Top Product Information Management Trends for 2024

Top Product Information Management Trends

“Product data management” (PDM) describes managing product data. The fundamental component or trend of this technology has become artificial intelligence. Information management is the main focus of the PIM Catalog Management System. Brands use artificial intelligence in many fields, such as data management, chatbot customer care, etc. In addition, they provide product recommendations based on user preferences and more.

Artificial intelligence will eventually assist with developing improved product descriptions via the use of Natural Language Processing (NLP). In turn, this will enhance the consumer experience. Also, PIM is now utilized in augmented reality to enhance the customer’s purchasing experience. A customer-facing PIM solution facilitates a customer’s search for desired products by giving them accurate product descriptions.

Developers will find it more straightforward to construct more user-friendly interfaces if they incorporate augmented reality into web interface design. Consumers may use their cell phones to view websites and engage with the things they want to buy in the future. These shopping experiences are made possible with the innovations brought about in product information management.

Product information management market

You can attribute a nearly six-fold increase in online sales to the eCommerce industry’s explosive expansion, which began with the COVID-19 pandemic and continues to remain strong today. The end result of the need to collect and efficiently manage product information was a large increase in the demand for PIM. In particular, this was highly prevalent in companies with a large market size.

Large-scale companies can handle data for multiple products and brands much more easily thanks to PIM systems. Basically, PIMs standardize material for various marketing channels and increase the marketing team’s efficiency. Experts predict large businesses’ keen interest in PIM solutions will drive the size of the product information management market for several years. Yet, by 2027, the market share of SMEs using PIM solutions will also rise sharply.

Trends for product information management

Here are some of the most prominent product information management industry trends that are expected to grow in 2024 that will help you scale your business:

Intelligent PIM

Businesses who want to manage a large product portfolio while following the newest retail and eCommerce tendencies will find that enterprise cloud-based PIM systems are a fantastic asset. Cloud-based PIM platforms will be adopted by more businesses, allowing them to use intelligent solutions to improve strategy and decision-making. This will have a ripple effect throughout the whole product catalog creation and management process. Switching to an intelligent cloud-based product information management solution will become increasingly urgent in the upcoming year.

Personalization

Businesses will also utilize automation to enhance product knowledge, giving their clients a better understanding of the product, its application, and how it can help them. More businesses will implement automation to increase personalization across many platforms and channels consumers may use to locate products. Analytics-enabled PIM systems of the future will make it simple to disseminate, manage, and organize product information, allowing companies to create engaging and fulfilling customer experiences.

Increased Demand for AI/ML

The sector is coming to terms with the fact that artificial intelligence/machine learning in PIM will fundamentally alter traditional data sharing and management methods, which is a positive development. Businesses may centralize vast amounts of data by using AI/ML-powered PIM systems, which can also enhance the quality of the data so that it is suitable for cross-channel publication.

Businesses will employ technology to examine data to comprehend how consumers use product information from various touchpoints, enabling them to enhance product details for multiple channels and target audiences.

Enhanced Data Visualization

In the next few years, businesses will use analytics and visualization tools to comprehend patterns, spot opportunities, and make judgments. In summary, companies can obtain knowledge about product data they never would have imagined by knowing how to use these tools. A company can monitor its products’ effectiveness, comprehend its customers’ behavior, and improve its marketing and product development choices.

Master Data Domains

Data about eCommerce is intricate and multifaceted, coming from several upstream and downstream sources and systems. Nonetheless, the information gathered on goods, vendors, locations, and clients is linked. To broaden its use beyond the primary use case of catalog management, the modern PIM will begin to serve a wider variety of master data domains and associated use cases, encompassing master data domains like customer, vendor, and product.

Importance of PIM

Effective data management is crucial as businesses generate ever-increasing amounts of data regularly. By implementing a robust PIM tool, businesses may handle product data centrally, simplifying processes and making important product information readily available.

Because a robust PIM system offers one single point of truth for all product information, it can assist firms in minimizing inconsistencies and mistakes in product data. Eliminating the need for human data entry and correction can help firms save time and money.

By establishing data standards, developing protocols for data approval, and offering audit trails for data modifications, PIM software helps enterprises in enhancing data governance. Retailers can use this to ensure their product data is correct, comprehensive, and compliant with legal and regulatory standards.

Nowadays, customers need individualized experiences that meet their unique requirements and tastes. PIM systems let companies create personalized product assortments and recommendations, increasing consumer pleasure and loyalty.

PIM, for instance, can assist companies in analyzing client data to spot patterns and preferences that they can utilize to provide tailored product recommendations. Giving clients a better product that more closely matches their needs can help firms grow their customer base and retail and eCommerce sales.

Additionally, PIM will play by assisting companies in developing focused marketing efforts by utilizing client information like demographics, past purchases, and browsing habits. Sending clients more individualized and pertinent marketing communications can assist companies in increasing their return on investment from the marketing. With these advancements, the PIM market is expected to grow exponentially.

Cloud-based PIM

Organizations use PIM and embrace cloud technologies for various reasons, including improved security, scalability, agility, and lower overhead expenses. However, moving from an on-premises system to the cloud can be resource-intensive and risky if there is a lack of planning, poor cost control, or an inability to expand services to different cloud platforms.

The best action is to discuss the cloud migration strategy with an IT department. They will assess the risks involved in moving from on-premises to the cloud (or a good PIM) and how best to mitigate them. The term “legacy solution” refers to software necessary for daily operations but built on antiquated parts and technology. The presence of legacy ecosystem components results in low performance and incompatibility with other systems and slows up the integration of modern services.

Integration

Integrating your product information management systems with your current ecosystem requires determining the legacy elements of your ecosystem. After all, you are bringing on an advanced PIM solution. Updating your gear and software on a regular basis fixes issues with legacy components:

• Regular updates improve your productivity
• Quicken your workflow
• Make your software more straightforward to use
• And allow seamless integration with other programs, like the PIM system
• A good PIM system provides updates on time to prevent you from suffering significant losses and force you to start from scratch shortly.

Omnichannel PIM

It is equally important to think about how the product functions in omnichannel marketing and how it influences judgments about what to buy. Each channel’s customer engagement is different – a result of our newest market trends. A PIM system guarantees the most excellent possible purchasing experience for the customer and the accuracy and alignment of our data. Inconsistencies and errors in data across channels can lead to “cognitive dissonance” in the consumer, making them puzzled by disparate information and harming the brand’s reputation.

A key PIM, an effective PIM, is more than just a location to gather information from multiple sources and forward it to different distribution routes. You can design product templates, add photos and videos, and enter product information there in an effort to manage product data. PIM platforms are a solution that puts the product first, but it also helps the team handle product data more effectively.

Although omnichannel eCommerce is not new, its acceptance has increased due to the pandemic and changing market conditions. While there has been less choice in how far one can travel, people have desired easy access to items.

Anywhere commerce

That’s one of the reasons “anywhere commerce” is becoming more popular. The other aspect is the requirement to expand your presence across numerous platforms and, consequently, audiences. Additionally, handling each channel on its own may require an excessive amount of your precious time. PIM software’s following capabilities make it indispensable for creating an omnichannel presence:

• It makes eCommerce product enrichment possible, giving customers a thorough grasp of a possible purchase.
• Digital asset management, or DAM, solutions are integrated with specific PIM systems. Additionally, you can add graphic elements to enhance product info.
• It facilitates the smooth transfer of data across any connection, be it a standardized data pool, marketplace, merchant, or content source.
• For each item in your catalog, it serves as the only reliable source of information.
• If you have multiple product categories, it’s excellent that you can organize the catalog with it. It also makes filtering easier.

Product experience

Providing a comprehensive, dependable, and engaging product experience is the primary goal of PxM. Put another way, you should give your clients the information they require at the appropriate point in their purchasing process. In an effort to establish an emotional bond with your clients, also do it appealingly. Better sales, happier consumers, and increased conversion rates will follow shortly after. PIM was designed to help businesses make the most of their product information.

To manage a product well is to optimize its performance.Every effective strategy for managing the product experience must still include product information management. PxM is in charge of creating a compelling product narrative for your product catalog, whereas PIM concentrates on centralizing and enhancing the caliber of product-related data. One that will sell your products in marketplaces and digital channels and that has contextualized and enriched product content.

PXM vs PIM

From this angle, PXM is “how” you make your products, and PIM is “what” you employ to describe them. Thus, it’s reasonable to argue that PIM and PxM naturally lead to one another in contemporary eCommerce enterprises. Not even the world’s most outstanding product can make itself popular. Particularly in the fast-evolving world of eCommerce today, when consumers are pickier than ever. No matter how unique they are to you, your products are constantly in competition with comparable ones offered by other brands.

However, clients still look to manage product information (descriptions, attributes, multimedia assets, etc.) above all other features on a website. So, you need to give your customers comprehensive, detailed, and precisely targeted content if you want to design a successful customer experience.

Trends for product information management summary

With ongoing advancements in omnichannel commerce, artificial intelligence, and all kinds of machine learning, as well as the growing need for adaptable and scalable PIM solutions, the future of PIM appears bright. PIM will be essential to enterprises’ ongoing commitment to increasing operational efficiency and improving customer experiences. Businesses must invest in constant PIM improvement, adjust to changing consumer expectations, and keep up with developing technologies to remain competitive. Top product information management doesn’t come about on its own.

Invest in PIM

Brands that want to stay ahead of the competition should constantly invest in bettering their PIM systems, monitoring their effectiveness regularly, and looking for methods to streamline workflows, data quality, and user experience.

Adapt to Consumer Expectations

As technology develops, consumer expectations and preferences will also shift. Businesses must be flexible with their ecosystem and prepared to modify their PIM strategy to satisfy these changing needs.

Adapt to Emerging Technologies

Technology is constantly changing, and the market for product information management is no different. Keeping up with the latest developments in PIM softwares and top PIM trends, including new advancements such as artificial intelligence and machine learning, can help firms take advantage of fresh opportunities and stay ahead of the competition.

Bottom Line

These are just few of the notable trends for 2024 we’ve noticed. Product information management trends in the PIM market are forever changing and evolving due to the industry’s technological advancements. If you are, however, looking for management tools or software to optimize your data management or website, contact us at Pimberly for the best services in town.