How PIM and MDM Can Help Regional Grocery Stores Succeed
Half of Americans are avoiding the grocery store entirely and purchasing their goods online. That percentage is expected to increase in 2018.
With more consumers turning to the internet and delivery services for their groceries, it’s no wonder why owners across the U.S. are staring at their empty floors with furrowed brows.
How is a regional store supposed to compete against not only large commercial entities but the online stores, as well?
If you’re a regional grocery store owner interested in cultivating your business, PIM and MDM is your answer. Find out all about these software programs here and discover how they can help your company succeed.
What is PIM?
Product Information Management (PIM) is software that compiles all the information about a business’s products (and, sometimes, customers) into one easily-manageable program. PIM encourages productive collaboration and heightens the accuracy of information.
For grocery stores selling products in-store and through online platforms (or for those with multiple stores across districts), PIM software saves time and money.
Marketing units, sales teams and more have access to the same information, allowing them to keep customers and employees up-to-date.
What Is MDM?
MDM is short for Master Data Management. Without MDM, PIM is useless.
This is because MDM is what ensures all the information compiled is up-to-date and accurate. The information is pooled into one central location, where it is checked and verified.
The result is an eagle eye on any potential problems that might exist and a team that’s all on the same page.
When used together, PIM and MDM provide accurate information that can be quickly altered. Companies no longer have to worry about unreliable back-end data creating problems that don’t exist.
Uses in Regional Grocery Stores
Just from these simple explanations, you may already see the horizon opening up in front of you. That’s because PIM and MDM have a lot to offer regional stores like yours.
Cost Savings
When MDM and PIM are integrated and applied properly, marketing and selling become seamless operations. This means fewer mistakes.
On top of this, owners optimize efficiency. Teams access the information they need quickly, meaning tasks are completed faster.
As a result, companies spend less on mistakes that once were regular costs and on labor. Furthermore, customers have fewer returns and experience fewer mistakes concerning their orders.
Time Savings
In addition to saving money, regional stores will also save time. And we all know what time translates into.
PIM and MDM allow teams to efficiently complete tasks that once were painstakingly slow marches toward a distant finish line. With these programs, teams quickly create catalogs and ads for upcoming sales. They update any new information about a product and know the information will be utilized by all stores.
Obviously, this also means computer systems for check-outs remain up-to-date.
Finally, new products are quickly introduced across the region. The information about the product is uploaded and shared in one place, meaning everyone has access to the same data.
This leads to minimized marketing time and maximum profits associated with the new item.
Online Integration
It’s no secret more and more customers are turning to the digital world for their groceries. The good news is that regional stores can get in on the hype.
PIM and MDM allow for seamless integration with an online platform. All the information is at your beck and call, ready to be applied to a website where consumers can purchase your goods online.
And with online grocery store purchasing expected to grow to 20% of the market by 2025, it’s a good time to join the digital world. In fact, found more than half of grocery store consumers will turn to other means of shopping if the stores don’t catch up to today’s technology.
Customer Support
It’s incredibly frustrating to a customer when a representative doesn’t know anything about his or her order.
However, when employees can access consumer information as well as product data, customer support is enhanced. The representative has the knowledge needed about the case to provide helpful and valuable feedback.
Customized Shopping Experience
Studies find that consumers have a good idea what they’ll purchase at checkout well before they enter the store or even the checkout line.
More customers today are being influenced by online ads or other information offered on digital devices. If a store utilizes this to its advantage, there is myriad of possibility about how a consumers’ experience can be personalized and optimized.
By utilizing customer information and pairing it with products that individual may prefer, grocery stores have a hand in what consumers decide to purchase–and from where.
Stocking and Inventorying
On a basic level, even daily or monthly tasks become easier from PIM and MDM. Inventorying, for instance, is no longer a math test that results in overstocked or understocked products.
Instead, PIM and MDM create better visibility of inventory. Supervisors and owners track goods and anticipate what should be ordered and how much.
The result is organization instead of a guessing game that sometimes gets it wrong. And both customers and store benefit.
Expansion
The expansion into the online platform spurred by MDM and PIM also offers growth in other areas. Regional grocery stores utilize the cost savings, heightened profits and extra time to cater to customers’ desires.
Curbside or home delivery becomes a possibility. Marketing teams focus more on promoting items and less on tracking down errors in product information across channels. Employees have the time and ability to provide consumers with the attention and service they deserve.
Ultimately, this leads to heightened brand recall, a positive reputation and a growing base of loyal consumers. Expansion naturally follows suit.
What’s Next?
No matter where you stand as a regional grocery store, PIM and MDM have the tools to help. They provide organization, efficiency, cost savings and more.
Consumers are getting pickier, expecting more and wanting everything digitized. Why not provide these desires and, at the same time, keep your store thriving?
If you’re ready to beat the competition, it’s time to step up to the plate. Contact us today to schedule a free demo and to take your first glimpse into the future.