Technology continues to drive transformations in all sectors around the world. In these times of uncertainty, businesses must plan ahead and keep track of trends and innovations. This is true for every business technology function, including product information management.
PIM (Product Information Management) has made remarkable advances. The PIM industry has advanced a lot since the early days when only large companies could afford to invest in advanced analytics tools for boosting productivity and managing product data. MarketsandMarkets’ recent research shows that the PIM market will grow from $12,2 billion to $23.8 billion by 2027. This represents a 14.3% compound annual growth during the forecast period.
As eCommerce businesses and retail businesses continue to grow, the need to manage ever-increasing volumes of data has led to an increase in the adoption of PIM systems. As technology continues to advance, it is important for businesses of all sizes to keep up with the latest PIM trends.
Top Product Information Management (PIM) Trends
More Personalized Product Experience Management
Today’s customers have access to data and information that can assist them in making better buying decisions. As customers become more digitally connected, their expectations of a personalized customer experience rise. This includes proactive service, personalized interactions, and connected experiences across all digital channels.
It is not like the past few years. Personalization is at the heart of the customer experience as it changes how customers interact and use products. The need for personalization is driving the rise of product experience management (PXM). This includes tailoring content that customers see on business websites to offering customized product recommendations.
Product experience management (PXM) is a relatively recent term, but it has gained traction in the business world. PXM involves using data from customers to create customized experiences for each user. PXM will be used more by enterprises in the future to offer customers a dynamic and personalized experience. This will enhance the customer experience, while also better-managing product descriptions and store variations.
Automating product information will also help enterprises to provide more detailed product information so that their customers can better understand the product and its benefits. Automation will be used by more enterprises across multiple channels and platforms where customers may search for products. This will enhance the ability to personalize.
Future PIM systems are analytics-enabled. This makes it easier to centralize, distribute, and manage product information. Businesses can deliver engaging and satisfying experiences through their products.
Also read: Top 10 Product Management Tools and Software
Intelligent PIM Will be More in Demand
Consumers today expect companies to provide them with information about products quickly, and they want it updated in real-time. It can be difficult to provide this information to your customers if the product information is locked within files, spreadsheets, and other disjointed repositories.
Cloud-based PIM is a valuable tool for businesses that want to manage a large product portfolio and keep up with the latest trends in retail and eCommerce. Cloud-based PIM systems will become more popular as companies adopt intelligent solutions that help them make better decisions at every stage of managing and creating a product catalog. In the next year, there will be a growing need to migrate from traditional PIM to intelligent cloud-based PIM.
Intelligent Product Information Management is like a Database
Intelligent product information management can be compared to a database that has an advanced interface. This allows businesses to enhance simple descriptions with specific characteristics and images if a company links its solution with a digital asset management tool (DAM), These solutions help businesses decide which information they need and where the data is needed. The enterprise can then distribute structured data across all of its eCommerce channels using built-in algorithms.
A spreadsheet can also be a table of unstructured or semistructured data. Cloud-based intelligent solutions for product information management can help businesses improve the customer experience, save money and time, and increase revenue. Enterprises must use cloud and automation in the future to optimize their business. This will create an intelligent data ecosystem.
Increased Demand for AI/ML in PIM Data Management
PIM is trying to wrap its head around the notion that AI/ML is going to completely upend legacy data management practices and distribution — this is good. It has been around for years, but only recently has it become affordable. AI/ML PIM systems allow businesses to centralize huge volumes of data and improve information quality to publish across channels.
Advanced technology is revolutionizing legacy PIM paradigms with accuracy and reliability. AI and ML can also be used to collect data and track customer search patterns. This technology will be used to analyze data and understand the way consumers consume information about products across different touchpoints. This will allow companies to improve the information they provide to different target groups.
AI/ML can help enterprises gain a better understanding of their customer’s needs and behaviors, allowing them to optimize online visibility as well as various sales and marketing techniques. Delivering high-quality information about products to customers will continue to be a priority for companies. AI/ML-enabled PIM solutions are crucial for businesses to gain better insights and a more competitive edge.
Automation, AI/ML, and conversational commerce are transforming the way businesses manage and enrich their product information. PIM trends will transform the way brands manage their product information. They’ll automate operations, improve distribution and enhance brand experiences.
Next-level Data Visualization and Product Data Analytics
Data visualization is a key element in the effort to become data-driven. The ability to transform raw data into comprehensive, clear insights helps businesses surpass the competition and achieve tangible business results. Data visualization and product data analysis have become more important in PIM with the advent of modern techniques to analyze large data sets.
Data visualization and product data analysis are vital tools to make sense of the huge amount of data available. These tools go beyond charts and graphs. They are the way to uncover hidden insights and make better-informed decisions. Data Visualization and Product Data Analytics can help reduce costs, and improve customer satisfaction, and loyalty by digging up customer behavior insights.
In the future, businesses will focus more on using these tools for visualization and analytics to identify trends, understand opportunities and make informed decisions. Businesses can get insights into product data they would never have imagined by understanding how to use these tools. Businesses can track product performance and understand customer behavior to make better marketing and product development decisions.
Also read: What is Product Branding and Why Is It Important
More Complementary to Product Data Management
PDM (Product Data Management) is and will continue to be a central part of the business. Although PIM and PDM were designed as separate systems to manage product data, the tools and processes they use to do so are evolving. Companies are still trying to figure out the best way to use their data and combine the two systems to meet their goals.
PIM and PDM will combine to create new integrated systems that allow them to work together more efficiently. They will also encourage best practices for productivity and efficiency. In the coming year, the PIM industry is likely to see a trend toward greater PIM-PDM Integration, which will speed up the product development process and reduce costs.
Product data management and product information management will complement each other more and that is a standard feature that is often part of Product Life Cycle Management or integrated into it.
A More Comprehensive Range of Master Data Domains
Data on eCommerce is complex and nuanced and comes from a variety of sources and systems upstream and downstream. The data gathered around suppliers, customers, and locations are all connected. Understanding these connections can unlock incredible intelligence which can be used in transformational ways.
If companies choose a solution that is limited to a single domain, they are likely to incur additional costs, the strain on resources, and fragmentation in the future. It’s inevitable that businesses will need to evolve and scale. In the next few years, businesses will implement multidomain solutions, which provide scalability and a long-term approach to managing their data. They can also add new domains if their needs change.
PIM will support a wider range of master data fields and related use cases to extend the scope of PIM’s use beyond catalog management. This includes master data domains like customer, vendor, or product.
Explore and Keep Up with PIM Trends
Technology is constantly evolving. By understanding the impact of PIM trends, businesses can develop a roadmap that will help them achieve their strategic goals. No matter if you are a large business or a small startup, these trends can help your business become more relevant.
In the days ahead, PIM’s future will be firmly rooted in technologies such as advanced analytics, AI/ML, and big data automation. These technologies will play a major role in predicting consumer behavior and improving personalized experiences.