Multichannel Retailers Need to Rethink Merchandising

Merchandising (managing product data, executing promotions, and setting pricing) is critical for the multichannel seller. Retail is more complex than it has ever been. Therefore, the need for processes and technology that help you stay on top of your product data has never been stronger.

To be successful in the modern retail world, you need to understand how merchandising is different than it has ever been and why you should be using a product information management system to stay ahead of the game. (more…)

What We’re Reading: Product Information Management, PIM for B2B, The Sharing Economy

To be successful in today’s retail world, you have to be able to execute merchandising practices that support a multichannel strategy. Product information management (PIM), as a technology and as a practice, are critical to your success as a retail business. The same is true if you are a supplier or a B2B business. Accurate, relevant product information can make or break sales. And, it keeps getting more complex to manage product information, as you have to proliferate your business through all kinds of new channels.

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Why You Need a Product Information Management System

Increasing your customer base doesn’t always come down to likes, shares, and advertising. In fact, the most crucial aspect of increasing your eCommerce business is often overlooked: proper Product Information Management.

Kimberly Struyk, the principle SVP at QualQuant Signals, states that, “product information is the single most influential content to raising purchasing intentions” and on average overall brand impressions drop by 19% because of sparse product information. With out proper utilization of PIM you’re not only missing out on customers who could be visiting your site, you’re losing customers who land on it.

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4 Things Every Online Seller Should Know about Product Information Management

1. Why Product Information Management is important

Have you ever searched for a product online only to receive meager results and thought, “I know there are more people selling this stuff, why can’t I find it?” Or maybe you got frustrated browsing a site because you had to scroll through pages and pages of unorganized products. The source of both of these common problems could be a lack of adequate product information management.

Managing products is a key component to the success of selling online.

• You need to get products to market quickly and with complete and accurate detail.
• Product data must be searchable so search engines can find them.
• You must offer and maintain a large product assortment.
• Items must be organized into collections to make shopping easier for the buyer.
• Updating product data should not break the bank or take so long that it’s prohibitive. (more…)