If you are in the business of selling auto parts and accessories, then you need to be using a product information management (PIM) system. PIM systems are critical for businesses in the aftermarket automotive industry because they help manage product data effectively and efficiently.

The automotive aftermarket sector, which includes parts and maintenance services, is anticipated to increase at a compound annual growth rate (CAGR) of 3.4 percent and a predicted $529 billion in revenue by 2028. From 2020 to 2021, the global automotive aftermarket’s revenue has risen from $380 billion to $408 billion.

The automobile replacement part suppliers and service enablers are the two main market segments. It is anticipated that global expansion and investment in this sector will continue to rise as a result of the digitization of these sectors and the creation of eCommerce shops (distributor portals).

The COVID-19 lockdown has had an impact on product demand in this sector. The requirement for commercial vehicle components began to fall while the demand for used vehicles and aftermarket auto parts grew. It’s expected that the recovery of the automotive component supply and demand will not follow a typical V shape as it did in previous financial crises, but rather a slow recovery until 2025. Some new elements have resulted from the epidemic, such as:

• Fewer vehicles on the road
• Fewer collisions
• Low use of public transport
• Significant increase in digital channels and eCommerce sales

In this context, product information management systems will become increasingly important for businesses in the automotive aftermarket industry as a result of these changes. In this article, we will discuss why PIM systems are so important for auto aftermarket businesses and how they can benefit from them. We will also look at how PIM systems work together with automotive aftermarket industry standards to help improve product data accuracy and visibility. 

Where Are PIM Systems Implemented?

A PIM may be used by any product-based company. Small companies can benefit from data centralization and operational efficiency. Larger organizations may require more sophisticated features like marketing campaigns based on client preferences or product reviews that can be uploaded to the PIM system in real-time to influence future purchases of inventory.

Manufacturers can use product information management software to speed up the development of their products. Retailers may also use PIMs to optimize their warehouses by filling shelves with popular items. A PIM might also be useful when it comes to geographic company growth.

A PIM may be used by marketplaces of all sizes and in a variety of industries to track inventory availability, manage customer expectations, and provide on-demand order fulfillment. PIM systems are also useful since they allow for automated data flow integration. Customers can use mobile apps developed by merchants to search for products while out shopping.

A PIM tool may come in handy for a car parts store. Salespeople in the auto industry can utilize a PIM tool to find the correct product for their customers’ requirements and process orders quickly. If you’ve been manually maintaining your product listings until now (for example, by using a spreadsheet), you’ll be astonished at how much time you’ll save by automating this operation.

Understanding the Auto Care Association Data Standards

With this in mind, let’s look at one approach your firm may use to guarantee that its digital channels have the information and functionality they need to keep ahead of the competition and facilitate revenue goals. More specifically, does your business adhere to Auto Care Association (ACA) data formats, and are there processes in place for cost-effective content aggregation and distribution?

The ACA serves the entire automotive aftermarket supply chain (manufacturers, distributors, and dealers). It offers lobbying, educational, networking, technological assistance, market intelligence, and communications services to support the group’s collective goals.

ACA is a leading organization providing data standards and best practices that lower costs and increase efficiency in the eCommerce and technology industries. ACA offers the following data standards to help firms worldwide communicate effectively with one another:

• ACES – Aftermarket Catalog Exchange Standard
• PIES – Product Information Exchange Standard
• IPO – Internet Parts Ordering
• iShop – Integrated Shop Standard
• Super Spec

The ACES and PIES data standards are designed to promote openness, interoperability, and portability among trading partners in North America. Any company that wants to conduct business in the region must use them as well as best practices. The standard means of communication used by all trading partners is a machine-readable XML. The following are some of the advantages of utilizing these standards:

• No more duplicate communication and distribution efforts.
• Saving time and money.
• Lower supply chain costs.
• Increase product introduction and speed to market.
• Increased sales, operational efficiencies, and fewer returns.

Using a PIM Solution to Support ACA Data Standards

A PIM is a group of processes supported by best practices that enables product managers, marketers, digital artists, and other key stakeholders to develop, aggregate, manage, and distribute rich product content to multiple distribution channels. A PIM solution is a software program that allows users to build workflows and execute operations such as creating, aggregating, enriching, and distributing product information. It’s a collaborative mix of people, procedures, and technology that delivers the following benefits within the business:

• Organize all information about your goods into a single location and make it available to many users (establish a single source of truth for product data).
• Search for and obtain information quickly and efficiently, saving time looking through files or databases.
• Ensure that your data is up to date by keeping track of changes made on various platforms (also known as version control). Procter & Gamble, for example, discovered that 3.6% of its products were no longer in production after using a product information management system.
• Reports may be used to help fine-tune marketing tactics while taking into account other metrics.
• Reduce product returns by enhancing the client buying experience by providing them with the information they want in an easier format. Customers are up to 23% less likely to return a product if it is properly prepared according to PIM guidelines.

When you’re managing hundreds, perhaps thousands of goods across several platforms (Amazon, eBay, eCommerce site) and distribution channels (e.g., online, in-store), it’s difficult to stay up with the newest developments that might have an impact on your sales. A PIM eCommerce solution is a fantastic method to ensure that your product catalog isn’t outdated.

Because firms in the auto sector must adhere to the ACA data standards, staying up to date and maintaining data integrity is time-consuming. Automakers, components, assemblies, and fitment are all updated on a regular basis by the industry. Every time new data format or regulations/best practices arise, businesses must make sure their internal templates and mappings are compliant.

A PIM system can help you manage data and expenses considerably more effectively. Workflows may be used to define activities, accountability, and dependencies. Templates and mapping may be quickly modified within the tool, saving time by eliminating extensive manual operations. Because of the field level mappings and file formats, source to destination data accuracy will not need to be updated all the time because the underlying data won’t have to be updated manually.

It’s important for firms in the automotive aftermarket to utilize a PIM system to improve operational efficiency, increase accuracy, and reduce the time to market.

Conclusion

PIM is a software that keeps and organizes all of an eCommerce company’s product data, allowing it to be more efficient in distributing this information across multiple eCommerce channels, platforms, and teams. In today’s rapidly changing digital environment, where competition is intense, and time and money are both important, PIM is critical.

It’s time to think about a product management solution if you’re a car parts salesperson who wants to improve your productivity at work. There are many different PIM providers on the market, so do your homework and find the best one for your needs. Take a look at Evokat Premier, one of the top and most user-friendly PIM systems available. For additional information, contact us!