As we enter 2024, the retail and e-commerce landscape is rapidly evolving, with Product Information Management (PIM) systems playing a central role in this transformation.
These systems are no longer just tools for organizing product data; they are essential for enhancing customer experiences, streamlining operations, and driving business growth.
Product information management trends shape the industry, bringing innovative solutions and setting new standards.
Product Information Management Market
The global Product Information Management (PIM) market has grown significantly, highlighting the rising importance of efficient data management.
In 2023, the market size of PIM was valued at USD 14.45 billion. 1
Projections indicate that this market is set to expand at a compound annual growth rate (CAGR) of 20.4% from 2024 to 2033, reaching an impressive USD 92.49 billion by 2033.
This growth is driven by the rapid expansion of the e-commerce sector, which has surged since the COVID-19 pandemic.
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Top Product Information Management Trends
Understanding the top Product Information Management trends is important for businesses to utilize the full potential of their product information.
Here we have listed the top product information management trends;
- AI Automation and Machine Learning
- Cloud-Based PIM System
- PIM will play a role in Strategic Planning
- Flexibility in Data Models
- Composable Architecture for PIM future
- Omni-channel and Personalized Experiences
- Enhancing Digital Shelf Analytics
1. AI Automation and Machine Learning
AI and machine learning are revolutionizing PIM systems by automating data management tasks and providing deeper insights.
These technologies enhance the accuracy of product information, automate categorization, and predict trends.
This allows businesses to manage and update product data more efficiently.
2. Cloud-Based PIM System
Cloud-based PIM systems are increasingly popular due to their scalability, flexibility, and cost-effectiveness.
They enable businesses to store and access product data from anywhere and integrate seamlessly with other digital tools.
They adapt quickly to changing needs without the burden of on-premises infrastructure.
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3. PIM will play a role in Strategic Planning
PIM is now crucial for strategic product management, offering real-time market insights and buyer locations.
This enables businesses to optimize procurement and purchasing strategies.
A comprehensive PIM solution supports strategic decision-making by providing an overview of critical data, streamlining processes, and enhancing planning initiatives.
4. Flexibility in Data Models
In the digital era, PIM systems have evolved to support flexible data models, enhancing service quality and managing demand information effectively.
These models use attributes, relationships, and constraints to offer customizable views without system reconfiguration.
This approach offers several advantages, including standardized digital asset management and classification.
5. Composable Architecture for PIM future
The future of PIM software lies in composable architecture, enhancing flexibility, agility, and cost-effectiveness.
Combined with open APIs and low-code platforms, this approach allows developers to quickly create and customize applications.
Adopting a composable architecture enables PIM systems to adapt rapidly to changing business needs, ensuring efficiency and scalability.
6. Omni-channel and Personalized Experiences
In today’s market, consistent and personalized customer experiences across all channels are essential.
PIM systems are centralizing and synchronizing product information to ensure accuracy and consistency across websites, apps, social media, and physical stores.
This enables seamless omnichannel experiences for customers.
7. Enhancing Digital Shelf Analytics
PIM systems will incorporate advanced analytics to optimize product presentation and provide relevant recommendations, enhancing the ecommerce experience.
Predictive analytics anticipate consumer preferences, enabling strategic product positioning for better visibility, higher sales, and improved customer satisfaction.
Top Predictions for PIM’s Future
Following are the predictions for the future of Product Information Management systems;
- PIM as an essential business function
- Development of PIM capacities
- Focus on data governance and compliance
1. PIM as an essential Business Function
PIM will become a strategic and essential business function, driving digital transformation and delivering exceptional customer experiences.
This will evolve from a support role to a core element of competitive advantage.
2. Development of PIM Capacities
PIM frameworks will expand to meet evolving business needs, integrating with other enterprise systems for consistent data flow.
Enhanced support for rich media and video content will allow businesses to showcase products and engage customers more effectively.
3. More focus on Data Governance and Compliance
Data governance will become a priority, ensuring data quality, accuracy, and compliance with evolving regulations.
PIM systems will adapt to meet privacy standards, helping businesses manage product information securely and compliantly.
Apimio – A Flexible PIM Software
Apimio is a powerful PIM software that streamlines product information management for brands and retailers.
It simplifies data organization and sharing across various sales channels and integrates easily with ecommerce platforms.
With Apimio, you can easily manage supplier product onboarding and simplify product internationalization.
It enhances customer product experiences by structuring and refining product information.
Apimio also centralizes multi-store management, maintains high product data quality, and handles bulk updates efficiently.
Summary
In a world where managing product information is crucial for success, Apimio stands as a reliable and future-ready solution.
Apimio provides a user-friendly solution that helps businesses control product data, optimize workflows, and elevate their online presence.
This ultimately supports growth and enhances customer satisfaction.
What to do next?
- See how PIM for brands can help you enhance your brand operations.
- See how PIM for retailers can help you double your sales and grow your business.
- Read our blog posts to stay informed about the latest features and industry news.
- Book a demo to see how our PIM software can help your business operations.
Frequently Asked Questions
In 2024, key PIM trends include the increasing use of AI and machine learning for data insights, a shift towards composable architectures for greater flexibility, and a focus on enhancing omnichannel and personalized experiences.
A notable trend in information management is the integration of advanced data analytics for improved decision-making and strategic planning.
The top three trends are the adoption of AI and machine learning, the shift towards cloud-based solutions, and the increasing emphasis on data security and compliance.
The global PIM market is projected to grow from USD 14.45 billion in 2023 to approximately USD 92.49 billion by 2033, with a CAGR of 20.4% from 2024 to 2033.
