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Product Information Management: Everything you wanted to know but were afraid to ask

87% of consumers are unlikely to purchase from a retailer with inaccurate product information.
And for this reason, manufacturers and distributors everywhere understand the importance of creating and maintaining complete product information. In this presentation, Ntara helps educate organizations on product information management (PIM) solutions and how it can bring your organization to the proverbial “product information promised land.”
In this presentation, you'll learn why PIM is important, why you need a PIM, what PIM is, and how it works. As an added bonus, we'll give you tips on how to get started with a PIM.

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Product Information Management: Everything you wanted to know but were afraid to ask

  1. 1. PIM DEMYSTIFIED: Everything you ever wanted to know but were afraid to ask Presented by: Andy Didyk | Ntara VP of Account Services and Strategy Johan Boström | inRiver Co-Founder & Evangelist
  2. 2. TODAY’S AGENDA 11:00-11:30 Welcome & Introductions 11:30-12: 15 Keynote Presentation • Salads delivered at 11:30 • Entrees delivered around 12:15 12:15-12:45 Q&A Session; moderators at tables 12:45-1:00 Closing • To-go desserts delivered by 1:00 2©2017 Ntara, Inc. All contents proprietary and confidential.
  3. 3. WHO IS THIS GUY? Andy Didyk VP of Account Services & Strategy Ntara B2B and B2C e-commerce SME Digital strategist New business and account coach
  4. 4. Founded in 1999, Ntara is an independent digital agency headquartered in Johnson City, TN that provides strategy, design, e-commerce, and web development. We specialize in the complex— services, products, pricing, integrations—while accelerating the sale of products and services sold through indirect channels. B2B and B2C, B2B2C, B to whomever. SELECTIVE We are a team of talented digital builders, and continually seek to improve our clients’ businesses. Our approach is focused and deliberate, and our clients win because we apply our digital super powers to three specific industries: Branded Manufacturing & Distribution, Healthcare & Institutions, and Technology companies. ABOUT NTARA ©2017 Ntara, Inc. All contents proprietary and confidential. 4
  5. 5. WHO IS THIS GUY? Johan Boström Co-Founder & Evangelist inRiver Product Information & workflow SME Enterprise software strategist Senior international business leader
  6. 6. • Founded in Sweden in 2007 • Headquartered in Malmö, Sweden with offices in Chicago, Amsterdam, London, Stockholm • Growing at 70% YOY since 2011 • 350+ customers and 900 brands in 17 countries • 200+ partners, 800+ certified individuals ABOUT INRIVER ©2017 Ntara, Inc. All contents proprietary and confidential. 6
  7. 7. • Name • Title • Company • Level of product information management maturity • Favorite concert you’ve ever attended GUEST INTRODUCTIONS ©2017 Ntara, Inc. All contents proprietary and confidential. 7
  8. 8. IN THIS LUNCH & LEARN, YOU WILL LEARN: How to dramatically improve product information management function and get out of spreadsheet purgatory What other organizations—including your competitors—are doing and how to quickly move forward How a PIM easily integrates with other technology solutions, saving you time and money, and how to calculate ROI Why your print catalog won’t die, why you can’t kill it, and how to print it more efficiently A PIM’s role in simplifying your omnichannel strategy with Amazon and other online merchants 8©2017 Ntara, Inc. All contents proprietary and confidential. 1 2 3 4 5
  9. 9. …WHAT ARE WE SELLING? KNOWLEDGE: PIM is an important topic. sells software. sells services. Today is a success if we provide real value to you. 9©2017 Ntara, Inc. All contents proprietary and confidential.
  10. 10. WHY IS PIM IMPORTANT?
  11. 11. BUYERS ARE EMPOWERED 11©2017 Ntara, Inc. All contents proprietary and confidential. B2B + B2C
  12. 12. 93% of B2B buyers prefer to buy online when they’ve decided what they want to buy. B2B BUYERS PREFERENCES ©2017 Ntara, Inc. All contents proprietary and confidential. 12 Source: Q1 2015 Forrester/Internet Retailer B2B Buyer Channel Preferences Survey (n=229)
  13. 13. STATE OF B2B E-COMMERCE B2B U.S. e-commerce market is expected to grow to $1.13 trillion by 2020 • B2C sales: $523 Billion annually by 2020 E-commerce sales are expected to increase more than 9.3% annually 51% of US buyers prefer to buy online • 67% for Millennials • 56% for Gen X shoppers 92% of buyers used Amazon to research a purchase for work 74% of B2B buyers think that buying online is more convenient than buying from a sales rep 13©2017 Ntara, Inc. All contents proprietary and confidential. Source: 2016_UPS_Industrial_Buying_Dynamics_Study.pdf
  14. 14. B2B BUYERS USE PRODUCT INFORMATION 14©2017 Ntara, Inc. All contents proprietary and confidential. 0 5 10 15 20 25 30 Broadest product selection Best customer service Site of personal product purchases Lowest prices Fastest delivery Easiest to use Most credible product details Source: Forrester/B2BecNews Q1 2017 B2B Buy-Side Online Survey. 155 B2B buyer respondents. Total exceeds 100% due to rounding. Why Buyers Choose an E-commerce Site
  15. 15. NO PIM? BIG PROBLEMS. Why your B2C customers need PIM, too.
  16. 16. Product descriptions rank first in purchase decision. • 88% expect product information to be accurate to convince them to buy. • 82% of buyers want to read 3 reviews. • 66% of buyers require product content with three images. PRODUCT INFORMATION IS EXPECTED 16©2017 Ntara, Inc. All contents proprietary and confidential. Source: http://www.bizreport.com/2016/04/detailed-product-information-ranks-above-reviews-price-in-de.html
  17. 17. CONSUMER DISRUPTION 87% of buyers said they would be unlikely to repeat a purchase with a vendor who provided inaccurate product information. 40% of buyers have returned an online purchase because of inaccurate product content. 30% have abandoned an online shopping cart due to poor product descriptions. 17©2017 Ntara, Inc. All contents proprietary and confidential. Source: http://www.shotfarm.com/the-impact- of-poor-product-content/
  18. 18. Digital Channels Web, Apps, Email, Social, Digital Broadcast, etc. MULTICHANNEL JOURNEY
  19. 19. 1 2 3 4 5 6 7 1 Product Review Website 2 Campaign Website 3 Reseller Page 4 Email Interaction 5 Google Remarketing Ad 6 Product Promotion 7 Website Purchase CONSUMER CARLY’S ONLINE JOURNEY
  20. 20. DRAMATIC CHANGES IN VALUE CHAIN Transparency leads to disintermediation. 20©2017 Ntara, Inc. All contents proprietary and confidential. Disintermediation “Disintermediation eliminates intermediaries whose cost to service has become greater than the value they provide.” Manufacturer Distributor Salesperson Retail Call Center Customer Online
  21. 21. WHAT IS PIM?
  22. 22. …AND PIM MARKET TOO PIM market to grow from $5.1 billion in 2016 to $15.8 billion in 2021. 22©2017 Ntara, Inc. All contents proprietary and confidential. Source: Marketsandmarkets Survey (May 2016)
  23. 23. PRODUCT CAREERS ARE GROWING 23©2017 Ntara, Inc. All contents proprietary and confidential. Example Roles: • Product Manager, PIM • Data Governance Analyst • Product Data Specialist • Product Information Specialist • PIM Product Content Manager • Product Data and Merchandise Specialist • E-commerce Data Strategist 18,000+PIM focused jobs listed across o Indeed o Career Builder o Monster
  24. 24. “CONTENT SPAGHETTI” 24©2017 Ntara, Inc. All contents proprietary and confidential.
  25. 25. PIM, Product Information Management, is a business application for marketers, product owners, and product managers, used for creating marketing and sales information for products. With PIM, business users can manage all product-related content (text, pricing, media etc.) for all channels through a centralized and trusted source and collaboration point. PIM BY DEFINITION ©2017 Ntara, Inc. All contents proprietary and confidential. 25
  26. 26. HOW DOES YOUR PIM WORK? (OR DOESN’T?) 26©2017 Ntara, Inc. All contents proprietary and confidential. • Where is your product data stored? • Who manages product data? • How are new products added? • Do you have rich product assets, like imagery and romance copy?
  27. 27. • Master data management • CMS • ERP • PIM by itself is NOT software • PIM Software is not JUST a product—it transforms businesses. WHAT A PIM IS NOT… ©2017 Ntara, Inc. All contents proprietary and confidential. 27
  28. 28. HOW IT WORKS 28©2017 Ntara, Inc. All contents proprietary and confidential. PLAN & RELEASE ENRICH SUPPLY Category Management Product Marketing Media Management Mobile Point-of-sale Advertising Print Web E-commerce Marketplaces ERP PLM Ext. Data PUBLISH Great PIM Qualities: • Flexible • Scalable • Fast go-to market execution • Cloud based • Automation
  29. 29. CONSUMERS TURN TO THE “DIGITAL SHELF” 29©2017 Ntara, Inc. All contents proprietary and confidential. Source: Gartner & Amazon
  30. 30. CONSUMERS TURN TO THE “DIGITAL SHELF” 30Source: Gartner & Amazon
  31. 31. PIM WORKS.
  32. 32. PIM SOLUTION DEPLOYMENT RESULTS Companies with PIM solution deployments have: • Increased the conversion of leads to closed business by 14.5% • Increased overall customer satisfaction by 10% • Cost reduction of 1.3% of annual revenue • Improved the speed of decision-making by consumers nearly 3X • Cost savings up to 20% can be realized by consolidating product and master data systems into a PIM • Time savings of 75% when correcting an error • Manufacturers with a PIM have products described in nearly 5 times the number of languages as non-PIM manufacturers 32©2017 Ntara, Inc. All contents proprietary and confidential. Source: http://www.bizreport.com/2016/04/poor-product-content- impacts-sales-returns-and-brand-trust.html
  33. 33. HOW TO USE PIM EFFECTIVELY.
  34. 34. As brands optimize digital commerce channels, consider leveraging product information to enhance customer engagement and commerce results through: • Creating compelling product stories • Customized catalog management: build personas • Guided selling and configuration tools: recommendations, ratings and reviews • Cross-channel usability: mobile-first, responsive design CRAWL, WALK, RUN. ©2017 Ntara, Inc. All contents proprietary and confidential. 34
  35. 35. HOW TO GET STARTED.
  36. 36. • A product team • Complex or varied products • Diverse or unique products • Products that evolve over time • A growing omnichannel strategy PIM IS RIGHT FOR YOU IF YOU HAVE… ©2017 Ntara, Inc. All contents proprietary and confidential. 36
  37. 37. • Examine your own “content spaghetti” (focus on what you need, not what you have today) • Articulate areas of waste and frustration across your company • Consider your omnichannel strategy and your customer journey • Let’s have a conversation NEXT STEPS ©2017 Ntara, Inc. All contents proprietary and confidential. 37
  38. 38. THANK YOU
  39. 39. “The company found that customers who read reviews on its site were 62% more likely to continue to engage, and showed a 10% lift in voucher redemption when reviews were present in ads, 10% incremental increase in revenue per visit and 5% boost in average order value. This translated into improved short-term results and increased lifetime customer value for the brand through further customer engagement.” RUBBERMAID ©2017 Ntara, Inc. All contents proprietary and confidential. 39 Source: Gartner “Use Product Content in Digital Commerce to Improve Customer Engagement and Conversion”
  40. 40. • Fragmented data silos (engineering, marketing, operations, etc.) • Information silos increase risk & errors • Multiple disconnected data formats • Time consuming modifications • Lack of downstream control & visibility (distributors, retailers, etc.) • Each medium requires unique information • Print catalog • Retail website • Distributor portal • Tech support • Lack of version control WHAT MAKES PIM HARD? ©2017 Ntara, Inc. All contents proprietary and confidential. 40
  41. 41. HunterIndustrial.com Fan Connect (B2B) O JD Edwards (ERP) HF Visualizer App Friends & Family HF Showroom Hunter Dealer Locator Legacy Fan Support Fan Parts Purchase Online Retail Partners Casa Visualizer App Casa Dealer Locator Custom Casablanca Amazon Build.com Canadian Tire Capitol Lighting CeilingFan.com Costco Delmar Fan Diego Fan Shack Fan C Fans Hansen Home Depot Lowes Menards Rona The WebStore Tuesday Morning Wayfair HunterFan.com CasablancaFanCo.com Scene 7 (DAM) Supply Chain Kentico CMS Marketing Data PIM STREAMLINES PRODUCT DATA ACROSS CHANNELS All Products Product Manuals Price Lists Product Specs Parts List Cognos (BI) Call Center Product Catalogs E-commerce Mobile App Custom Portal Dealer Locator Product Configurator Detailed Product Support ©2016 Ntara, Inc. All contents proprietary and confidential. One integrated PIM Many user experiences Packaging Print Catalog Packaging Print Catalog PIM “Fanbase”
  42. 42. ONE DATA SOURCE – MULTIPLE FACES OF THE HUNTER FAN 42©2016 Ntara, Inc. All contents proprietary and confidential. CustomCasablanca.com CasablancaFanco.com HunterFan.com HunterIndustrialFan.com
  43. 43. UNIFIED BRAND EXPERIENCE THROUGH SYNDICATED DATA 43©2017 Ntara, Inc. All contents proprietary and confidential.

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