What is Product Information Management Software?

This type of management software is suitable for companies looking to streamline the product planning cycle.

It includes analyzing market demand, optimizing product mix, optimizing design and production processes, quality management, maintenance management to increase overall profitability.

You can also encode product data with metadata tags for easy searching.It helps the company decide the price of a particular product at various levels, considering customer preferences and competitors' prices.

It also helps in the collection, storage, and analysis of product details for better decision-making.It is a beneficial tool for all those companies looking to innovate their products on an ongoing basis, whether it be developing new products or improving existing ones.

With this software, a company can monitor its supply chain to ensure that its customers get the best quality at the lowest price.It is also an important business tool for companies to maintain revenue and profit by reducing product costs, providing enhanced customer service through better information on existing and new products, and ensuring compliance with various laws and regulations.The benefits of product information management include:Reduce product costs - With a good PIM process, companies can reduce costs and keep an inventory check.Enhance customer service - The correct information about the product at the right time leads to better customer service.

It helps the companies to have all the information in place for an effective audit process.Increased profitability - PIM helps businesses increase their revenue by using tools like maximizing product mix, streamlining processes, reducing costs.

WebStudio is a flexible, feature-rich eCommerce software that gives B2B and B2C companies the ability to quickly deploy a web store or catalog.

WebStudio platform can be customized and integrated with existing IT infrastructures such as ERP Systems, Order Management, and Pricing & Inventory Systems.EasyAsk Natural Language Search is fully integrated with WebStudio to provide faster search and accurate results for existing sites so visitors find relevant products the very FIRST time.Learn More: https://www.questudio.com/products/pim-ecommerce/ 

According to IMARC Group’s latest report, titled “Product Information Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global product information management (PIM) market reached a value of US$ 7.7 Billion in 2020.

It comprises the handling of data, content, and other materials required for the selling and marketing of products.

Product information management is employed in e-commerce organizations to maintain product catalogs with consistent and accurate information.

PIM can be combined with catalog management, business process management (BPM), data quality, etc., to identify and sort complex data and then forward it to the required distribution channels.

As a result, PIM finds various applications across numerous industry verticals, including retail, manufacturing, healthcare, information technology (IT), telecom, etc.Request for a PDF sample of this report: https://www.imarcgroup.com/product-information-management-market/requestsampleThe increasing digitalization and the growing adoption of centralized data management tools across several industries are primarily driving the global product information management market.

Moreover, the rising popularity of e-commerce platforms is further propelling the market growth, since several online sales channels are utilizing PIM systems to enhance the consumer experience and provide efficient onboarding assistance to maintain high customer ratings.

Online research and shopping are trendy now.

To learn more about these aspects, nearly 55% of shoppers visit stores before buying online.

Businesses started implementing digital marketing tactics due to shifting consumer attitudes and the desire to deliver a seamless shopping experience.Product information must be kept current and accurate to meet consumer expectations.

They created PIM solutions to manage the customer-facing product strategy.Aspirations for PIM Providing precise product information to consumers is one of the most difficult tasks for marketers, especially in product-focused organisations.

Before going live, the product team must supervise and cross-check the information.PIM Software overcomes this obstacle by digitising paper paperwork.

Up-to-date product information ensures your customers get accurate and relevant product information.PIM solutions essentially provide a cloud-based storage repository that greatly aids centralization and efficiency.

According to a research report "Product Information Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global PIM market size is expected to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024, at a CAGR of 10.2% during the forecast period.

Key factors driving the PIM market include the growing need to gain real-time visibility into data to reduce Time to Market (TTM) and growing need for eliminating data inconsistencies across multiple data silos.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=661489Browse 114 market data Tables and 26 Figures spread through 162 Pages and in-depth TOC on "Product Information Management Market - Global Forecast to 2024"Large enterprises segment to hold a larger market size during the forecast periodThe adoption of PIM solutions is high among large enterprises, due to distributed systems, extensive product portfolio, and economies of scale.

Data inconsistencies and poor data syndication may lead to the loss of customers.

These factors are responsible for  the high adoption of PIM solutions among large enterprises.Media and entertainment industry vertical to grow at the highest CAGR during the forecast periodThe growing need for high-performance technologies to improve synchronization and publication of information about product attributes, such as media clips, sound recording, images, and text files, is responsible for the highest CAGR of the media and entertainment segment.

With this, many companies in North America are increasingly adopting PIM solutions to achieve better collection, cleansing, and enrichment of product content for quickly informing customers and suppliers about new products and product changes.

The study includes an in-depth competitive analysis of the key players in the PIM market, along with their company profiles, recent developments, and key market strategies.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

With time, as the business grows, things get trickier.

It makes your catalogue more eye-catching, organized, pleasant looking.

These elements include font, colour, icon design and logo.

Always remember no matter what elements you choose, keep it constant on all of your social media pages and website to build an impressionable brand image.

To maintain consistency and accuracy Humans are bound to make mistakes but a catalogue maker app will not.

They are a perfect way to manage many products at once, and even if you decide to add new products.

Read more on the blogProduct Information Management (PIM) is the process by which all of that information is managed.PIM systems are expected to increase by more than 25% by 2023, and for good reason.

Your customers expect detailed and reliable information about your products to help them make purchasing decisions.

Some small businesses try to keep all of their product information in a spreadsheet, or a series of spreadsheets.

Instead of having multiple spreadsheets storing inaccurate and frequently out-of-date information, your PIM software can house it all.

The PIM requirements of a large multinational corporation are vastly different from those of a small business.

Depending on your needs, our PIM systems can be hosted on Hybrid, Private, or Public Cloud.Time and money are saved.

According to a new market research report "Product Information Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global PIM market size is expected to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024, at a CAGR of 10.2% during the forecast period.Key factors driving the PIM market include the growing need to gain real-time visibility into data to reduce Time to Market (TTM) and growing need for eliminating data inconsistencies across multiple data silos.Browse and in-depth TOC on “Product Information Management Market” 114 - Tables26 - Figures 162 - Pages    Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=661489Large enterprises segment to hold a larger market size during the forecast periodThe adoption of PIM solutions is high among large enterprises, due to distributed systems, extensive product portfolio, and economies of scale.

Data inconsistencies and poor data syndication may lead to the loss of customers.

These factors are responsible for the high adoption of PIM solutions among large enterprises.Media and entertainment industry vertical to grow at the highest CAGR during the forecast periodThe growing need for high-performance technologies to improve synchronization and publication of information about product attributes, such as media clips, sound recording, images, and text files, is responsible for the highest CAGR of the media and entertainment segment.

PIM solutions can manage both digital as well as non-digital information for better syndication to improve overall customer experience and customer satisfaction which is highly beneficial for enterprises across the media and entertainment industry vertical.Speak to Our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=661489North America to account for the highest market share during the forecast periodNorth America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of data management technologies.

With this, many companies in North America are increasingly adopting PIM solutions to achieve better collection, cleansing, and enrichment of product content for quickly informing customers and suppliers about new products and product changes.

The direct presence of many major PIM vendors in North America has further added to the high adoption of PIM solutions in North America.The global Product Information Management Market comprises major solution providers, such as IBM (US), SAP (Germany), Oracle (US), Informatica (US), Stibo Systems (Denmark), EnterWorks (US), Akeneo (France), Riversand (US), Contentserv (Switzerland), inRiver (Sweden), Magnitude Software (US), Salsify (US), Plytix (Denmark), Pimcore (Austria), Mobius (India), Catsy (US), Perfion (Denmark), Profisee (US), censhare (Germany), and Vinculum (India).