ECommerce Next team interacted with Mr. Morten Poulsen, CEO & Co-founder of Plytix to understand the landscape of PIM and how it can act as a catalyst in the current situation.
What is PIM?
Product Information Management allows you to manage all content and assets related to your products in a central source of truth.
Whether it’s product specifications, prices, descriptions, photos, videos etc. It all comes together in your PIM.
Why PIM for ecommerce and Retail companies?
Consumer behavior has forever changed. The path to purchase is no longer linear. It is impossible to determine where a buyer’s journey will start and where it will end. Gone are the days where retail was a matter of having a storefront (physical or online) and your job as a retailer was to drive traffic to your storefront and convert there.
Nowadays you need to bring your products to your customers wherever they may be and stand out against competition. That means mastering your product data across all marketplaces, price comparison sites, ecommerce platforms etc.
Managing product information at scale and mastering your product listings on every single sales channel is already impossible as it is, but the product data complexity as we know it will only increase as we set ourselves up for the new era of voice operated assistants and smart devices etc.
Simply put, retail today is a multichannel universe, and it is simply impossible for any retail business to remain competitive without a solid PIM solution.
PIM industry is growing approximately by 35-40% year on year. At the same time, many solutions have jumped in the bandwagon. Do you see consolidation in play soon?
Yes, I do. I don’t have a crystal ball, but I believe that at some point the dust will settle and there will be a few market leading players, and then the rest. And I believe that the industry leading platforms will be offering a more or less complete end-to-end solutions for managing product listings across multiple channels (including the webstore) from one central source of truth.
With a plethora of PIM & DAM tools, Why Plytix?
Plytix is an all-in-one Product Information Management platform, built and priced for small and medium-sized businesses. We want to offer these businesses access to the same technologies and data capabilities that are currently only available to large enterprise customers.
At the moment, enterprise retailers are growing 6 times faster than small and medium-sized companies because they have access to performance-enhancing technologies that the smaller guys can’t afford or operate. That creates an unhealthy performance gap in the industry that we would like to minimize. So, we’ve built Plytix on the premise that our technologies have to be powerful enough to compete with enterprise solutions, while being user-friendly and cost-friendly enough so anyone, big or small, can benefit from it.
In which industries do you see the adaptation of PIM tools the fastest and why?
It is a hard one to answer. The only thing I can speak for is our own data. In our portfolio we’re seeing the highest adoption in verticals like consumer electronics, home and design, health and beauty and DIY. As with anything else technology related, fashion always seems to be the latest to arrive to the party 🙂
About Morten Hellesøe Poulsen
Morten Hellesøe Poulsen started his career at Google and is now the CEO and CoFounder of Plytix. He has an engineering degree from SDU and a Master’s degree from Harvard Business School.
Plytix is an all-in-one Product Information Management (PIM) platform. It gives your
entire team a single source of truth to easily find, manage and syndicate your
product information. Plytix helps you sell more by getting your products to market faster and smarter