Is product management in retail an easy task? Or is it something that requires all your focus, time, and quite a lot of capital? 

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The amount of data that must be managed by even the smallest retailers is astounding. This process of maintaining and distributing product information can be very time-consuming for retailers, especially if they lack access to a centralized database containing all product information needed by their employees or customers at any given moment.

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The Necessity to Keep Up With Supplier Data

Nearly all manufacturers and retailers work with a wide range of suppliers for procuring raw materials and necessary products for the production of their finished goods. PIM for retail acts as a data maintainer and helps in enriching product data from suppliers, no matter if they're big or small.

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This platform allows suppliers to add information about their products to be sold globally without any hassle. It not only bridges the gap between distributors and suppliers but also aids in reducing the tedious effort of manual collection of data, which earlier was done via fax or telephone calls. Here are some key features that you can expect from the PIM retail for suppliers platform:  

Role-Based Access to Users

Role-based access to users is the most effective way to manage product data or supplier data effectively. 

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The product information management retail system allows business personnel to assign access rights to the users based on their role within the organization. The main objective of role-based access is to ensure that no unauthorized user can access their product information, which may result in the loss of valuable business data.

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Data Validation

Data validation issue is one of the significant problems with supplier data on-boarded. 

However, the PIM system can solve this issue through a flexible interface. It collects suppliers’ data in uniform format as per requirement while implementing an automated validation process to manage and control the data by making it error-free.

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Data Discipline

Data Discipline is significant for businesses to maintain their reputation. Getting hold of all data from different suppliers and managing it properly is a cumbersome process for any organization.

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It might take more time if the product data information is more complex. Nevertheless, PIM in retail will help enterprise companies to maintain supplier data and product information in an organized way.

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Features in Supplysail to Help Retail Business

Handling product information management processes and keeping track of suppliers within your organization is an uphill task, but SupplySail can handle all your end-to-end procurement process needs.

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This platform enables you to manage the entire product information lifecycle and create multiple types of formats, exchange products, documents as well as vendor forms. It helps suppliers to increase sales and bring in operational efficiency by digitally transforming product life cycle management.

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SupplySail comprises several features like:

Managing catalogs

• Every customer of yours may want a different set of info, and you need to ensure that it’s not a hassle to get all this done.
• SupplySail Catalogs helps you manage the entire spectrum of products in your catalog and retrieve them in whatever format you want.  

Custom Store

• The Custom Stores functionality allows you to create category or department-specific storefronts with customized user journeys.
• You can create any number of custom stores and feature them in the navigation menu.
• It will allow you to control which products are featured in the custom storefront, control product pricing and discounts, and determine where the custom storefront sits within the full store navigation.

Multi-Channel Management

• The Multichannel Management solution is designed to maximize the outcome from your content and digital assets by making them available across multiple procurement suits, B2B marketplaces, and centrally.
• Optimize your content automatically for each channel's requirements.
• Control your brand presentation by outlining how the content will appear in each instance.

Develop Connections

• Connecting to suppliers, supplier discovery, supplier evaluation, and marketing are the features in SupplySail, which help in finding the right partner for your company.
• SupplySail has integrated with ERPs, Accounting software, and other API-based applications thus serving as a single platform for your procurement needs.

Role of PIM in Retail Business

PIM for Retail helps retailers to gain a step change in product data and content quality by collaborating with all of their partners on a single cloud-based platform.

It eliminates the need for spreadsheet-based product data sharing and manual master data management processes between retailers and suppliers, increasing brand visibility, improving sales, and reducing product data errors.

Managing product data and rich media in your retail business can be a challenge:

• Maintaining product information and pricing during upgrades
• Integrating supplier product information and content to create competitively differentiated offers
• Ensuring quality product data across a multi-channel business

Product Information Management (PIM) software is used to solve a broad range of problems that companies face when managing large amounts of product information in multiple formats. 

It is ideal for retailers with multiple sales channels supported by different product catalogs.

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Retail PIM Benefits

Product Information Management retail is software that helps retailers get more control over product information for multichannel distribution. 

A PIM retail system centralizes all product data, eliminating the need for teams to go from one system to another, or to manage a host of spreadsheets.

This translates into significant time savings and enhanced productivity, not to mention a boost in sales. There are some key benefits:

• A PIM in retail helps retailers address issues by automating much of the process and keeping everything in sync.
• It allows users to create detailed and accurate product data only once, reducing errors and improving speed-to-market.
• It standardizes product information, ensuring that it’s accurate and complete, including localizing information to address different markets.

Retail product information management and e-commerce operations go hand in hand. If a retailer has strong PIM processes and methodologies, the business will be able to deliver exceptional quality product data for both internal and external use.

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There are many ways to benefit from using a PIM for the retail system, but it is popular due to its ability to do multiple things quickly and efficiently. For example, the right PIM retail can help retailers reduce costs and increase revenue by saving time and improving accuracy across the entire product lifecycle.

Synchronization of marketing and sales allows departments to communicate better and develop a more collaborative environment. Update product information, pricing, and inventory management data, all in one place and share it throughout the company.

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Conclusion

A company with extremely fast-growing product databases could benefit from a PIM, as it would save them time, money, and effort. 

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A PIM solution that focuses on increasing data and system integrity, improving efficiency, and reducing costs can be a valuable tool to an organization.These systems are quickly becoming a necessity for companies with complex product databases.  

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This software allows businesses to create, manage, and distribute product information from a single source of truth, enabling them to streamline their processes to keep up in this fast-paced environment.

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