r3 cp pim webinar presentation 012015fd (3)
TRANSCRIPT
The New Role of
Product Information Management
Why PIM Presents a Critical Piece to the Retail Puzzle
We Turn Browsers Into Buyers
www.CPCStrategy.com | 619.501.6138 | [email protected]
We Turn Browsers Into Buyers
Founded in 2007
Over +250 active clients
Top 50 fastest growing companies in San Diego
Official Google Shopping Partner
Visit CPCStrategy.com
Services Include
Retail-focused Paid Search (PPC)
Google Shopping Management
Amazon Sales Acceleration
Product Feed Management
www.CPCStrategy.com | 619.501.6138 | [email protected]
Webinar Housekeeping
Stay Tuned For Webinar Recording Email
Q&A Following The Presentation
Submit Questions In The Chat Box To The Right
Logistics Speakers
Heather RainesR3 Consulting Partners
Stephen RogersR3 Consulting Partners
Rick BackusCPC Strategy
www.CPCStrategy.com | 619.501.6138 | [email protected]
Course Overview
The Importance of Product Content
What is a Product Information Management (PIM) Solution?
Is PIM Right For Your Business?
How to Evaluate PIM Solutions
Live Q&A
www.CPCStrategy.com | 619.501.6138 | [email protected]
Retail & eCommerce Expert
Heather RainesPartner – R3 Consulting Partners
13 Years consulting and management experience in the retail industry
Specializes in eCommerce merchandising strategy, planning, and related system implementations & drop ship program design, implementation, and execution
Consults with top retail clients, including Belk, Kohl’s, Petco, Boscovs, and Asics
www.CPCStrategy.com | 619.501.6138 | [email protected]
Retail & eCommerce Expert
Stephen RogersPartner – R3 Consulting Partners
Over 25 years experience in retail management and IT consulting
Key specializations in business process design, operating model development, system integration strategy, and warehousing systems
Consults with top retail clients, including Belk, Kohl’s, Petco, Boscovs, and Asics
© 2015 R³ Consulting Partners
Why is PIM of growing importance?
• 44% (or $1.8 Trillion) of all retail sales in 2013 were
influenced by online product content
• 30% of US adults (online): would consider buying from
an online retailer they had never previously purchased
from if the retailer offered detailed product information
It manages one of the most critical elements of online and omni channel business…
Images
Attributes Features
Pricing
Descriptio
n
Copy
Key
Words
Comparison
Video
ReviewsSpecs
HierarchyPRODUCT CONTENT
Sources: Forrester Research Inc.
© 2015 R³ Consulting Partners
What is PIM (Product Information
Management) solution?
The central repository for all things related to product data
(structured and unstructured)
• Core Product Data
• Product Attributes
• Product specifications, dimensions, warranty and
packaging info
• Product related metrics
• System triggers and business rules
• Product copy
• Product Digital assets/media
• Supplier Information (basic)
• Multi-language content
© 2015 R³ Consulting Partners
The Difference between PIM and
MDM
• User Friendly interface
• Workflow management
• Single view of product
information
• Product visualization
• Detailed and mass data
update/refresh functionality
• Integration with content and
publishing tools
• Multi-domain management
PIM
(Business
User)
MDM
(IT User)
eComm Platform
OMS
CRM
WMS
POS
InventoryAllocation & Replen
Mobile
CMS
Marketing/Promot
ions
Original Data
Source(PLM, Supplier portal, etc.)
ERP
BI
• Multi-domain data modeling
• Data integration
• Data quality, matching and
governance
• Metadata management
• Multi-platform support
Marketing and Merchandising Data
Operational Data and Attributes
Core Product Data.
Extended Product Data
Hierarchies and Relationship Data
PIM
PIM: Beyond Core Product Data
© 2015 R³ Consulting Partners
PIM is more than a system solution
PIMs are not just about the technical
system solution but also the people and
processes implemented to use it.
© 2015 R³ Consulting Partners
• Improves data quality
• Improves setup, control and
management of product data
• Reduces errors
• Provides a more consistent
customer experience
© 2015 R³ Consulting Partners
• Allows bandwidth for assortment
growth
• Gets products and information
to the market faster
• Reduces manual process
inefficiencies
© 2015 R³ Consulting Partners
• Opens the door to new business
opportunities • International expansion
• Rapid, large assortment expansion
• Rapid assortment transitions in time
sensitive markets
• Enable multi-domain strategies
• Deploy personalized market strategies
© 2015 R³ Consulting Partners
Is PIM right for you?
Do you manage or plan to manage a high SKU count?
Do you transition your SKUs frequently?
Do you have multiple people touching and manipulating the product
information?
Do you have redundant or manual product setup processes?
Do you collect your product information from multiple sources?
Do you need more product attributes to personalize your cross
selling and/or marketing?
Do you have or plan to offer complex fulfillment and delivery
options or solutions?
Is your product data unorganized and hard to manage?
© 2015 R³ Consulting Partners
What is the cost of not having a PIM?
Many merchants and industry experts estimate data error rates between 15-30% for companies with no PIM
Multiple studies show companies implementing PIMs:
• Reduce time to market by up to 400%
• Increases in sales from 15% to more than 50%
• Up to 23% less product returns
• Up to 27% less customer inquiries
Sources: Product Information Management, Jorij Abraham (2014); A.T. Kearney; Aberdeen; Gartner Research;
Multichannelmerchant.com (2013).
What is the cost to your company in:
• Labor
• Employee Job Satisfaction
• Lost sales
• Customer Loyalty
• Time
© 2015 R³ Consulting Partners
Direct Impact KPI’s:
Helpful Key Performance Indicators
• Time to Market
• Cost Per Product Setup
• SKUs Setup per Resource
or Time Period
Evaluate common KPI’s and determine if
a PIM can provide a value added impact.
© 2015 R³ Consulting Partners
Helpful Key Performance Indicators
• New Customer acquisition
• Return Rates
• Revenue per customer
• Conversions
• Gross Margin to Maintained Margin spread
Indirect Impact
KPI’s:
Evaluate common KPI’s and determine if
a PIM can provide a value added impact.
© 2015 R³ Consulting Partners
Does a PIM take priority
over over system
initiatives?
What do I need to
consider and take into
account when
implementing a PIM?
© 2015 R³ Consulting Partners
What do I need to
consider and take into
account when
implementing a PIM?
Can I implement at the
same time as other
systems?
© 2015 R³ Consulting Partners
Are there systems that
should be implemented
before the PIM?
What do I need to
consider and take into
account when
implementing a PIM?
© 2015 R³ Consulting Partners
Do we need to clean our
product data prior to a
PIM?
What do I need to
consider and take into
account when
implementing a PIM?
© 2015 R³ Consulting Partners
How do we get started?
Build a plan to
implement
Implement
Assess
Plan
Design
Start with the current state
Requirements, partner selection,
configuration
Implement, integrate
Proprietary and Confidential© 2015 R³ Consulting Partners
1-844-867-R3CP (7327)
www.r3cp.com
Heather Raines, Partner
Stephen Rogers, Partner
…strategic insight and planning
to tactical execution and delivery
R3 Consulting Partners
Q& A
Submit Your Questions In The Chat Box To The Right:
Questions about product data-driven advertising channels? Issues with your own PIM solution implementation? Need feedback on your current product content systems and
processes?
www.CPCStrategy.com | 619.501.6138 | [email protected]