Why you need a product management software for your business
Working with product information originating from multiple channels and sources is a challenge many retail and e-commerce companies face today.
Here, data collection, distribution, and organisation get increasingly complex as the content associated with each product grows, including images, SKUs, videos, languages, and logos.
Given the evolving nature of customer interaction and the increasing emphasis on positive experience, having comprehensive product information across all channels is a must. After all, you need to effectively communicate the value of your products to your customers.
Therefore, product management has become a growth requirement, which makes having dedicated product management software a necessity rather than a luxury.
Sure, you can rely on spreadsheets. But as your business and channels scale, and they will, the task will progressively grow more complex.
So, if you’re looking for something sophisticated as you grow, here’s everything you need to know about product management systems, how they work, and their many benefits.
What is product management software?
Product management software is a tool used for creating, organizing, categorizing, programming, and publishing any kind of data associated with products.
Such a solution sets an adequate workflow, right from manufacturing and logistics to the final sale of a product. It also reduces the time-to-market for new products, as you can release all the information across all channels simultaneously without any manual work involved.
On top of images, languages, and videos, product management software also manages and organises attributes related to products, including stock information, warehouse data, and provider information.
All of this, in a single place, ensures a perfect, interoperable multichannel experience.
That’s why a product management solution is an important tool in e-Commerce: it is a great ally that contributes to a positive user experience, thereby boosting your brand’s reputation.
Why there’s a growing need for product management software
Scaling a retail or e-Commerce business is difficult. But everyone who starts is eager to take on this challenge. Of course, an important part of this vision is expanding our product catalog.
More products means more data. And as you scale, the data grows exponentially, inevitably leading to erroneous, inaccurate, and out-of-date information. After a point, it becomes astronomically difficult to clean and maintain such a database.
On top of that, managing other factors such as multiple price lists, currencies, promotions, and geographic locations adds to the complexity.
At the end of the day, you want to effectively communicate the value proposition of your products to your customers. This means consistent, high-quality product content updated in real-time across all channels and locations.
Needless to say, the Excel spreadsheet isn’t cut out for this task. An e-Commerce system dedicated to unifying product information across all backend systems and channels will serve growing businesses well.
Benefits of product management software
Let’s take a closer look at the salient benefits of using product management software.
- A single source of truth for product information
With massive volumes of data available, it is essential to have one trusted source for key product information.
A product management system increases data accessibility and validity for all product stakeholders. Product, sales, and marketing teams can monitor issues and defects, receive user feedback, and review team and individual progress from a single dashboard.
Also, when you update product information on a dedicated management platform, the changes or additions are reflected across all channels and desired geographies. No need to manually update information for every touch point.
- Reduced time to market
The longer you sit with a product, the more business your competitors do. But when you are handling thousands of SKUs and all the associated information, introducing new products to the market doesn’t happen in a day.
You have to spend time checking all the information that goes out, including prices, descriptions, titles, videos, pictures, and so much more.
Without a single source of truth, the time to launch a product becomes inevitably protracted since most of your resources are spent jumping from spreadsheets to Dropbox to Google Drive.
Product management software helps you centralise all your product information to help your teams work better and ensure that the information is complete, accurate, and up-to-date so that your product can reach your customers faster.
- Streamlined product information management
Working with product information can get challenging, irrespective of their size and scope.
A dedicated product management software solution optimises the work, removes the possibility of redundancies and errors, and eliminates unnecessary tasks, delivering an organised product experience while helping you save on time and resources.
It’s time to leverage the capabilities of product management software
If you’ve made it this far, the answer is yes. You need product management software. Because, let’s face it, e-Commerce is ever-evolving, and customer expectations are ever-changing. However, one thing that remains constant is the need for quality, accurate, and up-to-date product information.
Ordazzle can help you streamline product data management with our cutting-edge platform, designed as a centralised repository of all your product information that serves as a single source of truth.
It’s time to outperform your competitors. Get in touch with us today to learn what we can do for you!