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34 reasons why you need a PIM solution

Here are 34 compelling statistics that emphasise the undeniable benefits of Product Information Management (PIM) solutions for any retailer today.

Customers are impatient, spoiled for choice, and demand consistent and enjoyable shopping experiences across channels. Accurate and rich product information is essential, but retailers, distributors, wholesalers and manufacturers have a tough time delivering it. A robust PIM platform can help with that and much more. It can:

  • Increase conversions and sales

  • Reduce online dropoffs

  • Improve customer experience and satisfaction

  • Reduce returns and refunds

  • Speed up time to market

  • Unlock new functionality

  • Improve revenues and margins

  • Save labour costs

  • Improve data consistency and compliance

Let's examine the supporting statistics.

Increase conversions and sales

  • 62% of shoppers prefer to research products online before purchasing online or offline, and they rely heavily on detailed product information

  • Better product descriptions lead to a 17-56% increase in online conversions

  • PIM improves the cross-sell and up-sell potential of products by 15-65%

  • Well-written product descriptions increase average basket value by 8-15%

  • 87% of shoppers claim that product descriptions are "very important" when selecting the product to buy

Reduce online dropoffs

  • 22% of website users fail to complete a purchase because of incomplete or unclear product information

  • Over 30% of consumers abandon shopping carts due to poor product information

  • 87% of B2B shoppers leave a website to conduct research elsewhere because of insufficient product or service information

Improve customer experience and satisfaction

  • Detailed product descriptions increase customer satisfaction by up to 90%

  • Based on user feedback, a PIM has improved customer experience for 61% of companies

  • 87% of consumers wouldn't buy again from a brand that provided inaccurate or inconsistent product information

Reduce returns and refunds

  • Companies with PIM see up to 23% fewer product returns

  • 64% of users return online purchases due to incorrect product information.

  • 55% of shoppers will return their purchase if it doesn't match the product description

Speed up time to market

  • Managing data information in PIM is up to six times faster than in Excel spreadsheets

  • PIM reduces the time required to publish a new product by 25-40%

  • PIM reduces the time required to keep product information up to date by up to 78%

  • PIM reduces the time required to verify product information from suppliers by up to 57%

  • PIM helps to decrease time to market by 65%

  • 97% of business decision-makers believe getting products to market faster is a priority in the current economic environment

  • 58% of companies believe that PIM allowed them to gain a competitive advantage by shortening time to market

  • Companies with poor product information management have a 25% longer sales cycle than those with good

Unlock new functionality

  • 72% of online shoppers consider the ability to filter product lists using attributes "important" or "very important"

  • For 57% of shoppers, website search and filters are "very important" in helping them to choose

  • Well though-through layered navigation and filtering improve conversion rates by up to 76%

Improve revenues and margins

  • Poor product data in spreadsheets can cost businesses up to 25% in revenue

  • Companies with poor product information management experience a 1.5% decrease in overall gross profit margin

Save labour costs.

  • Manual data cleansing takes, on average, about 25 min per SKU per year. With PIM, it drops to 4 minutes, translating to savings of 84%!

  • A PIM can save up to 67% of labour costs on each additional market served

  • With three sales channels (eCommerce website, mobile application and offline stores), PIM can help correct errors 18 times faster than without

Improve data consistency and compliance.

  • Today, 80% of organisations don't completely trust their product information.

  • On average, companies believe that 29% of their data is inaccurate

  • 87% of retailers believe that accurate product information is essential for their business

  • 63% of retailers faced product data accuracy issues, which could have potentially led to non-compliance challenges

Clearly, incorporating a PIM system into your operations can unlock substantial advantages that directly impact your profitability and future.

OnePIM can help. Contact us.


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