Why the Right Product Information Management (PIM) is More Critical Now than Ever
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Today more than ever, companies are facing unprecedented demand for rich product content and differentiated experiences, along with the need to keep up with a dynamic business landscape faster – and more efficiently. Businesses need a solution that allows them to take control of their product data challenges while achieving dramatic revenue and margin growth. Join us to discover how PIM and MDM can help you solve these challenges with a single source of truth across systems, channels, and internal/external audiences to: · Deliver product intelligence to enable better decision-making · Tailor compelling, contextual offers and content to maximize sales and customer satisfaction across channels · Collaborate across teams more effectively to accelerate manual processes, get to market faster, and more
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Why the Right Product Information Management (PIM) is More Critical Now than Ever
- 1. Why the right product information management (PIM) is more critical now than ever
- 2. Today’s speaker Justin Thomas Director, EMEA/APAC, EnterWorks
- 3. How we sell products has changed forever
- 4. 4 “The accelerated consumer shift toward digital is here to stay.” John Donahoe Nike president and CEO Online penetration 30% YoY e-Commerce sales 35% Both online and in-store 60-70%
- 5. On-line purchases continue to trend up Estimated on-line purchase in 2023 – Expected to reach 23% by 2025. 20.8%
- 6. 6 Issues having the greatest impact while shopping on- line Rising Prices 56% Product out of stock 35% Inaccurate delivery estimates 42% Source: PwC, June 2022
- 7. Suppliers will have to fight hard to retain loyalty B2B decision makers say they will actively look for a new supplier if performance guarantees are not offered. 8/10
- 8. 8 The next normal Consumer habits have changed permanently Digital adoption and multi-channel engagement High expectations and wavering loyalty
- 9. Key imperatives for this new world Powered by PIM
- 10. 10 Key business imperatives Drive omnichannel success Power DTC and new business models Expand e-Commerce presence Enabled by the right PIM
- 11. Additional business benefits 11 Get to market faster Be more agile Scale up catalogs Increase conversions & AOV Drive operational efficiencies Improve CX & drive loyalty Make better business decisions
- 12. Finding the right PIM for this new world
- 13. PIM table stakes 13 Data enrichment Data integration & syndication Golden record management Digital asset management Business process management Product relationship management Data governance, stewardship, and quality Hierarchy management The “givens” for any PIM platform
- 14. Beating the odds The “must-have” PIM capabilities to win
- 15. Omnichannel native Built to handle digital, in- store, and print channels In print Brick and mortar Social channels Digital marketplaces Mobile channels In print
- 16. Power on- brand printed materials with trusted data With print automation
- 17. Super connector Get content from anywhere, any how—syndicate everywhere In print Databases Data pools Spreadsheets People Systems Reports 3rd party services
- 18. 18 Deliver product intelligence PRODUCT MANAGE & VIEW Master, application, reference, and metadata across domains. AGGREGATE & VIEW Analytics on transactional, behavioral, and unstructured data. VENDOR CUSTOMER ASSET LOCATION MATERIAL
- 19. More than a 360° view 19 Recommendations Image metadata Associated items Product details & specifications Cross-sell items Print materials SKU numbers Product support information Rich product descriptions & copy elements Documents Product Comparisons Barcodes Up-sell items SEO elements Regional availability International sales information Logos, style guides, & brand assets Exchange standards Promos GDSN specs Videos Pricing Product IDs Images Assets Customers Locations Data from Other Domains Suppliers Customer-facing Product Information Internal Reference Information & Metadata Regulatory compliance details Analytics on transactional, behavioral, & unstructured data
- 20. Enable great customer experiences 20 During the sales cycle and beyond By channel type and channel partner By customer Contextual By location Correct Complete Compelling By brand or product line Consistent
- 21. Configure, not code 21 Attributes Channels Rules Workflows Integrations Services Easily add or change your environment to gain business agility
- 22. Enterprise grade 22 Built to handle whatever the future holds Highly scalable Highly flexible High performance Open and extensible Cloud and on- premise options
- 23. Able to leverage AI/ML technology 23 • Extract tags and keyworks from unstructured data—images videos, audio, etc. • Extract data from PDFs. • Analyze customer feedback. • Auto classify data. • Localize copy. • Automatically create product descriptions and romance copy. • Determine optimal product assortments by store based on consumer interest. • Auto-generate content based on analysis of buying patterns. Examples include the ability to: Get more done today and in the future
- 24. Business- friendly UI An intuitive, role-based UI 24
- 25. Makes internal collaboration easy With flexible workflows that automate and accelerate manual processes 25 Content & asset updates Product launches Translation & localization Data model & business rule updates Vendor onboarding
- 26. Sales & Service Portal Enable teams to sell and serve better 26 With a self-service portal
- 27. Enable third- party collaboration 27 With an easy-to-use a vendor portal
- 28. The leader in data integrity Our software, data enrichment products and strategic services deliver accuracy, consistency, and context in your data, powering confident decisions. of the Fortune 100 99 countries 100 2,500 employees customers 12,000 Brands you trust, trust us Data leaders partner with us
Editor's Notes
- Thanks for joining us today to learn why using the right product information management platform, or PIM is more critical now than ever before. We’ll discuss the market drivers effecting how manufacturers, distributors, and retailers take products to market, and the must-have enabling technologies and capabilities you need to need to compete and thrive both today and in the future.
- How we sell products has changed for ever and will continue to change in ways we haven’t even yet imagined. The dramatic increase in eCommerce since 2020 has accelerated a trend towards digital that was already well underway.
- And, by all indications, that shift is here to stay. With 2021 e-Commerce sales rising 35% year-over-year, online penetration remains 30% higher than before COVID, and 60-70% of research and purchasing occurring both online and in-store across categories—consumer behavior shows no sign of reverting to pre-pandemic habits. Established brand manufacturers like Nike agree and as we’ll see, many more are investing heavily in building direct-to-consumer channels. McKinsey source: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis
- “Two years ago(2021), only 17.8% of sales were made from online purchases. That number is expected to reach 20.8% in 2023, a 2 percentage point increase in e-commerce market share. Growth is expected to continue, reaching 23% by 2025, which translates to a 5.2 percentage point increase in just five years.” https://www.forbes.com/sites/serenitygibbons/2022/12/22/3-e-commerce-trends-to-watch-in-2023/?sh=71d254455575
- But according to PWC, consumer expectations are shifting as inflation, supply chain, and the current macro-economic trends are impacting their on-line https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey.html
- And add to that, from a McKinsey & Company study, 8/10 decision makers say they will actively look for a new supplier if those performance guarantees are not offered. Analyst firm Forrester reports that almost half of B2B decision makers have seen an increase in sales through their eCommerce site and plan to increase spending in that area and others that drive digital interactions with their customers. McKinsey source: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/b2b-sales-omnichannel-everywhere-every-time Source: https://www.digitalcommerce360.com/2020/06/23/the-coronavirus-continues-to-alter-the-course-of-b2b-ecommerce/
- Summary: 95% of consumers have made significant, lasting changes to how they live, work, and shop e-Commerce adoption has accelerated, and consumers are using more digital touchpoints/channels than ever to interact with companies Consumers expect great online shopping experiences (products easy to find/visually appealing/clearly defined) and will abandon brands that fall short of expectations Accenture source (95% stat): https://www.accenture.com/_acnmedia/PDF-149/Accenture-How-Will-COVID-19-Change-The-Consumer.pdf
- As we’ve just seen, there are a lot of factors at play that are driving some key imperatives if companies are going to compete and thrive in this new world. And a core part of the enabling technology that will make or break the success of product-centric companies in PIM. Let’s take a look at the top 3 things companies must do to remain competitive today.
- Summary As we mentioned, PIM is a core enabling technology for all these key business imperatives.
- But the right PIM enables many other business benefits along for the ride. As we’ll see, choose wisely and you’ll also be able to achieve many of your other business goals—from getting to market faster and improving customer experience and loyalty to driving operational efficiencies.
- So how do you find the right PIM solution for this new world? Well, we like to divide the capabilities you’ll need into a couple of buckets.
- First, there are what we call the PIM table stakes. These are the core set of features that any PIM should offer. This base set of functionality is what enables you to create and syndicate product information that’s both trusted and compelling across your systems and sales channels.
- Reference where audience can find links to PIM RFP template (to help them find the right PIM for their needs). But to win today, you can’t rely just on those table stake type capabilities. To beat the odds there are some must-haves that you can’t ignore and that will set you up for success today and well into the future.
- The PIM you choose must be omnichannel native and power digital, in-store, and print channels. The right PIM acts as a hub for trusted product information across your sales channels and customer touchpoints. It creates and syndicates the information that’s needed for the channels available today and is built to power new channels as they become available. Choosing a PIM that’s truly omnichannel native avoids the scenario of having multiple PIMs, which is not only costly but can lead to data inconsistencies and poor customer experiences.
- While the impetus to invest in a PIM is often eCommerce, printed materials and online publications are still critical tools in the sales cycle and beyond for many companies. The ability to create catalogs, flyers, and other materials faster and with trusted, accurate copy and images not only results in cost and time savings, but can enhance and streamline the buying experience.
- The PIM you choose needs be a super connector and be able to get content from anywhere in any form, get that content to the right level of quality, and then syndicate the content everywhere it needs to go. The PIM must be built in a way that makes it easy to exchange data and digital assets between systems as well as making it easy for people to create, enrich and change product content. And that requires a modern and open architecture.
- To win today, it’s not enough to give your business teams a view into their product data. The PIM you choose should also be able to surface up relevant customer, location, supplier and data from other areas of your business in the context of your products. This gives your product managers, marketing, and sales teams the intelligence they need to make better decisions—whether that’s creating better assortments or crafting more tailored offers and compelling content.
- The right PIM provides much more than a 360-degree view of your product information. It’s not only a place to manage the customer-facing information that gets syndicated to your sales channels, it can also manage reference information for your internal teams and partners, key data from other areas of your business, and surface up relevant analytical data like sales transactions or customer sentiment data. The right PIM is a centralized hub for all the information you need to make better sales and marketing decisions and provide better customer experiences.
- The right PIM enables great customers experiences during the sales cycle and beyond. When your teams have the information they need at their fingertips they can craft offers and content that are compelling, complete, correct, consistent and contextual. In today’s increasingly competitive omnichannel world, context is hugely important. The offers and content you deliver must be tailored if you’re going to maximize sales and customer satisfaction across your channels. The information you provide for a mobile eCommerce app versus a printed catalog needs to be consistent yet differentiated at the same time. What you need to provide to different online marketplaces or channel partners varies but can’t be contradictory or confusing for buyers. And the right PIM enables you to deliver content that’s tailored by customer, location, brand, or product line.
- When choosing a PIM you need to make sure that you can quickly make changes to keep up with a changing business environment. Look for a platform that has configure, not code capabilities that empowers people in the business with the right permission to do everything from adding new attributes and changing business rules to spinning up new channels.
- The PIM you choose should also be enterprise grade and built for scalability, flexibility and performance. It should be able to handle millions of SKUs and built to manage complex configurable products. The PIM should be open and extensible so you can connect to anything and take advantage of new services and technology. And last, but not least, you should have the option to implement your PIM on premise or in the Cloud. A PIM with these enterprise-grade capabilities will give you the solid foundation you need to power your sales channel today and well into the future—whatever it may hold.
- One thing we do know about the future is that AI and ML technology will be used more widely. We’re already working with our customers to use this technology to auto classify and auto enrich product content, and there are many more examples of how AI will change how we manage product content moving forward. With all that this technology promises, it’s key that you choose a PIM with an open, extensible architecture that can tap into AI innovations from anywhere.
- If you’re going to get the most from your PIM it must be business friendly and tailored for your different teams. Category or product managers have a different job than copy writers, SEO experts, or digital asset managers and your PIM needs to reflect that.
- It’s also key that your PIM makes it easy for your teams to collaborate to get work done faster. Whether that’s launching a new product, updating content, making changes to the data model or anything in between, speed is of the essence. The right PIM provides a flexible workflow engine that accelerates manual processes to help you get the right content to market faster.
- And collaboration shouldn’t be restricted to your core product teams. Look for a PIM that provides a portal for your sales and service teams. One that enables them to quickly build custom collateral and content to share with customers to help them on their buying journey and with after sales service.
- In the same vein, the PIM you choose should provide a portal that enables you to easily collaborate with suppliers and vendors. From enabling suppliers to upload and manage information about the products you buy to working with agencies and contractors to enrich your content, collaboration with people outside of your company should be both seamless and secure.
- Thank you for joining us today. This presentation was brought to you by Precisely the global leader in data integrity. Precisely helps over 12K customers in 100+ countries ensure the accuracy, consistency, and context of their critical data – through our software, data enrichment and strategic services.