The retail sector is a cluttered, hectic place. CPG in retail is even more chaotic. To succeed, you want your brand to rise above the noise. You need to make your brand sing.
Even today, Product Information Management (PIM) for retail is often achieved through a mix of spreadsheets, emails and word documents. This works, sometimes. At best.
But, more often than not, retailers and CPG companies’ product databases are riddled with errors. Workflows get clogged, processes are held up and opportunities missed. Worse, mistakes are made that can be expensive and even dangerous.
A Product Information Management system, or PIM, can solve all these problems – and more.
A UK popcorn brand closed after 30 years of operation after failing to include Milk as an allergen on its packaging. The cost of the product recall was cited as a major reason behind the company’s failure.
Simply, a CPG or Retail PIM takes the retail product data needed for marketing, sales, merchandising and any other department involved in product management, and centralizes it into a single source of truth.
PIM is used across many sectors to help companies organize their products, but PIM in retail and CPG has some very specific benefits.
A PIM doesn’t just hold the basic product information – dimensions, price, materials – in a centralized database, it collects a vast range of contextual information too.
CPG retail analytics such as identifying complementary products, price trends and reviews can create new selling opportunities, identifying popular products (or delisting others) and developing promotions to boost revenue.
Today’s retail and CPG customer journey is a multi-stop experience. Some may start in-store and finish their purchase online or via mobile.
Customers don’t want to go online after leaving the store to find crucial details are missing, or that the product now looks different or worse, has disappeared altogether. This reduces confidence and decreases loyalty.
PIM in retail provides a true omnichannel experience for customers who can interact seamlessly wherever they choose.
Running out of stock hurts customer loyalty and lowers their lifetime value. But, sharing real-time item availability, even if it’s likely to be out of stock, generates around 5% growth in orders and revenue.
Source: Harvard Business Review
In retail and CPG, CX and loyalty are about delivering value. Value comes from the customer knowing that a brand or retailer really understands their needs.
Product information that addresses a customer’s needs is a winning strategy.
From clear, accurate product details they know they can trust, to added-value extras such as sustainability credentials or recycling information, using a PIM means you have all the tools you need to enhance CX, encourage repeat purchase and build long-term loyalty.
Insights such as understanding previous purchases and price sensitivity help manage existing customer relationships and find new ones, developing personalized marketing as well as potential new products and services for the future.
A PIM can help retailers and CPG brands create custom online catalogs, featuring tailored recommendations and even pricing. As consumers access information online even when they’re physically in-store, providing personalized experiences is an ‘always-on’ requirement.
This experience is also constantly updated to meet new needs as they arise. Understanding how the customer behaves and anticipating their needs becomes a powerful tool in a highly competitive retail and CPG market.
Using a PIM means that every team member, from in-store merchandising to ecommerce marketing and print catalog production, has access to the same details and the same imagery.
With automated permissions, the opportunity for error is dramatically reduced, as employees can only access their designated resources so retailers and CPG’s create consistent communications, and customers know it’s a brand they can trust.
Without a PIM at the core of their brand management, merchandising and sales, retailers and CPG businesses will find it hard to survive, let alone thrive, in today’s highly competitive marketplace.
To streamline workflows, boost efficiency, cut costs and delight customers, isn’t it time you were all singing from the same song sheet?
To learn how PIM can help you build a streamlined, omnichannel retail and CPG environment, download our exclusive explainer, Omnichannel Marketing in Retail, today.
censhare relaunches the brand to reflect its content leadership in the MarTech landscape.