With remote work and increased dependence on eCommerce platforms for B2B businesses to stay afloat during the pandemic, buyers became easily frustrated when digital experiences did not meet their expectations. Unintuitive navigation, barriers to checkout, and too few product details are just some of the problems buyers face. In the path to purchase, 59% of B2B Buyers agree that the most common roadblock is a lack of product information. A designated Product Information Management (PIM) solution is crucial to improving buyers’ experience, as well as increasing their confidence in the product.
Why is Product Information Important?
Finding product information that is up to date is a challenge that 48% of B2B buyers experienced over the last year, up from 19% in 2020. Product information is crucial to making sales on an eCommerce website; with accurate product info, buyers can visualize how a product will fit their business needs as well as compare your products to competitors’. According to our 2021 B2B Report research, 58% of B2B Buyers agree that suppliers must ensure that their product information is accurate and up to date to improve their experience. Providing accurate, updated information wherever your buyers might make a purchase can build buyer confidence, which speeds up the time to purchase. That means faster sales and increased digital revenue.
What Information is Most Important for B2B Businesses to Include Online?
Our experts discovered that 39% of B2B buyers find inconsistent product information across multiple platform channels. This is problematic because the company is less efficient and transparent when reporting on their product information. Conflicting information across channels makes it more difficult for buyers to understand how your product meets their needs. Not sure what kind of product information to prioritize on your site? Start by providing product specifications, pricing, and applicable documentation (white papers, installation guides, safety sheets, etc).
What is a PIM System?
A product information management system, or PIM, centralizes data to make it easily accessible between different divisions in a business and for B2B buyers. Without a PIM, content may bespread throughout the organization in various spreadsheets, storage units, and digital assets; this can make information inaccessible. Even if your content is easily accessible, it may not be managed properly. This leads to more problems, because the information does not provide an accurate view of your product. PIM systems empower your team to enrich content, manage digital assets, and leverage workflows to make access to information quick and simple. Having product information in one centralized location also eliminates major buying stressors, allowing several teams to enrich and quickly distribute the product information.
How Can a PIM System Help Buyers Improve their Online Product Information?
PIM systems benefit both internal and external operations within the business. Providing a centralized solution means easy access to data for employees while also providing third parties with easy information access. Buyers can compare multiple products from your business or other competitors, leading to informed purchase decisions. Focused product information on your eCommerce portal provides clarity for understanding what type of product the buyer is purchasing. This transparency leads to informed purchasing decisions as well as trust in the supplier of the product. As previously mentioned, our researchers found that 57% of buyers found comparing prices and product information painful to access online. PIM systems eliminate stress on buyers, providing suppliers with more delivered solutions.
Where Can I Learn More?
A PIM System provides consistent information across all channels, leading to centralized product data in one location. Internally, PIMs improve efficiency for manual tasks and reduce any errors when multiple teams enter data manually. Externally, buyer confidence increases, leading to better results and solutions for B2B buyers. Our 2021 B2B Buyer Report: No More Excuses reports that 87% of buyers would pay more for a better supplier of eCommerce capabilities – and better commerce includes improved product information management. It is no wonder PIM systems play a key role in the success of B2B businesses as they provide solutions to both internal and external users.
It’s time to stop making excuses. Don’t miss out on your chance to learn about the latest B2B trends. Learn more in our annual 2021 B2B report here.