Businesses are constantly seeking ways to improve both their online presence and operational efficiency and one of the key tools driving this improvement is the Product Information Management (PIM) system. By managing and distributing accurate product data across multiple platforms, PIM systems are transforming how companies engage with customers and streamline their internal operations. We explore how wholesalers can maximise their sales potential and operational efficiency by leveraging PIM systems, with insights from industry expert Dave Shield, B2B Ecommerce Specialist at Oporteo.
Maximising your sales potential with a PIM System
It’s well known that page load times have a significant impact on online sales conversions. However, another key driver of ecommerce sales is the availability of accurate and consistent product information. Studies show that 51% of shoppers use Google to research the products they plan to buy online and research by Shopify showed that 90% of shoppers attribute a recent online purchase to the quality of a product image. So, to maximise ecommerce sales it’s easy to see why businesses should utilise their product pages by providing detailed product descriptions, specifications, and images.
However, when you’re dealing with thousands, if not millions of products, the ability to collect, manage and distribute this information efficiently is arduous and time-consuming. Especially when data is sourced from various suppliers, in different formats and the information then needs to be distributed across various online and offline platforms.
Product Information Management (PIM) systems have emerged as an essential tool to streamline data management processes and, as a result, increase product sales. Research has even shown that providing more accurate, complete, and consistent product information can increase sales conversion rates anywhere between 20% – 50%.
Furthermore, by offering rich product content like detailed descriptions, 360-degree images, and user-generated content, businesses can enhance the customer experience, making them more likely to make a purchase. 38% of marketers found having a video on a page positively impacts sales conversion.
Dave Shield, B2B Ecommerce Specialist at Oporteo, discusses the importance of wholesalers using a PIM system to drive sales. “When product information is accurate and available across all channels, it reduces friction in the purchasing process,” says Dave. “Customers know they can trust the information provided, whether they are shopping online, in person, or placing bulk orders. This trust translates into sales growth.” He points to the use of Oporteo PIM, a system that has enabled wholesalers to streamline their product data and significantly improve their time-to-market.
Boosting Operational Efficiency Through PIM
While the primary goal of any business is to increase sales, operational efficiency is the backbone that supports long-term profitability. However, without a PIM solution, companies are reported to waste up to 25 minutes per product, per year, on manual product data updates. This is because staff are managing product information manually across disparate systems. For wholesalers managing 10,000 SKUs or more, it means they’re wasting the equivalent of over 173 days per year managing product data.
A PIM system addresses these challenges by centralising and automating the management of product data, reducing the risk of errors and freeing up valuable resources. Dave Shield notes, “The operational efficiency gained from using a system like Oporteo PIM has been transformative for many companies. Instead of wasting time on manual data entry or correcting errors, teams can focus on driving growth and innovation. The speed and accuracy that a PIM system provides are invaluable in today’s fast-paced market.”
In industries with extensive product catalogues, such as wholesale, speed to market is also critical. With a PIM system, businesses can introduce new products or update existing ones faster, ensuring that customers always have the latest information. This agility not only improves sales but also gives businesses a competitive edge by responding to market demands swiftly.
PIM vs ERP Systems – Why wholesalers need both!
You may wonder what a Product Information Management System provides over and above the average core ERP system. An ERP system holds product details and some even enable you to attach images and data sheets. So why do wholesalers need to invest in a separate PIM system?
According to Dave Shield at Oporteo, a PIM System is better designed to deliver this information to all your online and offline sales channels. “As a central repository, a PIM system not only holds and distributes your product information, but everyone can access and add to it, including your suppliers. This means you can reduce the time it takes to manually update separate spreadsheets, websites and systems, whilst ensuring product information is correct and consistent.”
Key things you should consider
How much time does your business spend getting your product data right? Do you achieve the levels of quality, accuracy and diversity necessary to make you successful in an increasingly digital-first world?
Investing in a PIM system is essential for wholesalers, looking to maximise their sales potential and improve operational efficiency. By centralising and automating your product data you will not only enhance the customer experience but also free up internal resources that can be allocated to more strategic initiatives.
The benefits of implementing a PIM system are clear: increased sales conversions, faster time-to-market, and improved operational efficiency. For wholesalers aiming to stay competitive in a fast-evolving market, a PIM system is no longer just an option – it’s a necessity.
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