Product Information Management is booming, as various international market studies show. Especially the demand for SaaS-solutions (Software-as-a-Service) seems to increase strongly. Covid-19 certainly has an influence on the growth. The pandemic has accelerated the already strong omnichannel trend, which is driving the need for PIM technology. A second growth driver is the focus on the customer experience., In which the quality and consistent application of product data plays an important role. One of the most important current Product Information Management trends is therefore the integration of tools to optimise the customer experience.
In 2020, the global Product Information Management market value was estimated at $9.88 trillion (€8.14 trillion). By 2026, this will increase to $33.78 trillion (€27.83 trillion). That corresponds to an annual growth rate of more than 23 percent! The figures are from Mordor Intelligence, based in India. They are the result of large-scale international research focusing on the period from 2018 to 2026. Several other studies come to a similar conclusion: Product Information Management is a growth market.
Everything shows that Ecommerce and omnichannel retail can no longer exist without Product Information Management tools'.
The study mentioned shows that the US still accounts for the largest market share. But Asia, with China as the biggest driver of the growing marketplace-dominated part of the economy, is booming. The development and application of PIM systems is clearly on the rise. Europe is a stable middle earner. All over the world, people seem to have realized that Ecommerce and omnichannel retail cannot exist without effective streamlining of the digital product data streams and processes.
Because that, in a nutshell, is what PIM systems do. They offer the required tools to unify, optimise and manage product data in such a way that customers always have access to the same information, anywhere. On the physical shop floor or online, in webshops, wholesale platforms, marketplaces or social media, the consumer will find the same information, specifications, prices and conditions everywhere. This uniform image contributes significantly to the reliability of your brand and the quality of the user experience.
Product Information Management trends point to interesting product innovations in a highly competitive market'.
Although this is obvious to consumers, many entrepreneurs still face a tough challenge. After all, where both the product volume and the number of purchase and sales channels increase, managing product data becomes more complicated. The input for product data comes from various sides and via various techniques, adjustments and updates are a daily reality, current reviews are of increasing importance, and the various sales channels have their own presentation requirements. Just think of the difference in displaying photos and videos on mobile devices versus the wide screen of a desktop.
Generate, manage (and especially manage) and distribution. These are crucial success factors, whatever your business is. In any kind of digital business, data management comes first. In omnichannel sales activities, b2c or b2b, professional product data management makes all the difference. The global providers of PIM systems know this and are responding adequately with both product innovation and innovation in service models. The most important Product Information Management trends of the moment:
- Custom solutions that are standard, efficient and rapidly scalable;
- Integral PIM systems that within larger organizations connect the various departments responsible for the realization of the various product data components;
- better centralization of all processes related to the creation, management and distribution of product information;
- optimisation of product data distribution via the Internet, including through the use of application programming interfaces (API);
- Programs for the creation and testing of quality product content;
- Integration of the various national laws and regulations into product data for international markets;
- application of artifical intelligence and virtual reality.
View and compare Product Information Management solutions
As said, Product Information Management is booming. The main driver is the consumer. Consumers seem to base their buying decisions more and more on transparent and complete product information. A good experience with products and brands seems to start with a good experience with product data. Given the growing importance of the various Product Information Management trends for the customer experience, Ecommerce and omnichannel-retail cannot ignore the latest developments in PIM technology. The use of product data in the battle for customers starts with watch and compare.