Brand manufacturers demand a better way to manage data
In an evolving digital marketplace, forward-thinking organizations are increasingly looking at PIM to create more effective product marketing strategies. Brand manufacturers are foremost among those who are seeking out PIM to help their commercial teams. While many brands are diligently broadcasting their product details through data syndication, this approach only scratches the surface.
Today’s informed consumers want more. They’re looking beyond basic facts and seeking context, depth, and a connection to the products they buy. It’s not merely about knowing what the product is, but understanding why it matters to them.
Brands must recognize this need and respond by embracing a holistic data management system. That’s where Syndigo’s Product Information Management (PIM) shines. PIM doesn’t just distribute data; it enriches, contextualizes, and tailors it, crafting a compelling product narrative.
Tough Decisions on the Horizon
Not long ago, the world experienced a massive shift in commerce due to COVID. It changed how we shop and reshaped the retail market in ways no one saw coming. Now, even though we don’t expect another event as seismic, the retail world is still filled with uncertainty. This means companies need to think hard about where they spend their money, especially when it comes to their marketing stack.
However, amidst all these changes and potential challenges, one thing is becoming clear: the importance of Product Information Management (PIM) as a critical enabler of commerce. As shopping habits change and consumers become even more discerning, PIM is proving to be invaluable for marketers. Brands are beginning to see that to keep up and stay relevant, they need the data management capabilities of PIM platforms, which help them present product information in ways that resonate with today’s consumers.
As brands shift to using PIM, they become better suited to meet the demands of modern shoppers. And four key trends highlight the need for brands to use a robust Product Information Management system.
4 Emerging PIM for Brands Trends
- Consumers Want Greater Personalization
Today’s consumers seek personalization. Customers no longer want a generic shopping experience — they’re looking for brands to understand and cater to their unique preferences. The vast influx of products and services available online has shifted the power dynamic, empowering consumers to demand more from their shopping encounters.
According to McKinsey, “Personalization marketing has real advantages for companies: it can reduce customer acquisition costs by as much as 50 percent, lift revenues by 5 to 15 percent, and increase marketing ROI by 10 to 30 percent.” These statistics underscore the immense potential and tangible benefits that personalized marketing offers.
It has become evident that simple transactions are evolving into personalized interactions. PIM systems are at the forefront of this shift, offering brands the ability to meticulously categorize and tailor product data. When customers engage with a brand, the experience should reflect their preferences, past interactions, and even potential future needs. Leveraging PIM, brands can create a tailored environment, making each user feel like the shopping experience was uniquely crafted for them, displaying products, product features, recommendations, and narratives that align with their personal journey.
- Continued Increase in Social Media Shopping
Social platforms have transitioned from mere communication channels to full-blown commercial hubs. With features like Instagram’s ‘Shop Now’ and Pinterest’s shoppable pins, the line between socializing and shopping is blurring. For brands, this opens up a vast landscape of potential customers. In fact, 59% of brands say they’ve made more sales through social media in 2023 than the previous year.
But to effectively tap into this market, product information needs to be concise, engaging, and accurate. PIM ensures that product details are consistent, up-to-date, and integrated seamlessly with multiple channels, ensuring consumers get a frictionless shopping journey right from their social feeds.
- Growth in AI/ML Capabilities
As the technological landscape evolves, AI (artificial intelligence) and ML (machine learning) are no longer futuristic concepts but essential tools. AI/ML can analyze vast amounts of data, identify patterns, and offer insights that were previously impossible or took extensive time to determine.
For brands, AI/ML can help pinpoint what customers truly desire, predict market trends, and streamline operations. Recognizing these capabilities, forward-thinking brands are now actively pursuing PIM systems that are compatible with AI/ML. Why? Because they realize that if they don’t harness the power of AI-enabled PIM, their competitors surely will, potentially drawing customers away.
Brands that fail to adapt may find themselves playing catch-up. By integrating PIM that is ready to leverage the capabilities of AI/ML, brands are not only setting themselves up for present-day success but also future-proofing their operations for the evolving digital landscape.
- Greater Demand for Product Data Analytics
Now, more than ever, data drives decisions. However, raw data is of little use without the tools and expertise to interpret it. Brands are increasingly recognizing the value of deep dives into product analytics.
PIM systems equipped with analytical tools provide insights into product performance, customer behaviors, and market trends. Such in-depth analysis offers brands a roadmap, highlighting successful strategies and pinpointing areas of improvement. It’s not just about managing product information but optimizing it, ensuring every piece of data serves a strategic purpose and enhances the customer experience.
These trends demonstrate the increasing value that PIM can bring to brands. But brands can take it a step further to create more profitable product marketing strategies.
PIM: An Expandable Tool
Think of PIM as the base layer of a building — it’s where everything starts. PIM provides brands with the ability to organize and distribute product data efficiently, ensuring that the information reaches consumers in a clear and consistent manner.
But there’s more to managing data than just product details, and PIM’s capabilities can expand with your needs. Imagine adding more floors to our building, each one specialized for a different purpose — data syndication, digital shelf analytics (DSA), enhanced content, and more. Also, by using a multi-domain MDM solution alongside PIM, brands can manage a wider range of data domains. This not only centralizes and streamlines data processes but also offers richer insights into various business aspects.
In essence, while PIM serves as a rock-solid foundation, expanding with additional capabilities allows brands to tap into deeper intelligence and gain a more holistic view of their operations.
Making Smarter Decisions with PIM
In the fast-paced world of digital commerce, having the right tools is crucial. PIM is like the brain behind all product data, making sure everything is organized and shared effectively. But the landscape is always changing, and brands need to stay ahead. From the desire of shoppers for more personal touches to the rise of shopping on social media, the trends show the future is digital and data-driven.
By deploying a robust and expandable PIM platform, brands can dive deeper into data and make smarter, more informed decisions.