PRODUCT INFORMATION MANAGEMENT
A retailer’s Item Master Data, or product information management system (PIM), is the source of initial product data as it enters the supply chain. Our supply chain solution, Merret, offers a single, real time view of the product, with a unique ID and cross referencing to 3rd parties, which improves accuracy and performance for a strong foundation for further analysis.
The rise of fast fashion, with shorter lead times and accelerated product introduction, has placed increased importance on the efficiency of product information. Recent research has found a strong correlation between a retailer’s speed of product introduction and performance sales growth.
Benefits of our product information management system include:
- Faster time to market: as the speed of new product introduction increases, creating and launching products must be accelerated as an easy and efficient process.
- Increased accuracy: no duplication of product information, with a single version of the item data across the entire estate.
- Visibility of product: the ability to add multiple attributes, which are customisable, increases the search-ability of your product and therefore improves the customer experience.
- Real time information: we understand the fast pace of retail, and therefore the most up-to-date, complete information is held within Merret. Frequently changing product information is also handled efficiently, which is critical during promotional periods.
- Collaboration across retail departments: thanks to a single version of the product shared across the business, a connected culture is facilitated.
Products can be created in Merret, or through a 3rd party PLM, with content added and maintained in Merret after creation. With proven integration to multiple ERP, Merchandise Management Systems MMS and PLM systems, we have the ability to share product information, as Merret interfaces to your:
- Planning system
- Product Lifestyle Management system
- Merchandise Management system
- Warehouse Management system
- ERP solution
With a unique product ID code, information relating to the product is normalised and consistent across the business. Thanks to this, products can easily undergo:
- Re-classification, should you need to move it to another department or part of your hierarchy. During this process, historic data is migrated, so that analysis is automatically aligned.
- Recoding for seasonality, with historic data left against the original season for accurate like-to-like comparisons.
Attributes are a critical part of product information, not only for Buying & Merchandising to analyse performance, but to drive the omnichannel customer experience. Improved product information management through attribution adds considerable value to the ease of search, for example. Alongside standard customisable attributes, we offer the ability to link images within product attribution, which benefits teams in the warehouse and stores. Our web attribution function has become essential for digital and ecommerce teams using attribution as a key part of web definition and product search criteria.
Featured Case Study
In our free whitepaper, learn why product information accuracy is the key to retail success; how to shorten product lifecycles to remain competitive in a fast-fashion environment; why channel partner expansion should not cause an operational headache; best practice for PIM and much more.