There has never been a better time for retail companies to prioritize a PIM-DAM integration. As the world reopens for business after the pandemic, there is more competition from online retail, consumer expectations of retailers have changed and profit margins are under pressure. Add to that the fact that many companies are adopting hybrid working, and it is clear that there is plenty to challenge retail brands and their already busy creative teams.
Fortunately, there is something creative operations, marketing and IT leaders can do – make sure these challenges do not undermine competitive advantage.
Integrating your Product Information Management platform with your Digital Asset Management system provides significant operational efficiencies. These in turn reduce costs, protect profits and improve time to market. In addition, the cloud-based content system that creates PIM-DAM integration enables remote workers to collaborate effectively wherever they are in the world.
Here are four reasons why NOW is the right time for retail to prioritize PIM-DAM integration.
1. Increased competition
According to Shopify’s Future of Ecommerce in 2022 -report, increased competition and high customer acquisition costs are key challenges for e-commerce brands. It is harder than ever for brands to cut through the noise online. Retailers that focus on building an exceptional brand experience will win – and retain – customers in a demanding and fickle marketplace.
For brands accustomed to a more transactional approach to selling via PPC, this strategy for “long-term loyalty” can be challenging. Online brand building – across multiple channels – requires consistent and engaging stories about the brand, as well as flexibility to respond to the latest trends.
Consumers demand a perfectly separated shopping experience that continues where they left off, regardless of device or channel. With the rise of social shopping consumers expect in-app shopping, live-stream product demos and augmented reality experiences such as try-on experiences.
This means investing heavily in the supply chain for digital content. But for companies that get it right, the reward is repeat sales and improved customer lifetime value.
And one way to meet the challenge is through PIM-DAM integration – for less manual processes, more automation and more control over complex workflows.
| Discover the applications of PIM and DAM in retail to understand how this dream retail marketing team is making the content supply chain more efficient – and learn more about the financial and operational benefits of PIM-DAM integration . |
2. The omnichannel opportunity
Research shows that consumers rely on 20 or more channels in their interactions with brands , and such buyers spend up to three times more than those who rely on a single channel.
Retailers with a strong omnichannel presence experience increasing sales and a strong competitive advantage by improving the customer’s shopping experience.
But how do you create more content for more channels without more staff, time and budget? By integrating Product Information Management and Digital Asset Management platforms.
PIM-DAM integration is the most efficient way to meet omnichannel retail marketing requirements. By creating a more efficient content supply chain – with fewer manual processes and less wasted time – creative teams can create content for MORE channels.
And thanks to the fact that your PIM and DAM are always in sync, that content is up-to-date and consistent across all platforms.
3. Press the margins
Global economic factors such as inflation, conflict, oil prices and supply chain problems have hit consumers and retailers hard. Customers are desperate to save money and retailers are doing their best not to raise prices OR undermine their margins. Cost efficiency is key in challenging financial times like these.
So how can PIM-DAM integration help save money? Because there are likely to be many different people involved in the content supply chain. Perhaps different teams for e-commerce, website, app, content marketing, traditional marketing, in-house design… There may also be external contributors, such as design and audiovisual agencies, product photographers, freelance writers.
When these teams and individuals work in silos, there is a high risk of duplicating data and digital assets without realizing it themselves. For example, your app team can create illustrations for a promotion that the social media team has already created. Or the e-commerce team may have commissioned photos that your marketing team already has. This is not cost-saving.
Moreover, these duplicated assets should be linked to different products. And that also means duplicating data entry. Which wastes more time – and introduces the risk of human error and inconsistency. More wasted time and effort.
Worried that investing time and money in software integration won’t yield ROI? Think again. Asana’s Anatomy of Work -research found that work-over-work (such as searching for information, switching between apps, communicating about work and chasing status updates) takes up as much as 58% of the day and is a “persistent threat.
One day per week per employee is certainly worth recouping in such a critical and challenging time for retail?
4. Remote working (and outsourcing)
Another challenge for retailers – and all businesses – after the pandemic is adapting to the “new world of work. With many organizations moving to remote or hybrid working, the digital employee experience is becoming increasingly important. Workers need the tools to be productive anywhere – and that means integrated, online tools that make their jobs easier.
Integrating cloud-based PIM and DAM systems makes it much easier for those different teams – as discussed above – to collaborate remotely.
It also makes it easier to outsource work to more cost-effective teams – whether agencies that can create work faster and at scale, or international suppliers that are more cost-effective than local suppliers.
Although retailers face stiff competition and significant challenges in the coming year, investing in digital transformation can deliver significant commercial advantage and ROI.
If you want to talk to someone about integrating PIM and DAM systems – with each other or as part of a larger software stack – we’re happy to help. Our expert team has more than 20 years of experience helping retailers build more efficient content supply chains through software integration. Get in touch today .
