Recently, the global market for PIM solutions has witnessed an extraordinary surge, fueled by remarkable opportunities. As industry insights suggest, the momentum of integration shows no signs of slowing down, with a projected compound annual growth rate of 23.1% through 2029. But what exactly is driving its soaring popularity?
In this insightful article, we delve into the heart of the matter, uncovering the five top drivers propelling this rapid growth. By gaining a comprehensive understanding of the best PIM for growth, you will be empowered to harness the full potential of a PIM solution, unlocking promising business prospects along the way. Join us on this enlightening journey as we explore the transformative power of a product info management solution and the highest PIM opportunities that lie ahead.
What is PIM Solution?
A PIM solution is a business software that centralizes, organizes, enriches, and distributes commodity data across various sales touch points. With its tool, companies can tap into various top opportunities, such as managing goods input in a unified, structured, and more efficient platform.
Some of the top PIM advantages that your business stands to gain by integrating a strategy in day-to-day online sales operations include:
- Streamlined data management, where this fix ensures commodity details can be organized, standardized, and seamlessly accessed by financial teams to ensure accuracy and consistency at all customer touchpoints.
- A competitive edge with faster time-to-market, where the process allows teams to quickly create and update commodity details as much as needed, with the help of streamlined workflows in the resolution.
- PIM-enhanced customer experience and conversion, thanks to its efficiency in ensuring consistent, accurate, and enriched asset flow across all touch points. This is because its solution seamlessly integrates with mobile apps, eCommerce websites, marketplaces, and even social media.
- Another top PIM benefit is data-driven decision-making. Its solution software provides advanced analytics and reporting features that provide valuable insights into key market trends, consumer preferences, and overall commodity performance.
Now that you understand its advantages of it and why this matters in the modern business landscape, here are the top drivers responsible for its steady market growth rate.
Top 5 PIM Drivers
The global eCommerce market has been gaining traction in the last two years, with experts predicting an 8.9% growth rate in 2023, bringing total sales to $5.9 trillion. This is attributed to top opportunities and the growth of market touchpoints, ranging from social media platforms and marketplaces to direct consumer websites.
With expanded sales touchpoints, organizations face the challenge of managing commodity details efficiently. Similarly, consumers want a business that gives them a seamless shopping experience across all marketing platforms.
This is where its solution plays a critical role. One of the highest opportunities is centralized CDM, which allows related teams to distribute accurate, consistent, and up-to-date info across all sales touchpoints.
Moreover, eCommerce PIM automates the process of asset info management to minimize the risk of inconsistencies and ensure accuracy across all touchpoints. On top of that, its functionality enhances a faster time-to-market through swift updates and the release of new products.
The biggest advantages arising from this approach include streamlined workflows for effective CDM. Typically, it enhances customer experience and satisfaction to build a strong brand reputation. Most importantly, it can potentially increase sales and lower return rates by fostering accurate commodity details at all times.
BI and Big Data
Another important driver is the increasing importance of BI and big data in promoting prudent, insights-driven decision-making. To date, 59% of organizations across the globe leverage big analytics and robust business intelligence tools for faster and more effective decision-making.
Best PIM opportunities, such as real-time data analytics are also handy for augmenting marketing efforts, stimulating sales, and enhancing overall efficiency and productivity. In BI and big info analytics, it plays an integral role. For example, for manufacturers, it serves as a centralized repository for collecting and organizing all commodity-related info for effective use in BI and big input initiatives.
As an integral part of the bigger pipeline, its assets details management system also integrates seamlessly with BI tools and big analytics platforms to relay accurate and up-to-date commodity data.
This top opportunity enables firms to tap into valuable info insights for a better understanding of their details and market segments.
One of the bigger advantages associated with its solution optimization for BI and big analytics includes improved decision-making guided by accurate, consistent, and comprehensive details.
By having a centralized database, business leaders can do a real-time analysis of consumer trends and market opportunities to make better decisions about pricing strategies, inventory management, or future scalability.
It is also instrumental in improving goods strategies and augmenting marketing efforts. This is made possible by rich data quality that can be used to harness upselling or cross-selling opportunities or enhance marketing campaigns based on customer needs and preferences.
Moreover, the best solution can integrate seamlessly with operational data to drive prudent and efficient resource allocation. This integration can also help optimize supply chain processes.
With increasing competition and impatient customers, companies are under constant pressure to improve the time-to-market and adaptability of their commodities. One way of meeting these demands and expectations is by prioritizing operational ability and optimizing daily operations. To achieve this, brands are increasingly adopting solution software.
One of the top PIM features that can increase operational efficiency in most software examples is streamlined workflows. It provides an intuitive interface for automating input validation and approving advanced workflows to eliminate manual input inconsistencies.
Moreover, a PIM investment provides a centralized repository that fosters seamless collaboration to minimize delays when launching new commodities or info updates.
Other good functionalities for enhancing operational ability are AI and machine learning (ML) integrations with solutions, which can automate key data management processes, such as enrichment, validation, and content generation.
AI and ML algorithms can analyze vast data sets to identify patterns and anomalies faster than when the process is done manually. The automation of production info management saves time, as well as improves accuracy and consistency for overall operational efficiency.
By providing immediate advantages of workflow automation, it can help your business establish proactive data governance frameworks in the long haul and rubberstamp efficiency across all systems and departments. Additionally, this approach fosters compliance, minimizes risks, and builds trust with customers and partners.
A recent survey by McKinsey & Company reveals that 75% of millennial consumers consider sustainability before buying a commodity. This is an awakening statistic pointing out the significant rise in awareness and the need for sustainability among everyday customers and brands alike.
For this reason, sustainability is a key driver for organizations, and one of the top PIM opportunities is sustainable data handling to address the associated concerns.
One of the key aspects of sustainability is transparency, with mounting legislative pressure compelling companies to disclose accurate commodity details, production processes, and labor conditions.
It plays an integral role in collecting, organizing, and managing comprehensive asset details that extends to attributes, such as certifications and environmental impact. By consolidating these attributes, organizations can enhance accurate and consistent credentials communication to buyers, stakeholders, and regulatory bodies.
On top of that, it allows companies to track, report, and audit sustainability attributes through advanced workflow automation and data validation rules to ensure their commodity data complies with stringent regulatory requirements. For example, with sustainable PIM solutions, eCommerce firms can automate the process of attaching associate labels and certifications to relevant production for consistent transparency and presentation.
Handling data in new markets can help organizations measure the environmental impact of their assets and identify areas of improvement. And by constantly monitoring the progress of metrics, brands can ensure that they meet their overall CSRD and PIM software goals and audit their compliance status as much as needed.
SaaS (Software as a Service)
Software as a service (SaaS) is another top driver, especially among small and mid-sized companies. SaaS solutions are a go-to option for many business owners, thanks to an array of advantages that they offer, including relatively affordable pricing models and easier implementation, as opposed to on-premise installations.
For instance, a SaaS-based PIM solution offers a more appealing alternative to on-premise systems as it allows you to get started with top functionalities at a relatively lower upfront investment. Unlike an on-premise installation that involves costly infrastructure setup, a SaaS-based solution requires a monthly or annual pricing model based on resource usage.
When it comes to usability, a SaaS solution is cloud-based, allowing the system to be accessed via a web browser. This highest driver eases the implementation process of its use cases, especially among companies with limited resources and tech expertise.
Thanks to this convenience, which attracts a broader customer base, there is a growing availability of providers, giving organizations a wide range of options to choose from. Stiff competition among SaaS-based tools also contributes to heightened innovation and improvements around its solution functionality, user experience, and integration options.
Evidently, the adoption of it will continue to grow in the coming years as companies seek to augment their efficiency and attain a competitive edge. The best drivers behind this trend include the growth of eCommerce, BI, and big data analytics, sustainability goals, and the availability of SaaS-based solution alternatives.
However, to get the most out of your PIM service, it will help if you assess the solution regularly to ensure it continues to meet diverse organizational requirements, such as compliance and efficiency. Most importantly, stay updated on important feature trends to ensure that your organization shifts with market dynamics as much as needed.