content
• You can store and manage images, videos, and other media files within your CMS
• With a CMS you can also ensure that your pages are responsive across devices

So, Jane would be benefited in the aspects we just discussed by implementing a CMS. As Jane’s online store takes off, she begins to add a bunch of products to her online catalog – apparel lines for all seasons and accessories like scarves, hats, and shoes.

The limitations of a CMS

A CMS helps in managing content and creating visually stunning websites. But, they cannot help with managing product data. When a business grows, the number of products and associated product data starts growing exponentially. Managing them on legacy systems and spreadsheets will result in errors and inconsistencies of data. 

When Jane’s product range expands, she starts to encounter the same daunting challenge that we discussed. Managing her product data becomes increasingly chaotic. She finds herself drowning in a sea of spreadsheets, each containing vital product information such as sizes, colors, fabric details, pricing, and availability. 

She struggles to keep track of the multiple variations of each product, the updated stock levels, and removal of discontinued items from her online store. Jane soon realizes that relying solely on a CMS like Shopify or BigCommerce is no longer sufficient for her growing business. 

While these platforms are excellent for creating visually appealing websites and managing content, they lack the capabilities to manage product information that’s her utmost priority. Managing intricate product data and ensuring consistency across various sales channels proves to be an uphill battle.

A CMS cannot:

• Manage product information from a centralized location
• Publish products across multiple channels that are compliant with each channel’s guidelines
• Enable all the key stakeholders collaborate under one space
• Reduce time to market with channel integrations
• Reduce product data errors and inconsistencies

What is a PIM?

A PIM system is a product information management platform that helps to centrally store and manage product information. It acts as a central source of truth for all the product information and makes it easy to access, manage, and syndicate products across multiple channels. 

A PIM system will empower Jane to centralize and organize her product data efficiently. With PIM, she can enrich her product listings with detailed descriptions, high-resolution images, and personalized options, all while ensuring consistency and accuracy.

How does a PIM help an online store with product data management?

• Centrally store and manage all your product data
• Find a single source of truth for all your product titles, descriptions, pricing information, and more
• Store and manage all your digital assets (PDFs, images, videos)
• Take your products to market faster with syndication that ensures your data is published in the right format 
• Simplify workflows and collaborate with all stakeholders
• Optimize product content and improve search visibility
• Enrich product catalogs with automated content enrichment

Jane realizes that PIM is the key to maintaining a seamless shopping experience for her customers, even as her product catalog continues to grow. As she transitions to a PIM solution, Jane can focus on what she does best – curating stunning fashion collections and growing her brand, confident that her product data is well-managed and under control.

PIM VS CMS: The key differences

How does PIM + CMS work out for your online store?

Though PIM and CMS are two different concepts, there is still synergy between the two and here are some ways in which eCommerce store owners like Jane can benefit from this:

• Efficient Data Management: PIM ensures your product data is managed centrally from a single source of truth and as a result your data is always accurate and consistent and the CMS helps in maintaining and managing the content published on your website

• Rich Content Integration: CMS allows easy creation and publishing of engaging content, complementing your product pages managed by PIM

• Streamlined Operations: The synergy of PIM and CMS streamlines workflows, improving collaboration and ensuring a seamless shopping experience for customers

• Scalability: As your product range grows, PIM and CMS accommodate expansion, making it easier to manage more products and content effectively

• Enhanced SEO: Combined, they boost search engine optimization efforts by offering both well-structured product data and high-quality content

Final thoughts

Every eCommerce business relies on a bunch of tools and platforms to manage and grow their business – ERPs, CRMs, CMS, PIMs, etc. While we can keep throwing acronyms like these, it is also important to understand the objectives and solutions of each of these tools.

Often businesses mistake CMS and PIM to be the same. While CMS helps in managing, editing, and publishing content; PIMs help in product data management. CMS comes in handy to maintain a website and a PIM helps in managing information and getting your products to market faster.

There are tools like PIMworks that help with managing content and product information. If you are looking for a PIM tool to simplify your product data management, go ahead and book your free demo now.

FAQs

The post PIM VS CMS: The Meaning, Differences, and Combined Powers appeared first on PIMworks Blog | Fresh Retail Insights.

To make your journey into the world of PIM more accessible and comprehensible, we’ve put together a comprehensive PIM glossary of essential terms and concepts. Whether you’re a seasoned PIM professional or just dipping your toes into this domain, this glossary will help you navigate the terrain with confidence.

Why a PIM Glossary Matter

Understanding the terminology associated with PIM is crucial for several reasons:

Clarity in communication: Whether you’re discussing PIM strategies with colleagues or working with PIM software, a shared vocabulary ensures everyone is on the same page

Efficient learning: If you’re new to PIM, learning the terminology helps you grasp concepts more quickly

Effective decision-making: PIM solutions are a significant investment for any organization. Knowing the terminology empowers you to make informed decisions and align with your business goals

Troubleshooting and problem-solving: When issues arise, knowing the right terminology can be the key to solving problems efficiently. It allows you to articulate issues clearly when seeking support or troubleshooting on your own

Exploring the PIM Glossary

Our PIM glossary is a comprehensive collection of terms that cover various aspects of Product Information Management.

Disclaimer: The glossary is intended for informational purposes and should not be considered exhaustive. The terms and concepts may evolve over time in the dynamic field of PIM.

As you explore the glossary, don’t hesitate to reach out to us with any questions or feedback. We’re here to support you on your PIM journey and help you harness the power of effective product information management for your business’s success.

The post Demystifying the World of PIM: A Glossary of Key Terms appeared first on PIMworks Blog | Fresh Retail Insights.

You’ll be surprised with the varied responses you’ll get.

Some of them would simply call it a product information management tool while a few of them would say it is to store data, and a few others would say it is to create good product catalogs.

They’re all right, no doubt.

But, a PIM has a lot of perceptions. This is because the answers you hear are mapped to the struggles and pains of your colleagues. A catalog manager would see PIM as a product catalog creating tool and a marketer would see it as an optimization and translation tool.

Your IT department would see it as a secure storage for all the data and the eCommerce manager as a productivity rescuer!

So, investing in a PIM software is never a one-person’s decision – it is an organizational decision. 

With so many PIM platforms in the market, it becomes difficult to map your needs with the outcomes of a platform.

In this blog, we will evaluate the top seven PIM tools so that you can make an informed decision. Before we look at the tools, let’s get some basics out of the way.

PIM Tools: Meaning and Purpose

PIM tools help eCommerce businesses of all sizes centrally store, manage, and syndicate product data. The information stored in PIM tools typically include product descriptions, specifications, images, pricing, translations, and more. 

PIM tools provide a structured and efficient way to create, edit, and enrich product data so that the data is consistent, accurate, and error-free.

What To Look For In PIM Tools?

Before evaluating a tool, you must first understand what exactly to look for in a PIM solution and see how it can serve your business objectives.

• Look for a PIM tool that offers a user-friendly interface for managing and organizing product information
• Ensure the PIM tool can integrate with your existing systems seamlessly and enables a two-way synchronization of product data 
• Choose a PIM tool that is scalable and that can grow with you when your product range expands
• If you operate in multiple regions, the PIM tool should handle different languages and currencies
• Choose a tool that is intuitive and easy to use 
• Ensure that the tool provider offers reliable customer support to address any issues

PIM Tools: An Overview

Tool	Pricing	Why try it	Why avoid it
PIMworks	Custom Quote	Integrations are simple to set-up and can be done in a few clicks	No major drawbacks. It’s a go ahead!
Akeneo	Custom Quote	Good insights and analytics	Clunky onboarding process
Pimcore	Open Source	All-in-one platform for data integration and customization	It is difficult to use
Salsify	Custom Quote	Focuses on delivering exceptional product experiences	The tool setup is complex and time-consuming
SalesLayer	Custom Quote	User-friendly interface	Needs technical expertise
Plytix	Starts at $499/mo	Simplifies PIM with user-friendly interface and automation	Vague and shallow integrations
Catsy	Custom Quote	Streamlines data for diverse catalogs with templates	Issued with data sync

Top 7 PIM Tools To Consider In 2023

1. PIMworks

PIMworks, one of the best PIM tools, is a product information management platform that helps eCommerce businesses simplify product data management, get their products to market faster, streamline collaboration, and ultimately grow their revenue. It is for all eCommerce businesses who are looking to end the spreadsheet madness and unify their product information in a centralized location. Whether it is creating well-optimized and comprehensive product catalogs or syndicated product data to multiple channels – PIMworks is the ultimate solution.

Features:

• Centralized storage
• Data syndication
• Data import and export
• Collaborative workflows
• Workflow management
• Automated content enrichment
• MAP monitoring
• Vendor onboarding
• Multiple vendor management
• SEO for product pages
• One-click integrations
• Digital asset management
• Localization and translation
• Category management
• Taxonomy management
• Analytics and insights

Pros:

• Centrally store and manage all your product data
• Take your products to market faster with instant syndication
• Simplify workflows and collaborate with all stakeholders
• Optimize product content and improve search visibility
• Enrich product catalogs with AI-powered enrichment engine
• Integrations are simple to set-up and can be done in a few clicks
• Personalize product content and localize it for any region

Cons:

• API integrations are available for all the major channels like Amazon, Shopify, BigCommerce, WooCommerce, and Magento. However, if you are looking for integrations beyond this, they are still in the pipeline

Pricing: Custom quote 

Who’s it for?

PIMworks is suitable for all eCommerce businesses with the goal of simplifying product data management, taking products to market faster, and growing their revenue.

2. Akeneo

Akeneo offers a comprehensive PIM solution that helps eCommerce businesses create seamless omnichannel experiences with a centralized management of product data. They help in telling a consistent product story across all channels and media – whether it is on the company’s online store, a printed catalog or their social media handle.

Features:

• Centralized product repository
• Data import and export
• Product enrichment 
• Versioning and history tracking
• Collaboration workflows
• Channel-specific data customization

Pros:

• Akeneo helps in seamlessly managing product data in a centralized location
• The customers of Akeneo are wow-ed by its analytics and insights

Cons:

• A few customers had difficulties with integration which resulted in a poor sync of their product categories
• The DAM feature in Akeneo does not have deep features and its benefits are limited
• Akeneo is a bit complicated to use and takes a while before customers get acquainted with the platform
• The customers find the onboarding process a tad bit clunky
• Editing attributes on Akeneo is found to be cumbersome

Pricing:

Custom Quote

Who It’s For:

Akeneo is suitable for businesses of all sizes aiming to create seamless omnichannel experiences.

3. Pimcore

Pimcore is an open-source PIM platform, allows businesses of all sizes and from any industry to create compelling product experiences across every touchpoint. With features like seamless data integration, digital asset management, and omnichannel publishing, Pimcore is an all-in-one solution for businesses whose ultimate goal is to deliver consistent and engaging product information.

Features:

• Digital Asset Management (DAM)
• Product Information Management (PIM)
• Data quality management
• Data Integration 
• Multi-channel Publishing
• Workflow management
• Product data syndication
• Omnichannel publishing

Pros:

• Pimcore is open-source which means a ton of flexibility, making it a playground for businesses with unique requirements
• Beyond PIM, Pimcore integrates Digital Asset Management (DAM) and Content Management System (CMS) capabilities in one platform

Cons:

• Formatting and uploading images is found to be painful by some users. Pimcore customers find the tool to be difficult to use 
• Implementing advanced features requires technical expertise
• Customization and personalization needs back and forth help and assistance from the Pimcore team

Pricing:

Custom quote

Who It’s For:

Pimcore caters to businesses of all sizes and from different industries looking to streamline their data management.

4. Salsify

Salsify focuses on enabling brands to deliver exceptional product experiences across all channels. It is for enterprises who are looking for robust capabilities for data governance, digital asset management, and real-time collaboration.

Features:

• Centralized product data
• Onboard vendors
• Workflow management
• Supplier experience management (SXM)
• Product data validation

Pros:

• Exceptional Product Experiences: Salsify empowers brands to craft engaging product experiences across multiple channels, driving customer engagement.
• Real-time Collaboration: The platform facilitates seamless collaboration among teams, boosting productivity and reducing delays.

Cons:

• The tool setup is complex and time-consuming
• Some users find the platform to be slow and non-intuitive
• The integrations are not as seamless and complete as you’d expect

Pricing:

Custom Quote

Who It’s For:

Salsify suits brands that prioritize customer experiences and wish to expand their market presence.

5. Sales Layer

Sales Layer is a robust Product Information Management (PIM) solution, designed to relieve businesses from the complexities of product data management. With an intuitive interface, it empowers teams to centralize, enrich, and synchronize product information seamlessly. 

Features:

• One place for all the product data
• Instant catalogs
• Multichannel selling
• Digital asset management
• Analytics

Pros:

• Sales Layer offers a user-friendly interface, ensuring quick onboarding and easy navigation
• Maintain consistent product information across various sales channels

Cons:

• While user-friendly, some advanced features may require a learning curve 
• Highly intricate customizations might require additional technical expertise

Pricing:

Custom Quote

Who It’s For:

Sales Layer caters to a wide range of businesses seeking to enhance their product information management

6. Plytix

Plytix has a very simple and straightforward goal when it comes to helping its customers. The tool is designed to help small and mid-sized eCommerce businesses end the chaos of scattered product information and efficiently manage data from a single source of truth. It allows businesses to centrally manage product data, distribute it across platforms, and monitor performance.

Features:

• Single source of truth for product data
• Digital asset management (DAM)
• Product sheets creation
• Product data syndication
• AI-generated product descriptions

Pros:

• It is integrated with open AI to auto-generate product content
• It has an intuitive interface that simplifies product data management
• The platform helps reduce manual tasks and seamlessly manage data from a single source of truth

Cons:

• The tool is not equipped to handle intricate data management needs
• Some users find that the data validation is not accurate for mass uploads
• The users of Plytix seem to be unhappy with the collaboration feature as it does not allow access control and tagging

Pricing:

Starts at $499/mo

Who It’s For:

Plytix is perfect for small to mid-sized businesses seeking efficiency and growth.

7. Catsy

Catsy helps businesses dealing with vast and diverse catalogs manage their product data securely. With customizable templates, seamless integration capabilities help companies maintain accurate and up-to-date product information across different channels.

Features:

• Product information management
• Digital asset management (DAM)
• Workflow automation
• SEO
• Integrations
• Product catalog creation and translation
• Publish to multiple channels

Pros:

• Catsy specializes in organizing and managing diverse product catalogs with in-built templates
• The tool helps in creating well-optimized product catalogs

Cons:

• Customers find issues with data sync and find the tool to be buggy
• The users find it non-intuitive and the tool seems to crash quite a bit

Pricing:

Custom Quote

Who It’s For:

Catsy suits businesses with diverse product catalogs looking for consistent data presentation across different channels.

Final thoughts

A product catalog passes through a bunch of stakeholders – each one evaluating them on different criteria before it reaches it is ready for the digital shelf. The product data tasks for the stakeholders are tied back to their daily objectives, KRAs, and critical outcomes. 

This is why it is extremely important to choose the right tool. Every business is different and the objectives of each function vary. So, it is important to choose a platform that serves all the functions and helps them accomplish their outcomes. PIMworks has topped the list because it caters to every PIM-related challenge. 

What sets PIMworks apart from the rest of the tools is the one-click integration with all the key platforms with a two-way sync. Almost all the other players offer vague integrations that result in data sync issues. PIMworks also has comprehensive data syndication, data enrichment, and digital asset management – that goes beyond just storing product data.

We hope this blog has helped you make an informed decision!

FAQs

The post Top 7 PIM Tools You Need to Consider in 2024 [Ultimate List] appeared first on PIMworks Blog | Fresh Retail Insights.