Top Trends in the Product Information Management Market 2021
Product information management (PIM) is becoming increasingly important for businesses as they try to manage and distribute product information across various channels. In today’s fast-paced digital era, brands need a robust PIM strategy to scale their products and streamline the information for customer outreach. With the emergence of new technologies and rising customer expectations, there are several trends to keep an eye on in the PIM market in 2021.
Trend 1: Artificial Intelligence and Machine Learning
Artificial intelligence and machine learning are transforming the PIM landscape by allowing companies to manage their product information more efficiently. AI-powered PIM systems can perform data categorization, duplicate detection, and improve data quality by matching product descriptions with images. Machine learning algorithms can also automate data enrichment, saving companies time and resources. With AI and machine learning, PIM platforms are becoming more intelligent and productive, making them a must-have tool for businesses.
Trend 2: Enhanced Data Security
In today’s digital era, security is of utmost importance, no matter the industry. A robust PIM strategy should prioritize data security to ensure that confidential product information is not leaked or hacked. With the increasing amount of personal data, PIM platforms need a multi-layered approach to improve data security. Brands should opt for PIM systems that offer advanced security features such as encryption, secure data sharing, and two-factor authentication to enhance the safety of sensitive product information.
Trend 3: Multi-Channel Management
To stay competitive, businesses need to provide their customers with a seamless experience across multiple channels. Brands need to use a PIM platform that helps them manage product information across various channels such as online stores, social media platforms, and mobile apps. PIM systems are becoming more flexible, enabling companies to customize and publish their product information across multiple channels with ease. As multi-channel commerce continues to rise, PIM will become even more important.
Trend 4: Cloud-Based PIM
Cloud-based PIM systems have been growing in popularity in recent years due to their scalability and flexibility. Cloud-based PIM systems offer a cost-effective and centralized approach to managing product data. They offer easy deployment, accessibility, and can scale up or down to meet the needs of a business. With cloud-based PIM, businesses can focus on scaling rather than worrying about IT infrastructure and can access their product information from anywhere in the world.
Trend 5: Personalization with PIM
Personalization has become a vital part of the customer experience. Brands should use PIM systems to tailor product information based on customer preferences and behavior. PIM allows businesses to gather data such as search queries, purchase history, and customer demographics to create personalized experiences for their customers. By personalizing product information, brands can improve customer engagement and increase conversions.
Conclusion
PIM is a critical tool for businesses wishing to improve their product management strategies. By adopting the latest trends in PIM, businesses can automate their product information management processes, improve data quality, enhance data security, and personalize customer experiences. As customer expectations continue to grow, businesses that implement PIM will stay ahead of the curve and scale their products with ease.
