Most Important Developments in PIM | Best PIM Systems
1.8 billion people made purchases online in 2018, according to Statistica. The rise of eCommerce has spread over multiple industries from healthcare to tourism. As a result, online retailers have revamped their offerings to appeal more effectively to their target market. Not only do they need to align their products and services to the needs of diverse and demanding customers, but they also have to revamp their platforms to sustain a strong brand image.
PIM — Product Information Management — has become a key trend in global eCommerce. At the epicenter of product management (supply chain and customer website), the development of the PIM industry over the last years has dramatically changed. Now the PIM market has reached new heights as global merchants are embracing innovative new PIM solutions for their market.
The PIM industry at a glance
The PIM industry is expected to reach $15.8 Billion by 2021. So why is PIM so hot right now? The PIM industry has grown exponentially at the same time as eCommerce. Most retailers benefit from a PIM solution in the following areas:
- Integrating state-of-the-art technology to manage product data consistently
One key feature of the best PIM systems is to analyze data and organize it consistently in a single place. This helps online retailers to sell their services efficiently to global and local marketplaces.
Before the best new PIM systems were made available, online merchants had to streamline the full product lifecycle process on different points of sales and struggle with data consistency. They also had to enter new product information into their database (or back end) and ensure the product data (photography, description, inventory) was all updated and displayed accurately on multiple websites. Not only was managing product data for internal purposes critical, but delivering an impressive customer experience was key to retain customers, or even to acquire new clientele.
- Engaging with global and local customers
As a consequence, most retailers missed sales or lost potential new customers for not being able to address their product information management efficiently. 38% of Internet users would stop engaging with a poorly designed website or a platform that doesn’t deliver a premium, customized experience. Also, with mobile purchases holding 63% market share of retail websites in 2018, online retailers need to streamline their products and services on multiple online channels and deliver user-centric solutions at all times.
- Staying ahead of the competition with innovative technology
Before PIM, businesses had to closely monitor competition and strive to stay ahead of the curve to offer their services or products. Failing to revamp a website or manage inventory consistently results in lagging behind organizations that already rethought their product information management. With the best PIM systems, online retailers can manage their workflows, product data, supply chain, inventory, and attract more customers. PIM enables such organizations of all sizes to find their market faster, to sell quicker, and to work on new product development in the future.
Most innovative developments in PIM
- Multi-channel integrations with top eCommerce innovators
The recent development of the best new PIM systems has enabled entrepreneurs to manage data from multiple points:
From product data creation (asset design, description, tags, images, collection, filter assets, categories) to powerful eCommerce integrations (retailers platforms, referral platforms, technology partners, or platform organizations), PIM applications gather all services into a single place and distribute accordingly to all marketplaces. By then, we have all heard of powerful platforms (Shopify, Magento, BigCommerce) and global eCommerce marketing agencies (Restage, Dotdigital, and Shopgate). Jasper PIM has built the strongest partnerships in global eCommerce.
- Streamline all processes from inventory to online marketplaces
What makes the best PIM systems so powerful is data accuracy, data management, and data integrity that are all compliant and updated from the back end to the final website. It’s an all-in-one solution to provide a product or service widespread across all single points of contact for the online product’s lifecycle. With regards to online marketplaces, before using the best PIM system for them, online retailers were struggling with updating data in the right language or price for different markets. Thanks to new PIM solutions, such information is displayed in the relevant information to make customers more engaged with the company. And it goes even further, with the latest innovation that focuses on delivering highly customizable solutions.
- High customization and customer-centric solutions
The point is not only to have a high performing PIM software that makes it all easy for online marketplaces to store, distribute, and sell their services thanks to consistent, strong product information management. Today, customers want to engage with their favorite retailers and crave personalized experience, whether on desktop or mobile. The first shift to happen was to create more customer-centric solutions: to move away from product-centric websites, retailers had to think of what their relevant markets needed.
For retailers to find their relevant markets, the latest innovation in the best PIM systems began to surface more recently. These days, the latest developments in online eCommerce include API and AI. With Artificial intelligence slowly integrating global marketplaces that can predict customer’s behavior, online retailers have more power to build a more personalized experience for their customers. Building a powerful API and offering the newest innovations for global customers has arrived, and Jasper PIM is proud to provide some of the best new software in this field.
Wrap up: the Best in global eCommerce with PIM Systems
Actors like Jasper PIM strive to provide innovative solutions for retailers of all sizes. With PIM Lite, PIM Plus, and PIM Enterprise, global marketplaces can choose their favorite solution, relevant to their online strategy and market. Entrepreneurs can succeed with higher conversions, sales, and customer retention. The next challenge for the PIM industry is to engage with the growing potential of AI and create even more tailor made applications for global retailers to strive even further in their relevant industry.