As your company grows, you need something more sophisticated to provide the best user experience. Advanced Product Information Management (PIM) collects, manages, enriches, and distributes product information across all distribution channels, from online stores to social media sales channels, marketplaces, and advertising networks. PIM can act as a central hub for managing product content and then synchronize with the entire technology stack, such as e-commerce platforms and other third-party integrations, to become a single source of trusted product information.
Scaling a business can be daunting, but it is a problem anyone starting an e-commerce business wants to solve. One thing to watch out for when expanding is the possibility that product information may be inaccurate, outdated, or stored elsewhere. Once the quality of your data goes down, it's hard to clean it all up. Discrepancies arise, workarounds are introduced, and the workflow begins to slow down. Midsize organizations and enterprises with large and complex product catalogs are particularly at risk because they rapidly add and edit large volumes of products across multiple channels.
According to market reports, the global PIM market is expected to reach $59.25 billion from $9.9 billion between 2019 and 2027, growing at a CAGR of 25.2% from 2020 to 2027. For grasping more detailed insights on the subject matter, join the Future of PIM for Businesses Virtual Summit (Benelux Edition), brought to you by Group Futurista, an informative webinar enriched with snippets of information, narration, and a notable selection of renowned speakers who will come together to share their insights into what the future holds for the central node.
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