In today’s multichannel world, it’s crucial that all sales and support avenues provide accurate and consistent information. After all, there's no point in tweeting a link to a product page or posting an offer to a fan group on Facebook if the product is available at a lower price or as a different offer in a store or catalog.
Failure to ensure consistent product information across multiple channels results in products sold at reduced prices, the sale of incorrect products and headaches for customer support teams. Poor product information drives costly product returns, inventory that must be discounted and a significant hit in customer satisfaction.
Business leaders recognize the importance of centralizing product information, and most are now starting to follow standardized processes to ensure data quality. For example, merchants are incorporating product information management (PIM) systems into their IT and business strategies in order to create centralized sources of accurate information that are accessible by all internal and customer-facing systems.
PIM systems allow organizations to gain global and comprehensive views of product information and digital assets, and then share accurate information across all sales channels — printed materials, electronic marketing tools and social media networks. The consequences of poor product information management have grown too large to ignore.
Merchants recognize that their competitive advantage, brand integrity and customer experience all rely on accurate, timely and consistent information. A clear vision and a defined process for product information management prevents mistakes and ensures merchants can effectively manage product offers — no matter where they pop up. By ensuring the quality and integrity of product information, merchants stand to both grow their businesses and preserve their relationships with consumers at the same time.