Market Trends of Product Information Management Industry
Retail Industry is Expected to Drive Market Growth
- The adoption of product information management (PIM) is expected to be the highest in the retail and e-commerce industry due to the growing focus on enhancing customer experience and the adoption of artificial intelligence and retail analytics tools in the retail and e-commerce sector.
- Due to digitization, customers can access product information through various sources. With the massive growth in e-commerce, customer preferences and behaviors have changed drastically. As the world of mobility and artificial intelligence combines intelligent data analytics, retailers worldwide can experience accurate analytics that is useful for their business.
- For instance, according to the India Brand Equity Foundation (IBEF), the Indian government's Digital India effort aims to drive it into an online economy worth trillions by 2025. It has led to the formation of a new steering group to review and analyze the development of an e-commerce platform for the government.
- According to IBEF, by 2024, online retail penetration will reach 10.7%, up from 4.7% in 2019. Likewise, by 2025, India's internet buyers will number 220 million. According to a Payoneer report, India's e-commerce sector is ranked 9th in the world for cross-border growth. E-commerce in India is expected to grow from 4% of total food and groceries, fashion, and consumer electronics retail sales in 2020 to 8% by 2025. Such developments are expected to drive the studied market.
- Hence, customer conversion is a significant challenge for retailers. They are competing to engage the empowered consumer by providing a comprehensive solution for accessing product information, thereby enhancing the information supply chain. Product information management solutions maintain a tab on this information and offer enterprises a competitive advantage. PIM is also used for managing data generated from various sources, owing to the increasing number of marketing channels.
Understand The Key Trends Shaping This Market
Download Sample
North America to Acquire Major Revenue Share
- North America is a prominent PIM market due to the growing adoption of advanced technologies to reduce manual tasks and streamline workflows among the region's enterprises. The growth in e-commerce also contributes to the market's growth. The region has a strong foothold on product information management (PIM) vendors, which drives the overall market's growth. Some include IBM Corporation, Oracle Corporation, Riversand Technologies Inc., and Informatica LLC.
- E-commerce sales in the United States are also increasing. According to a Digital Commerce 360 analysis of US Department of Commerce figures, total e-commerce retail sales in North America climbed in 2022, reaching USD 1.03 trillion.
- The surge in online shopping sales is related to COVID-19, which has caused millions of people to stay home for health and safety reasons and avoid in-store purchases. With the expansion of the retail and e-commerce businesses and the increasing amount of product data to be managed, the PIM solution's adoption is on the rise in the region.
- Orgill Inc. is one of the world's largest independently owned hardlines distributors, providing retailers across the United States and over 60 countries with access to over 75,000 products and industry-leading retail services.
- Orgill implemented the PIM solution to manage all the company's product information and produce its various product catalogs, directories, and marketing materials. The product information is also used to drive the company's online product catalog. PIM solution supports Orgill's mission to provide unparalleled retailer support and service.
- In the past, SAIL, a large outdoor and sporting goods retailer based in Canada, selected inRiver PIM to organize, manage, and market its extensive product range for all its channels. The company chose PIM to reduce manual data entry, contain large quantities of supplier data powerfully, and cut down the time-to-market for their products.
Get Analysis on Important Geographic Markets
Download Sample
