5 min read
PIM demystified: 5 key takeaways from our recent inRiver lunch
We had a great time at our lunch-and-learn event with inRiver last week in Nashville. We’ve included our major takeaways below. Or, if you’re just interested in seeing the goods, download the presentation at the link below.
Marketing & Partner Manager
Ntara’s VP of Account Services & Strategy, Andy Didyk, co-presented the event with inRiver’s Co-Founder & Evangelist, Johan Boström. Aside from the delicious food, their dapper attire, and witty banter, the pair kept our audience informed, entertained, and amazed at Fleming’s Steakhouse.
Attendees included members of both marketing and product management teams from several manufacturing and distribution companies in the Nashville area.
If you weren’t able to attend, we’ve recapped the 5 most important takeaways below:
1. PIM is important.
Buyers are increasingly more empowered as we enter the “Age of the Customer” in both B2B and B2C ecommerce. Organizing and managing accurate product information is critical in reaching, and keeping, these customers.
- 93% of B2B buyers prefer to buy online once they’re decided what they want to purchase.
- The state of both B2B and B2C ecommerce is growing: B2B marketing is expected to grow by $1.13 trillion by 2020. B2C sales will reach $523 billion by 2020.
- B2B buyers state that when choosing an ecommerce site, credible product details rank as their highest consideration factor.
2. PIM is expected.
B2C buyers not only want accurate product information, but they consider it table stakes when making a purchasing decision. Lack of product information management causes consumer disruption across the buying journey.
- Product descriptions rank first in purchase decision—88% expect accurate product information.
- 30% of shoppers have abandoned an online shopping cart due to poor product descriptions.
- Dramatic changes are happening in the value chain—as brands achieve more transparency via accurate product data directly from the manufacturer, intermediate channels are now eliminated.
3. PIM solves challenges.
The product information management market is expected to grow from $5.1 billion in 2016 to $15.8 billion in 2021. Product careers are growing too—18,000+ jobs in this field—because it solves enterprise-level challenges.
- Manufacturers and distributors often experience “content spaghetti” where all product data and information is mixed together.
- Product information management is a business application for all channels that serves as a centralized, trusted source and collaboration point.
- PIM is NOT: MDM, CMS, ERP, or simply software.
4. PIM works.
As consumers turn to the “digital shelf” to purchase, the practice of product information management helps organizations to realize valuable business goals.
- Companies with PIM solution deployments have increased conversion of leads, overall customer satisfaction, cost reduction, and time savings.
- Manufacturers with a PIM has products described in nearly 5x the number of languages as non-PIM manufacturers.
- Product information has helped improve the speed of decision making in consumers by nearly 3x.
5. You can activate PIM in your organization.
To use PIM effectively, organizations should adopt a “crawl, walk, run” approach to creating and organizing product data. Manufacturers and distributors can leverage product information across cannels to enhance customer engagement and ecommerce results.
- If you have a dedicated product team at your organization, you are a perfect candidate for PIM and PIM software.
- Organizations should focus on what they need instead of what they have today to solve their own “content spaghetti” challenges.
- Articulating areas of waste and frustration across your company can help build the case for a PIM.
If you’d like to review the presentation from the event, download the content from SlideShare now.
Want to learn more about PIM and how it can transform your organization? We’d love to hear from you.