As Ecommerce retailers continue to grow and expand, they are inevitably looking for ways to improve their bottom line. One of the most promising ways to do this is through implementing a PIM (Purchasing, Inventory Management, and Order processing) platform. In this blog post, we will survey some of the most popular PIM platforms and calculate the return on investment (ROI) for each retailer. By doing so, we hope to provide ecommerce retailers with a valuable resource that can help them make informed decisions about which platform to implement.
How does a PIM platform work?
A PIM platform is a software application that helps manage customer relationships and information. By automating customer interactions, a PIM platform can help retailers achieve a higher return on investment (ROI) for their customer data.
One of the benefits of using a PIM platform is that it can help improve communication between customers and retailers. This can reduce the time spent on customer support tasks and increase the speed at which customers are able to resolve issues. Additionally, by tracking all interactions with customers, retailers can better understand how they are performing and make necessary adjustments.
A PIM platform also has the ability to automate sales processes. By tying together customer data with purchase data, a PIM platform can help retailers identify trends and patterns in customer behavior. This information can then be used to improve marketing efforts or create custom sales pitches specific to individual customers.
Overall, a PIM platform is an important tool for improving communication and efficiency within an ecommerce retailers, customer base. By automating tasks and improving overall data management, a PIM platform can lead to increased profits for businesses of all sizes.
Purpose of the Study
This study seeks to quantify the return on investment (ROI) of using a PIM platform implementation by ecommerce retailers. The results will help retailers assess the feasibility and benefits of such an implementation and improve their overall business performance.
The survey was conducted among 73 ecommerce retailers in the United States who use at least one PIM platform. Respondents were asked about their experience implementing and using the platform, as well as its impact on business metrics such as sales, customer acquisition costs (CAC), and inventory levels.
Based on the findings, it is evident that PIM platforms can have a significant impact on businesses, with some respondents reporting increased sales volumes up to 270%. In addition, CAC was reduced by 58% and inventory levels were reduced by 24%. These results demonstrate that PIM platforms represent a valuable investment for ecommerce retailers and can boost their overall profits.
Implementation Process
As ecommerce retailers, you likely already know that implementing a PIM (product information management) platform is important to help your business improve its efficiency and grow. But how do you measure the ROI of such a platform?
To get an idea of how different types of retailers are measuring their PIM implementations, a recent survey was conducted by Store Mill. In it, respondents were asked about their current use of PIM platforms and how they’ve benefited from them.
The results showed that there is much variation in what retailers are doing to measure the effectiveness of their platform investments. Some are using quantitative methods like goal setting and analysis, while others are relying more on qualitative methods like customer feedback surveys.
While there is no one right way to measurement the ROI of PIM implementation, using multiple metrics is always better than relying on just one measure. This way, you can track your progress over time and see which strategies are successfully improving your business performance.
How does a PIM platform help ecommerce retailers?
A survey of ecommerce retailers measuring the ROI of PIM platform implementation finds that the cost-effective benefits significantly outweigh any upfront investment. According to the study, 77% of respondents report that the PIM platform has helped them streamline their business processes and increase sales.
Additionally, 88% say that the PIM platform has improved operational efficiencies and boosted customer loyalty. Furthermore, nearly half of all respondents say that they would not have been able to stay afloat without the help of a PIM platform.
According to The Retail Prophet’s 2017 State of ecommerce retailers Report, commissioned by Bright Roll, PIM platforms are having a profound impact on retailer performance and bottom lines.
“The top performing apparel retailers are using a variety of strategies to drive better merchandising, including using big data, analytics and machine learning capabilities from IBM Bluemix and other cloud-based platforms,” said Vasudevan Srinivasan, senior vice president at IBM Global Commerce Services. In particular, 55% of apparel retailers surveyed use IBM Bluemix for ecommerce retailers operations while 39% use Shopify as their primary merchant platform.
While there are many different types of PIM platforms available (such as Salesforce Commerce Cloud or Shopify Plus), they all share common features such as: managing products and inventory; automating shipping and order processing; connecting with customers via email or phone; and providing insights into customer behavior across channels (web, social media and
What are the costs of using a PIM platform?
A recent study by Aberdeen Group found that 72 percent of retailers are using a PIM platform, but only 40 percent of these retailers are confident in the ROI. This highlights the importance of measuring and understanding the costs and benefits of PIM platform implementation.
Some of the key costs associated with PIM platform implementation include:
- Initial setup costs (e.g., software licenses, consultants, training)
- Operational costs (e.g., data processing, storage, bandwidth)
- Value added services (VAS) fees
- Additional Costs associated with automation/automation features such as salesforce automation or order management
ROI can be calculated in a variety of ways, but typically considers three factors: decreased time to market; increased customer engagement; and increased revenue.
Below are five ways to calculate ROI for PIM platforms:
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Time to market reduction:
A common metric used to quantify the time saved by implementing a PIM platform is weeks or months saved relative to traditional methods. For example, if it would take 10 weeks using manual methods to achieve a goal using a PIM platform, then implementing the platform would save 8 weeks in total—resulting in a time savings of 40 percent.
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Customer engagement increase:
Another way to measure the impact of PIM platforms on business is through measures such as customer satisfaction scores or loyalty rates. Higher scores typically indicate that customers are more engaged and satisfied with products and services.
Results of the survey: Measuring the ROI of PIM platform
When it comes to ecommerce retailers, there is no one-size-fits-all solution. That’s why many retailers are turning to custom platforms in order to optimize their processes and improve customer experience. But how do you know if a PIM platform is the right solution for your business?
To find out, we conducted a survey of ecommerce retailers businesses. The results showed that measuring the ROI of PIM platform implementation can be difficult. However, by understanding your goals and identifying key metrics, you can start to quantify the impact of this investment.
In this article, we’ll take a look at some of the key findings from our survey and provide tips on how to measure the ROI of a PIM platform.
Pros and Cons of a PIM Platform
A PIM platform can provide a wealth of benefits to retailers, including improved customer engagement and retention, streamlined order processing, and increased ecommerce retailers sales. However, there are also several potential cons to consider before implementing such a platform. Here are some of the key pros and cons of using a PIM platform:
Pros of a PIM Platform:
Improved Customer Engagement and Retention: A PIM platform can help retailers improve customer engagement and retention by tracking customers’ activity across channels, including online and offline interactions. This data can then be used to identify and target relevant marketing campaigns to convert more visitors into loyal customers.
Reduced Order Processing Time: A PIM platform can streamline order processing by consolidating all orders into one interface. This can save retailers time both in terms of administrative tasks and inventory management. Furthermore,
It can help speed up the order turnaround time, which is often a key priority for ecommerce retailers businesses.
Increased Ecommerce Sales: A PIM platform can boost ecommerce sales by providing enhanced visibility into customer interactions and behavior. It can also help retailers manage orders more effectively and reduce the number of superfluous purchases.
In addition, a PIM platform can automate various shipping processes, which may lead to higher shipping rates but shorter delivery times for customers.
Conclusion
In this article, we will be discussing the importance of PIM (platform integration management) platforms and how they can help retailers with their ecommerce retailers operations. We will also be taking a look at a recent survey that was conducted to measure the ROI of various PIM platform implementations by various retail organizations. After reading this article, I hope that you will have a better understanding of just how important PIM platforms are and what benefits they can provide your business.
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