5 Product Information Management Predictions for 2022
PIM systems are not limited to streamlining product enrichment processes. PIM accelerates your digital businesses and scales your success with online sales.
The global product information management (PIM) market reached a value of $7.7 billion in 2020. Looking forward, the market is expected to reach a value of $13 billion by 2026.
Over the years, the PIM role has broadened in the world of omnichannel commerce. And during 2020 and 2021, this was exaggerated even more when, in many cases, consumers needed to shop online.
With that said, new ways of working with PIM will be a reality in the year ahead of us. So, let’s dive into 5 trends that we predict will scale the PIM market up to $13 billion by 2026.
1. Expand and Reach a Global Audience with Marketplace Integration
The more mature PIM systems often allow companies to connect with any leading marketplace such as Amazon, Alibaba, eBay, etc. with a single click.
Marketplaces do not only count as a new online sales channel but it puts your business in a global market - with all that brings brand, customers, position, competition, etc. Your key to success on online marketplaces is to offer customers quality product information that convinces and encourages them to make a buying decision.
The product information management solutions consist of modules that allow companies to map the product data on the preferred marketplace. This helps businesses to add a revenue stream by selling products on different marketplaces.
With Dynamicweb, you just export a PIM feed from the system and import it into your marketplace channel. It automatically fills in the required product data.
2. Multiple Product Enricher – Inside and Outside of your Organization
If companies fail to deliver accurate and rich product information across every channel, your product ends in a black hole. Potential buyers are either unable to find your product online, or they lack the information needed to purchase. Therefore, product information is crucial to driving online sales with success.
PIM ensures your enrichment process is streamlined and managed from one single source but that single source of truth can be handled by multiple stakeholders. For instance, suppliers, vendors, dealers, and the like play a vital role in enriching product information. You might fear the complex situation of too many chefs in the kitchen. But luckily, most PIM systems handle that very easily.
Often PIM solutions allow multiple users to access the system and with individual permission to enrich and complete their information. This way, organizations define roles and access to maintain the security of the PIM system and to improve product information at the same.
3. Prepare for Audio and Video Based Product Information
New digital platforms are developed all the time, which leaves an effect on the traditional marketing practices being transformed inside out. Previously, businesses used to promote their products through printed flyers, brochures, magazines, etc. Today, businesses produce online catalogs with PIM.
However, sooner than later, this paperless trend of showing your product is going to take a step further. In 2022, companies will start to understand (and embrace) the significance of audio and video content to promote the product in a more effective way.
Imagine introducing your product to your customers through a product video or using audio to guide users on how to use your product.
Leveraging audio and video for product information management, your business can easily communicate instructions, purposes of use, and the benefits of the product to the target audience quickly and effectively.
In fact, the role of audio and video content is highly significant in increasing conversation from your webshop:
- 89% of video marketers say video gives them a good ROI
- 83% of video marketers say video helps them with lead generation
- 80% of video marketers say video has directly helped increase sales
Source: www.wyzowl.com/video-marketing-statistics/
4. Omnichannel Experience will Lead the Market
A mature PIM system allows companies to deliver an omnichannel experience to customers with personalization.
Maybe you offer, or maybe you use, the click and collect service. This one feature is a good explanation of omnichannel from a PIM perspective. Omnichannel is all about delivering the ‘buy online and pick up from the store’ experience to the customers.
To deliver a true omnichannel experience, PIM should be efficient enough to manage different aspects of product information that include inventory. Remember, more than 30% of B2B technology buyers already make their initial purchase through digital channels.
You need to provide the online information needed to convince a potential customer to purchase from you (and not your competitor). In short, product data is part of the full buyer journey.
Even though online presence is highly important, your product online must reflect the in-store experience when picking up an order.
5. Personalized Products and Experiences on all Devices
Product personalization is referred to as the altering of a product according to a specific customer’s need or desire. Obviously, you need to know your customers' demands to deliver personalized products and experiences. Luckily, 22% of online shoppers are ready to share their data if it means improved customer satisfaction.
Delivering personalized products is a great way to grow your business. It can help you stand out from your competitor, give customers what they want, and help attract new customers.
The PIM system enables you to store variations of items and product descriptions that inform customers about your product. You can also further enrich product information so your customers get an idea of the product, its use, and how it can benefit them.
The next step is the availability of the product data. Mobile commerce, or what is something you need to focus on for next year. Here are some numbers that state why it is important:
- 80% of internet users are using their phones for product research
- 79% are using shopping apps to make purchases
Firstly, you need to have a mobile-friendly website with optimized product data. Secondly, depending on the ecommerce platform you use, you can add PIM as a direct integrator or a third-party connector. A PIM connector can help you store and optimize your responsive product lists to ensure it’s a profitable strategy for your business.
So, Where Does this Leave us?
In a nutshell, PIM is your trick to digital transformation, digital growth, and digital sales.