PIM (Product Information Management) is a software that allows businesses to store, organize, manage, enrich, and distribute product information across various sales channels, acting as a single source of truth for all product information. For example, a retailer with an online store can utilize Akeneo’s PIM to store and manage critical product data, such as product names, descriptions, specifications, and prices. The retailer can also connect PIM with DAM to ensure that the product data is synced with the correct high-res digital assets like high-res audio, imagery, and video files. When updating a new product, the information is displayed on various channels through an activation solution used by an eCommerce manager. As it’s a single source of truth, eCommerce managers use PIM for reference when updating channels.

PIM is distinguished by several characteristics, such as its accelerated time-to-market. It could take up to a month for businesses to collect, verify, update, and distribute their products’ data. PIM achieves this by streamlining the process through its system, significantly decreasing the time it takes to launch new products. It reduces the labor of workers as they would have to apply the information manually instead. This helps to increase a business’ conversion rates by making sure product information is accurate which intensifies the customers’ confidence. Strengthening their trust strengthens their loyalty to the brand, resulting in a reduced return rate. Enriched data attracts consumers as they know they’re receiving the correct information which prevents products from being sent back. PIM is also characterized by multi-channel distribution. It enables businesses to have multiple channels with accurate product data. Consistent information is stored in the centralized sourced, PIM. This information is easily distributed across different channels, reliving businesses as they don’t have to check if each channel has the right data. Thanks to the power of PIM, businesses can have their product information translated into different languages for various countries and regions, accelerating a global reach and expansion for enterprises.

However, as useful as it is, PIM can be challenging for complete novices and costly for some businesses to buy.  Fortunately, workers can be onboarded, by the company providing PIM, to understand and learn how to add and handle their product data in its system. This is exemplified by Akeneo as we assist and guide our customers throughout the process, ensuring they comprehend the usage of PIM and receive as much help as they need. Due to PIM’s benefits, its price can be considered quite hefty for a small and medium-sized business. That’s why Akeneo provides an open-source free PIM, titled Akeneo PIM Community Edition. It allows small and mid-sized enterprises to gain access to a PIM for a low cost. Every business needs a PIM to work at its best.