The development of high-tech technologies leads to the rapid expansion of the digital space. This modernization has even affected modern businesses.
Job aggregator, Jooble, has noticed a tendency of many companies trying to find new solutions and directions to optimize business processes.
With their help, it is possible to reduce costs and increase efficiency.
First of all, it should be noted that product information management (abbreviated as PIM) takes an important place in any business where project owners want to provide maximum information about the product to potential customers.
The emergence of new technologies and trends impacts product information management.
The implementation provides an opportunity to take a business to a whole new stage of development.
Not only can technologies be integrated into business processes, it also concerns the implementation of third-party tools and software.
And, one such quintessential tool in this particular online marketing or business promotion scenario is an innovation software that not only provides new ideas to entrepreneurs on how to create a new product or service, but also to market the same to potential customers across the board.
Thus, it is possible to solve modern business needs and establish interaction with quite a huge volume of products, descriptions, photos of products, and other various elements.
With the help of advanced technologies, a business can make the PIM system more flexible, intelligent, and scalable.
It can be used to successfully manage every product, transaction, and customer data.
In this piece, we look closely at various product information management trends that organizations can use to successfully manage information on centralized platforms.
As a result, they will be able to improve operational efficiency.
Top 9 Latest Product Information Management Trends: Expert Opinion
The product data management market reached its highest value of $9.88 trillion in 2020. Experts expect it to triple in size shortly.
Based on this data, we can conclude that today’s businesses are putting a serious emphasis on PIM.
Why is this happening? Regardless of the recent impact of the pandemic and other factors, commerce is rapidly moving to a digital and multichannel format.
Taking advantage of managing product information in one place by spreading it across multiple platforms makes it much easier to work.
The experts of job aggregator, Jooble conducted research and derived modern trends in PIM.
With the help of this will be able to keep up with the times and understand what you should focus on.
Improving the quality of product information with artificial intelligence and machine learning
The potential of a product information management system can be significantly increased by leveraging artificial intelligence and machine learning technologies.
Proper integration can take data quality to a whole new level. AI and machine learning can be used to perform the following tasks:
- monitoring search patterns;
- tracking user paths;
- data collection.
An operator can analyze information to understand how potential customers are getting product data from various channels.
This way, the business can improve the product data for the target audience from different channels.
This will allow them to see a complete picture of customers’ needs and actions, qualitatively increase brand awareness in the network, involving different marketing methods.
As a result, it will be possible to present maximum quality information about a product to the audience to distinguish the business advantageously compared with the main competitors.
Efficient exchange of product information
If you want to use a product information management system, you have to choose between two options: A PIM made for small to medium-sized businesses or for enterprises.
The first option involves managing information on your site.
It doesn’t allow you to work with several channels, at the same time.
If you choose the corporate PIM system, you’ll be able to integrate powerful API interfaces to transfer information about the product in the appropriate format to serve customers.
It even applies to virtual applications in particular.
In practice, this allows you to connect your product information management system to the Internet, making it much easier to share and distribute data.
By integrating APIs, it is possible to develop a data network across multiple channels at once so that they can be used by all stakeholders.
With the rapid popularization of the Internet, the information ecosystem is becoming more complex. Of course, content about the product needs to be concentrated.
Changing the view of the product through AR
The main goal of implementing a product data management system is to increase the quality of service.
A large number of companies in a variety of niches are actively leveraging AR to better serve customers.
Here is a vivid example, the company Samsung has developed an AR-based shopping application where users can examine the characteristics of products, choose the appropriate option and perform other actions (even try on the product in the background of their office or home).
PIM cannot create 3D content for the AR application.
But this system will give the reference materials about the product.
Using full product data to empower the customer
Product presentation by sales representatives is a relic of the past. Nowadays, learn all the necessary information about a product in a variety of ways.
We live in a time of technological advancement. Modern users know about possible platforms, where they can get information about a product.
Potential customers are quite savvy to find the information they need.
In addition, some prefer to explore data from several available sources at once to get the maximum amount of information about what they want to buy.
If your business still prefers to use standard product channels, it’s worth preparing yourself to update your business strategies with further implementation of a product information management system.
PIM can significantly reduce the financial cost of customer service and sales organizations. It also helps to create multiple channels of interaction with customers.
Making effective strategic decisions with PIM
When choosing the best PIM system for your business, you need to make sure you can make the right decision.
With today’s tools, you can not only manage products but also deal with their promotion through different channels, effective platforms, and markets.
PIM tools allow for real-time analysis, allowing companies to fully see the effectiveness, and popularity of a product.
You can use them to find out what appeals to consumers the most and how to increase purchases.
Everyone has the right to choose a PIM system to get a complete picture of the product. With a complete set of product data, the right strategic business decisions can be made.
For example, companies will know which products are most popular and which products should be cut back because they are not profitable.
Promoting the product through different users
Product information is not managed by one specific person. Many people have been involved in this process: the seller, the supplier, the distributor, and others.
All of them occupy quite an important place in the chain of product promotion and sales effectiveness.
At the moment, there are a large number of corporate PIM tools that will allow different users to access the system. Businesses should decide on roles and access to information.
At the same time, it’s worth keeping in mind the maximum security of the product information management system.
There’s a wealth of experience in the marketplace
With robust product data management systems, it will be possible to provide the target audience with multi-channel capabilities with comprehensive authorization.
Multi-channel capabilities refer to the service of buying online and picking up the order in-store.
Many customers like the option of self-checkout. The main advantage of this action is that it can be checked out before taking the product home.
To establish such multi-channel opportunities, it is necessary to intelligently interact with all the important information about the goods: how much remains in stock and provide a full description of the product on the virtual platform.
In addition, you need to ensure maximum speed of order processing, confirmation, and preparation for delivery, so that the customer is satisfied at the end of the day.
Product demonstration in video or audio format
Marketing techniques have taken to a whole new level with the advent of digital technology. Previously, the most effective advertising methods included distributing flyers, brochures, magazine ads, and other paper formats.
At the moment, these methods are not as relevant and less effective.
Modern companies have become more focused on video and audio content to promote the product as effectively as possible.
With the help of visual content can attract a large number of customers, which can not be compared to traditional marketing techniques.
Printed materials are being successfully replaced by video. In addition, they are now releasing audio that teaches the proper use of the product.
As recent studies have shown, it is possible to significantly increase the popularity of the online store with the help of this content.
With today’s forms of content describing the product, you can quickly and easily convey its features, how to use it, and other important information to consumers.
Introducing the product to the global marketplace
Today’s PIM systems are advanced on the technical side.
With their help, companies can connect to various leading global marketplaces: Amazon, eBay, and others. In this case, this action is just a few mouse clicks.
Modern PIM systems imply several modules for displaying information about products on a certain market.
With the help of this solution, enterprises will be able to increase considerably an income stream due to sales of products on different world marketplaces.
If you place the company’s offerings on the marketplaces, you will be able to bring the products to the level of global competition.
This solution will allow us to achieve significant success.
The main rule in this situation is to provide potential consumers with complete information about the product that will encourage them to buy.
Conclusion
Product information management trends are improving all the time. Every year new trends appear. You can understand the effectiveness of a tool only after testing it.
In general, the rapid digitization and the rapid increase in the audience of virtual buyers have provoked significant growth in the online commerce industry.
To stay on top of the development issue and fully meet customer demands, businesses have to keep looking for new solutions to improve the efficiency of their operations by introducing new digital technologies.
One of the latest innovations that can help you prioritize your business, increase awareness of your assortment, and improve the quality of your marketing channels is the introduction of the PIM system.
It will enable detailed analysis, data structuring, verification of product and brand information, and rapid data sharing with all participants in the supply chain.