December 7, 2022

Hyva Themes Banner

Home » The Future of Product Information Management: Why It Will Matter More Than Ever in 2023

The Future of Product Information Management: Why It Will Matter More Than Ever in 2023

What is Product Information Management?

Product information management, or PIM, is a set of processes and technologies used by merchants and brands to help manage the information related to their products and services. Whether items are for sale online, in printed catalogs, or in-store signage, the information needs to be consistent and correct. The implementation of PIM is growing in popularity as the ecommerce market has matured, as businesses of all sizes want to provide shoppers with the information they need to make buying decisions. PIM is often associated with product data management (PDM), the automated collection and management of product information. PDM systems can be applied across various marketing channels, including websites, apps, and other digital channels used by retailers.

Why PIM Will Be More Important in the Future

Changing customer expectations – Shoppers in the digital age expect to be able to find products, their specifications, and reviews. It is especially true for products such as apparel and other items that people can’t try on in person. – New challenges – With the growth of new business models, like marketplace sales and subscription commerce, retailers must be ready to share accurate, consistent information with their vendors. – New technology – AI has made leaps and bounds in the last few years. In 2023, PIM will likely leverage AI for more streamlined processes, faster data entry, and more accurate data collection.

Benefits of PIM in 2023

Higher conversion rates – When you can offer shoppers everything they need to make a purchase, you can expect higher conversion rates from your product pages. – Better reviews and ratings – With clear product information, you can also expect higher reviews and ratings from customers. This will help lift your brand and boost your sales. – Better customer service – If your product pages are easy to navigate, have all the information shoppers need, and are clear about return policies and warranties, you can expect improved customer satisfaction. This can also lead to increased sales, as satisfied customers are more likely to buy from you again and recommend you to others. – Improves ROI – All of the above can lead to a higher return on investment regarding your PIM. Not only will you be able to maximize your sales potential, but you’ll also be able to minimize your costs.

Three ways to improve your PIM for the future

  1. Hire a PIM expert – You can find talented people with experience in PIM on Upwork, Toptal, and other freelance sites.
  2. Automate data collection – With data automation software, you can save time and effort by eliminating repetitive tasks such as entering data from printed product labels or cleaning up price data from supplier websites. This will also ensure that the data you enter is consistent across your entire product catalog.
  3. Improve your data quality – The most important thing you can do for your PIM is to keep your data clean and up to date. This will make managing it more accessible and enable you to offer the best customer experience possible.

Finally, ensure you’re keeping up with the latest trends and innovations in PIM.

Conclusion

To succeed in the digital marketplace, retailers need to provide customers with all the information they need to make a purchasing decision. Product information management has been a critical part of ecommerce since the advent of the internet. With the rise of AI and other technological advances, PIM has become even more vital to retailers.

Who is Brent Peterson?
Brent is a serial entrepreneur and marketing professional with a passion for running. He co-founded Wagento and has a new adventure called ContentBasis. Brent is the host of the podcast Talk Commerce. He has run 25 marathons and one Ironman race. Brent has been married for 29 years. He was born in Montana, and attended the University of Minnesota and Birmingham University without ever getting his degree.

Join the discussion

Further reading

Newsletter