Insight of Product Information Management by markets and verticals
Every business requires data storage to keep a track. In the early 90s, ERP was in common practice but with time it became laborious to store all the product information like taxonomies, attributes, and digital assets.
Simultaneously the market was opting for the multi-channel way during which PIM came into existence providing centralized repositories and allowing them to receive enriched product information faster.
Product Information Management
Product Information Management is a software that collects, processes, and regulates product information centrally from a manufacturer, wholesaler, or retailer to issue a comprehensive analysis of all existing products.
The PIM software provides recorded information through various channels and media and is customer-oriented.
In simple terms, when there is too much data to handle PIM synchronizes the data, increases the quality of product information, and streamlines the whole process of product management making it extremely convenient for marketers.
Key Features of PIM Market system
For instance, your store has 100 products with different employees making an entry in the product catalog about products or services. So, you need to enter approximately 200 data points, descriptions, explanations, and pictures for each, along with employees entering information at their own pace according to their abilities and understanding. This might lead to disorganized information and cumbersomeness.
Here comes the Product Information Management system, integrating all the data information of the product, and avoiding the errors.
Some of the features of PIM are as follows.
Data is being collected from different sources consisting of numerous markets and verticals to provide the quality information of the product. This is done on a vast scale but is made easy by PIM technology and bringing everything under one roof.
After the data is collected, it is consolidated and processed. Suitable market descriptions and added, the technical attributes are thoroughly documented and verified for accuracy, and other media data are attached. Thus, making sure that product information meets the standards.
Faster Market Approach
The quantity of product data providers is increasing day by day. It gets more demanding to manage all of the product information if not updated at the right time. PIM equips you with velocity, versatility, and flexibilityand can modify everyone according to your business needs. Product Information Management system will expedite you towards becoming an omnichannel business.
Improved Client Satisfaction
According to the reports of ICMI, around 13 percent of people emphasize on zero wait time, while around 77 percent of people are willing to wait up to two minutes. When you make a move towards the PIM system, you provide your employees with the resources they need, to make sure your customers don’t have to wait too long to have their queries answered. By implementing this system, the number of product returns, and cancellations reduces significantly. This improves the overall experience of the client.
Eliminating Data Silos
A data silo is a bunch of raw data that is accessible by one sector but isolated from the rest of the organization creating interdepartmental communication issues. It hampers the growth of the company because of network problems and increasing the time to complete a task thus shooting the overall business cost.
Therefore, implementing the PIM system helps eliminate all of these problems as it gathers all the information in one place commonly called “single point of truth”.
Enables Omnichannel Retail
This is the most important feature of the PIM market. This makes the business seamless and increases sales opportunities. This also gives customers the same kind of experience whichever channel they choose to use.
Omnichannel enables your clients to remember your brand. This modal has been adopted by companies such as Apple, Clinique, Starbucks, and many more.
Omnichannel is a cross-channel content strategy used to improve user experience, implying that communication channels are designed to cooperate. – Manny Medina, Max Altschuler, Mark Kosoglow.
Expanding PIM by markets and verticals
There are several factors which are driving the adoption of PIM worldwide:
- Rising demand for cloud-based solutions.
- Application across major verticals.
- The growing need for centralized data storage.
The major driving factor is the application across major verticals. The PIM is used by healthcare organizations, retail companies, transportation and logistics companies, IT & telecom companies, and so on.
PIM Software in the Global PIM Market
According to the substantial research report, the global product information management market is expected to grow at a stellar CAGR of 21.0% throughout the period evaluation. In 2017, it was valued at around US$ 1.8 Bn and is projected to grow above US$ 12 Bn by the end of 2027.
Manufacture and Retail Growth in PIM Market
These sectors are predicted to foresee soaring heights in the global market in the upcoming years.The retail segment was valued at around US$ 389 Mn in 2017 and is estimated to reach a huge value of more than US$2.5 Bn by the end of 2027 at CAGR of 21.9% during the period of assessment.
In 2017, the manufacturing segment was viewed at around US$ 300 Mn and is evaluated to reach a valuation of about US$ 2.5 Bn at a CAGR of 22.7% during the period of assessment.
North America is the Leader in PIM Market globally
The global product information management market is soaring across key regions around the globe. North America acquired the market globally in 2017 and is expected to grow rapidly in the upcoming years from 2020-2027.
The well-known players like IBM, Oracle Corporation, inRiver, Aprimo boost market growth and provide opportunities for the growth of product information management in the region. North America is open to the latest technologies, which results in regional growth.
Cloud deployment to grow at a higher CAGR during the forecast period
With the increase in technology responsiveness and data, most organizations want to have access to boundless resources, and therefore they are rapidly moving towards adopting cloud-based technologies. The cloud deployment model is mostly acquired by organizations that either want reduced customized solutions or fast implementation in less operational costs. Due to this, many leading PIM solution providers such as SAP, Plytix, Pimcore, and Oracle are focusing on improving their cloud investments.
There are so many sectors that require PIM systems such as sales and marketing, e-commerce, IT, and many more with complex product information and huge data to deal with.
The PIM system gives better options to the customers, hence enriching their experience. It is the most effective solution for your product management.
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