Product Information Management (PIM) is important for modern businesses’ success in today’s digital landscape.
As the PIM industry continues to evolve, it is crucial for businesses to stay informed about the latest trends and predictions that will shape their future.
Understanding these trends helps organizations adapt to the changing landscape and enables them to leverage emerging opportunities and gain a competitive edge.
In this blog, we will delve into the future of Product Information Management, exploring the trends and predictions that are expected to drive the PIM industry forward.
What is the Current State of the PIM industry?
The global Product Information Management (PIM) market has exhibited remarkable growth in recent years. In 2022, the market size of PIM was valued at USD 14,116.05 million.
According to forecasts, the PIM market is projected to expand at a compound annual growth rate (CAGR) of 12.03% during the forecast period, reaching a staggering value of USD 27,903.28 million by 2028.
Do you struggle with managing diverse product data?
Sign up today on Apimio and take control of your product information.
The exponential growth in the PIM market can be attributed to the rapid expansion of the e-commerce sector, which has experienced a remarkable surge since the onset of the COVID-19 pandemic and shows no signs of slowing down.
What are the Challenges in Managing Product Data?
Businesses face several challenges when it comes to managing their product information effectively.
Here, we have listed the possible challenges that may arise while managing product information;
1. Data Complexity
Businesses deal with vast amounts of product data that originate from various sources, have different formats, and often lack consistency.
Managing this complexity and ensuring data accuracy and integrity throughout the product lifecycle can be a time-consuming task.
2. Data Integration
Integrating product information across multiple systems, platforms, and channels requires harmonizing data from different sources, mapping attributes, and ensuring seamless data synchronization.
Achieving smooth integration can be time-consuming and technically demanding.
3. Workflow and Collaboration
Coordinating workflows across different teams, departments, and external stakeholders can lead to inefficiencies, delays, and errors.
Ensuring efficient collaboration, timely approvals, and version control is crucial for maintaining data accuracy and avoiding bottlenecks in the information management process.
What are the Goals of PIM systems?
In 2022, marketers must prioritize delivering a comprehensive product experience across multiple channels.
Product Information Management (PIM) systems offer valuable functions that make them highly effective digital marketing tools.
1. Detailed Product Data
Many manufacturers offer multiple product types or have numerous brands with extensive product lines.
PIM systems simplify the storage and management of all product data in a unified system, providing marketers with well-structured catalogs and swift access to detailed descriptions.
2. Data Unification
PIM software enables marketers to efficiently share product information with various sales partners, such as distributors, wholesalers, retailers, and marketplaces.
By providing data in the right formats and languages, PIM systems eliminate the need for manual adjustments, saving time and ensuring seamless collaboration.
3. Boost Marketing Team Efficiency
PIM systems automate repetitive tasks like data import/export, product taxonomy setup, and data validation.
Additionally, they integrate with other business software, serving as a centralized hub for content creation, storage, and enrichment.
These features enhance marketing team productivity and facilitate seamless collaboration with external stakeholders.
4. Improved Customer Experience
Incomplete or unclear product information often leads to shopping cart abandonment.
PIM systems ensure accurate and up-to-date data, resulting in better customer experiences and reducing instances where potential buyers lose interest due to inadequate information.
What are Top Product Information Management Trends?
Understanding the top Product Information Management trends is crucial for businesses looking to stay competitive and utilize the full potential of their product information.
Here we have listed the top trends;
1. AI Automation in PIM
With the advancements in artificial intelligence (AI) and automation technologies, the integration of these capabilities into Product Information Management (PIM) systems has become a prominent trend.
AI technologies enable businesses to streamline data management and enrichment processes, leveraging machine learning algorithms to automate tasks such as data classification, attribute mapping, and data quality validation.
By harnessing AI and automation in PIM, organizations can achieve higher levels of efficiency, accuracy, and scalability in managing their product information.
2. PIM’s Integration with the Internet
By 2025, a significant majority of organizations will prioritize data management software based on user experience, emphasizing the need for a powerful API within their PIM solution.
This API will enable the seamless transmission of product information in the appropriate format, catering to both internet applications and data recipients.
This integration will give enterprises a competitive edge by enabling instant and widespread distribution of their product data across networks.
Wondering how Apimio can solve your product information management needs?
Schedule a demo and discover how Apimio can transform your data management strategies.
With the rise of the Internet of Things (IoT) and connected devices, the complexity of the information ecosystem will increase, further emphasizing the need for robust PIM systems to serve as centralized product content hubs.
3. PIM will play a role in Strategic Planning
Product Information Management (PIM) goes beyond its traditional functions of breaking down
silos and improving efficiency. It also plays a significant role in strategic product management. How? By providing insights into real-time market performance, PIM helps businesses understand where their buyers are located.
This information allows companies to enhance their procurement initiatives or optimize purchasing strategies accordingly.
To enable strategic decision-making across multiple product registers, it is essential to have a PIM solution that offers a comprehensive overview.
By facilitating real-time analysis of critical data, PIM empowers businesses to streamline their business processes and supports strategic planning initiatives.
4. Flexibility in Data Models
The digital era has brought forth numerous communication channels and customer touchpoints, creating both challenges and opportunities for businesses.
In response, Product Information Management (PIM) systems have evolved to support flexible data models that enable improved service quality and the effective management of key demand information.
By employing attributes, relationships, and constraints, flexible data modeling allows for a customizable and user-defined view of information without requiring system reconfiguration for performance optimization.
This approach offers several advantages, including standardized digital asset management and classification.
5. Composable Architecture for PIM future
As businesses embrace composable architectures, the future of Product Information Management (PIM) software will also evolve to meet changing business needs.
Composable architecture for PIM systems enhances flexibility, agility, and cost-effectiveness. This approach is most effective when combined with open APIs and low-code application platforms.
It empowers developers to easily drag and drop application components, seamlessly connect them, and swiftly create mobile or web applications.
By adopting a composable architecture, PIM systems can adapt to the dynamic nature of businesses, enabling rapid development and customization while maintaining efficiency and scalability.
6. Omni-channel and Personalized Experiences
In an era where customers expect consistent and personalized experiences across various channels, delivering unified product information across all touchpoints has become essential.
Businesses are recognizing the importance of providing consistent and accurate product information across multiple channels, including websites, mobile apps, social media platforms, and physical stores.
The trend in PIM is to enable seamless omnichannel experiences by centralizing and synchronizing product information, ensuring customers receive consistent and tailored information regardless of the channel they engage with.
7. Enhancing Digital Shelf Analytics
PIM systems will incorporate advanced data analytics to aid users in optimizing product presentation and providing relevant recommendations, ultimately enhancing the overall eCommerce site experience.
With the integration of predictive digital shelf analytics, PIM will leverage data-driven insights to anticipate consumer preferences and behaviors.
This empowers businesses to strategically position their products, making them easily discoverable and ensuring a seamless shopping experience for customers.
By leveraging the power of analytics, PIM systems become valuable tools for improving product visibility, driving sales, and enhancing customer satisfaction in the online retail landscape.
What are the top Predictions for PIM’s Future?
Following are the predictions for the future of Product Information Management systems;
1. PIM as an essential Business Function
Product Information Management (PIM) will become increasingly recognized as a strategic and essential business function in the future.
Organizations will increasingly realize the importance of PIM in driving their digital transformation journey.
PIM will evolve from being a support function to becoming a core element in delivering exceptional customer experiences and maintaining a competitive edge in the market.
2. Development of PIM Capacities
The abilities of PIM frameworks will extend to meet advancing business needs.
End-to-end data management will require integration with other enterprise systems to guarantee information consistency and seamless flow throughout the organization.
PIM solutions will enhance support for rich media and video content, enabling businesses to showcase their products more effectively and engage customers with immersive digital experiences.
3. More focus on Data Governance and Compliance
As data continues to play a vital role in business operations, data governance will gain increasing importance in the PIM landscape.
Organizations will prioritize establishing robust data governance frameworks to ensure data quality, accuracy, and compliance with regulations.
With the ever-changing landscape of data privacy regulations, PIM systems will adapt to meet evolving compliance standards and enable businesses to manage their product information in a privacy-centric manner.
Apimio – A Flexible PIM Software
Apimio is a powerful PIM software that helps brands and retailers keep up with the ever-changing world of product information management.
With Apimio, you can easily organize and enhance your product data, making it easy to share across different sales channels.
Plus, it’s super flexible and allows you to connect with various eCommerce platforms, marketplaces, and more.
It also comes with various features, which help you make sure your product information is accurate and complete everywhere it’s displayed.
And the best part? Apimio is super easy to use, giving you full control over your product data and streamlining your content workflows.
So, if you want to stay ahead in the world of product information management, Apimio is the way to go.
It’s designed to make your life easier, boost your online presence, and help you deliver an amazing shopping experience to your customers.
Conclusion
The future of Product Information Management (PIM) holds exciting possibilities for businesses seeking to thrive in the digital landscape.
In a world where managing product information is crucial for success, Apimio stands as a reliable and future-ready solution.
Apimio’s flexibility and customization give businesses full control over their product data, enabling them to adapt to changing market demands.
With Apimio, managing and enriching product content becomes a seamless process, allowing businesses to focus on growth and customer satisfaction.
What to do next?
- Read more about our Product Information related Guides here.
- To see the difference PIM can make to your e-commerce business, Sign up today.
- If you have any additional questions or concerns, please don’t hesitate to Contact our support.
Frequently Asked Questions
PIM stands for Product Information Management. It is a system or software used by businesses to organize, enrich, and distribute product information across various sales channels.
The emerging trends in PIM include;
1. Integration of AI and automation
2. Focus on omnichannel and personalized experiences
3. PIM’s Integration with the Internet
4. AI automation in PIM
5. Enhancing digital shelf analytics
Apimio provides data syndication for seamless content delivery, integrates with various sales channels, offers digital shelf analytics, and ensures flexibility and customization.
It helps businesses maintain consistency and accuracy in product information, improve customer experiences, streamline workflows, and manage data across multiple channels.
