r3 cp pim webinar presentation 012015fd (3)

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]

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Over +250 active clients

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Services Include

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Product Feed Management


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


[Prodware]


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


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


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

Why PIM? Why Now?Product Information Management What you should

know.Presented by:

© 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.


Product Content in Today’s Commerce

Past Today


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


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


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.


What are the benefits of PIM?


• Improves data quality

• Improves setup, control and

management of product data

• Reduces errors

• Provides a more consistent

customer experience


• Allows bandwidth for assortment

growth

• Gets products and information

to the market faster

• Reduces manual process

inefficiencies


• 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


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?


How can you build a business case for

a PIM solution?


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


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.


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.


Finding the right PIM solution for you


Does a PIM take priority

over over system

initiatives?

What do I need to

consider and take into

account when

implementing a PIM?


What do I need to


account when

implementing a PIM?

Can I implement at the

same time as other

systems?


Are there systems that

should be implemented

before the PIM?

What do I need to


account when

implementing a PIM?


Do we need to clean our

product data prior to a

PIM?

What do I need to


account when

implementing a PIM?


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


Wrap Up

Proprietary and Confidential© 2015 R³ Consulting Partners

[email protected]

1-844-867-R3CP (7327)

www.r3cp.com

Heather Raines, Partner

[email protected]

Stephen Rogers, Partner

[email protected]

…strategic insight and planning

to tactical execution and delivery

R3 Consulting Partners

mailto:[email protected]



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?


r3 cp pim webinar presentation 012015fd (3)

Marketing

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importance of product

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retail sales

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retail industry

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