A Product Information Management solution (PIM) helps ecommerce ventures, sellers, brands, and others manage their product information on various marketplaces. It helps gather the product data from different sources, unify them in a centralized repository, and then distribute across varied channels according to their specific guidelines.
Also, the overall product experience management eventually becomes better with a PIM platform. Managing your ecommerce sales with a PIM solution like PIMworks is an easy task. But if you are stuck anywhere and are looking to know the top Product Information Management jargon, abbreviations, and acronyms, here’s a blog to help you out.
Here are the ecommerce and PIM systems related terms you should know.
1.Articles:
In simple terms, these are specific variants of a physical product. These could also be merchandise or trading items.
2.Product breadth
A company may offer its buyers numerous lines in its products. For instance, the same company that sells shampoo could also sell hair oil, soaps, detergents, conditioners, perfumes, etc. this is the breadth of the products.
3.Product depth
The depth is the variances in each of the product lines that the company sells. For instance, a company may sell only table lamps, but there could be variants with other specifications of different colors, sizes, shapes, etc.
4.Product assortment
While product breadth is the number of product lines and depth is the variety in each of the lines, the assortment is a combination of both of these. It is the number of product lines that the company serves and the varieties in each of those.
5.ERP system
Enterprise Resource Planning system is a software that brings all factors of a business such as products and inventory, supplier relationships, etc, under one roof. It automates tasks by generating reports on orders, storing them, and delivering according to the business needs, thereby reducing manual work hours and errors.
6.MDM
Master Data Management is to create a single source of truth for all the critical data available from internal and external sources. It is done to maintain consistency, reliability, and accuracy since the company will follow this as the single source of truth for the organization’s data.
7.DAM
Digital Asset Management is a tool that is either a part of your PIM software or stand-alone software. It helps gather, store, and distribute digital assets such as images, documents, videos, etc., across different platforms and also optimize them according to your ecommerce selling requirements.
8.Supplier portal
As the term suggests, this portal is for the suppliers to feed their product data which directly integrates with the company’s PIM system. In order to maintain consistency, accuracy, and also company standards, the supplier portal has to be perfectly integrated with the company’s PIM software.
9.CMS
Content Management System. While a PIM software for ecommerce helps with product content management on all marketplaces, a CMS helps you manage content on your websites.
10.Product Catalog
Is a composition of all the details about the products such as height, weight, color, size, price, availability, description, reviews, etc. For example, if your buyers look for a book, a marketplace like Amazon will list all the information about the product. These details also help the product marketers position and optimize them on the digital shelf.
11.Machine Learning
This is computer programming that enables a system to learn from the inputs that programmers give. PIMworks uses this ability of the systems to auto enrich product data, suiting multiple guidelines from various ecommerce marketplaces. With this ability, the system autonomously performs actions that save time and effort.
12.E-procurement
E-procurement is the online purchase of goods, services, work, etc. from one business to another business, consumer, or even government. Consumers buying products from your online store is one form of e-procurement.
13.Master data
This is the pilot data considered the single source of truth in every other place where this data is used. It is important to know that any changes made to this source will affect each place where this data is applied. PIMworks helps you organize scattered product data under one roof, verify your single source of truth, and distribute the information across varied platforms.
14. Golden record
The consolidated result of all the records about your buyers that are scattered across different platforms and systems is called a golden record. In other words, this is the single version of the truth, which the data analysts, users and marketers, and employees from other teams refer to when there are any discrepancies.
15.Business workflow
The collaboration and coordination of works between teams to achieve a common business goal such as content creation, enrichment, and distribution. With ecommerce selling, there’s a need for multiple teams like the business analysts, marketing teams, vendors, brands, etc. to collaborate. Creating real-time workflows with a PIM management platform like PIMworks helps monitor actions and avoid miscommunication.
16.Product data mapping
While you import product data, PIMworks automatically matches the fields in the file to the attributes that are available in it. This is a feature that helps ecommerce sellers avoid publishing incorrect product information on marketplaces.
Now, what’s next?
With PIMworks, unify your scattered product data from excel sheets, ERP systems, seamlessly syndicate product content across multiple channels, enable real-time workflows, auto enrich product data, and more. PIMworks also makes your ecommerce business entirely easy and smooth with its AI-based actionable insights. How about you try it for free and decide for yourself?
