It’s a digital era! The digital space is constantly evolving. So, it is highly required to have an adaptive digital solution that allows you to integrate all the latest tools and technologies to achieve your business goals easily and effectively.
Do you want to have a product information management solution in place that is digitally scalable?
Yes, PIM is not just to manage your product data. It performs many more jobs than you even imagine. Let’s have a quick overview of PIM.
What Is PIM (Product Information Management)?
The Product Information Management system collects, stores, manages, enriches, and distributes the product data to deliver a consistent and uniform experience to the customers across all the touchpoints.
It also helps your teams by automating many mundane tasks and allows them to perform more creative jobs that help them to achieve your business goals and their professional goals.
To get profound insights about the major frameworks, core elements, advantages, benefits, types of information that can be stored in the PIM, key capabilities of PIM, you need to go through an exclusive guide on PIM.
Along with providing detailed information about the product information management system, it also helps you in selecting the right PIM solution for your business that suits your specific need.
Now, let’s jump to our core topic. Yes, that’s the latest yet most popular PIM trend.
8 Latest Product Information Trends You need to Consider
1 – Personalization
Personalization is the key to success in this competitive time. When customers search for products online, they expect to be served with personalized information. By creating personalized experiences, you can improve customer engagement and conversion.
You can apply personalization to your mobile app, website, agent work, sales quotes, and other sales material as per your specific needs using PIM.
2 – Omnichannel Experience
Don’t forget you are dealing with the tech-savvy customers of this era. They connect and interact with your products and brand through different touchpoints using varied devices. They expect to have a consistent experience with your organization on all the platforms.
This is called an omnichannel experience. It is a new standard for delivering great customer experiences.
For most of the business, it’s a challenge to provide a consistent experience to the customers at a physical store or on the digital store in terms of product information. To keep the customer engaged with your brand, it is very essential for you to manage product data in a way that lets you maintain a consistent experience.
3 – Artificial Intelligent
Artificial Intelligence and Machine Learning play a significant role in product information management. Start from offering live chat support to making product recommendations, AI helps businesses with advanced capabilities of product data and information management.
In the near future, AI will start performing natural language processing and textual analysis to understand how to improve product descriptions so that the customers convert quickly.
- Chatbot allows businesses to deliver real-time support and response to customer queries on product pages
- Integration of natural processing language and textual analysis helps you to write better product descriptions
- Recommend products to the customers by tracking their behaviours on your digital platform
Thus, we can consider AI as the hottest trend in the realm of product information management. Harness the potential of AI to make your PIM more efficient and robust.
4 – Velocity
Customers do not like to want to get the answers to their queries. They expect replies from the brand in a second. The company that cannot facilitate them with an instant response, they prefer to leave that company and switch to another brand. Moreover, they want access to accurate information.
Well, customers’ expectations are endless. But there a few critical ones which they cannot ignore. One such expectation is they want you to provide instant responses to their question through informed customer care representatives and quick access to information.
Thus, the brand has to maintain the velocity of information about the products as per customers’ expectations. Enabling buyers with the full information about the product you can leverage better customer retention. There are possibilities that you can upsell or cross-sell to them going forward.
5 – Easy Integration
If you don’t have a PIM in place, then you might be using other enterprise systems like ERP, CRM, etc. while considering PIM you might think you need to manage one more software in your IT ecosystem.
PIM allows you to integrate your existing software into the PIM system. For example; you can integrate the mapping technology with the PIM to check the customer’s address is located in the area where the sellers can ship.
Besides, mapping technology you can integrate
- PIM with CRM, inventory management system, and ERP software
- PIM with Blockchain technology to add an extra layer of privacy and security
- PIM with analytics to track and understand the web user behaviour
6 – Augmented Reality
PIM is all about enhancing the customer experience by providing them accurate product information in a consistent way across different sales channels. Considering the Augmented Reality, you can build an AR-based interface on web interfaces using the data within the PIM.
While users visit a product page on your website, you can use the smartphone to integrate with the products to track the AR elements to access more product information.
Here’re the best PIM and AR examples that you should consider:
- AUDI used PIM and AR capabilities to educate buyers on how E-Torn electric SUV works
- L’Oreal used PIM and AR to allow its customer to interact with the wide range of skin products through smartphones
- Wayfair allows clients to provide a “Try Before Buy” facility for its furniture products using their smartphones
Considering AR implementation for your product pages, you can allow customers to interact with the unique features of the products in a more interactive way.
7 – Blockchain
Accurate product descriptions are very essential for product sales. Using PIM with Block chain, you can authenticate the product description. If you make any modification to product data, it can be easy to manage and makes real-time catalogue management feasible.
Block chain allows companies to authenticate changes made to mater product data and product sheets. Moreover, Block chain helps companies to authenticate the transactions.
- Approve or reject product pictures uploaded on the product pages
- To authenticate the changes to product sheets and master product data, you can use smart contracts
- Approve modifications made to the product description
Thus, by implementing Blockchain with your PIM solution, you can take the benefit of the next level of data security.
8 – Audio and Video Content
We know very well that text-based information is not more impactful. So, we always try to use audio and videos with text to share the information whenever and wherever possible. But, nowadays, people prefer audio and video content over text than ever before.
With the increasing usage of smartphones, people from remote locations and rural areas also use the phones not to just make a call but to gain knowledge and information too. To provide a better understanding of a subject or product to uneducated people, audio and video content seems more impactful.
Explore a few reasons for considering the audio and video content of your PIM solution.
- Buyer prefer to see how certain products perform
- It becomes easy for buyers who cannot read the text to grasp the information through audio and video content.
- Audio and video-based content have a higher conversion rate than text-based content
It is not necessary to conduct a professional photoshoot of your product to create the video. You can take videos simply from your smartphone and upload them to your PIM backend. Thus, you can easily provide the required information to your target audience.
Consideration of the latest technologies with PIM, you can display accurate product data, increase employee productivity, and automate manual efforts. Tie up with a custom PIM solution provider that addresses your specific business needs by developing a product information management solution from scratch.
The right mixture of PIM with other emerging and leading technologies allows CXOs to capitalize on technology and data in the digital era.
Sandeep holds the position of CEO at Credencys Solutions – a web development services company. He has more than two decades of experience in creating world-class teams and driving innovation through cutting-edge products. With the motto of ‘Go Digital,’ Sandeep delivers an Extraordinary Customer Experience to its every client.