In recent meetings with Ben Rund, Sr. Director of Product Marketing for the Product Information Management (PIM) team at market leader Informatica, he reinforced what we’ve been hearing a lot lately: retailers are striving to become omni-channel etailers, while brand manufacturers aspire to serve end consumers and the B2B customer directly.
Product Information Management (PIM), for those unfamiliar with it, refers to the technologies and processes surrounding the central management of information about products. The focus of the PIM system is on the data required to market and sell the products through one or more distribution channels.
Even best in class ecommerce businesses have bad product information – how quickly they fix the problem is what separates the leaders from the rest of the pack. Ben shared research that showed just how critical the quality of this data is and how PIM can help improve the response time by over 75%.
Ben went on to share some of the examples where lack of quality product information had drastic results, one of which was written up in a blog post by Econsultancy explaining how Marks & Spencer had to report an 8.1% drop in sales, and resulting share price dip on the launch of its new website. Why? Users noticed a lack of detailed product information which they were looking for to support their buying decision.
Ben also pointed out the importance, and overall size of product information by leading retailers such as Harrods that introduce more than 1.7 million new products every year. For them product information quality is a key asset along with customer information management.
Product information, and the intelligence and insights that can be gained from it, is at the center of the Indix value proposition. We collect, organize, normalize, and structure product information from all over the Internet, and make it actionable for businesses. From our time spent with our friends on the Informatica team, we see an incredible synergy between our Product Intelligence Platform and the Informatica Product Information Management (PIM) system. Picture the ability for an Informatica customer to seamlessly bring in relevant product offers and catalog data into the PIM through a direct connection to the Indix APIs. With that new level of integration, businesses could immediately begin using market and competitive data on price, assortment, availability, and product attributes to speed decisions and strengthen their business. We think there’s something powerful there.
What do you think?
The Indix team is going to be at the NRF Big Show in NYC next week. We’d love to meet up and talk further about this idea. Be sure to let us know if you’re going to be there.