July 19, 2024
PRODUCT INFORMATION MANAGEMENT SOFTWARE (PIM) MARKET

Product Information Management Software Driven By Omnichannel Retailing Needs

Product information management (PIM) software allows companies to centralize product information and media content across departments and channels. It provides a single source of truth for product data, ensuring consistency throughout the customer experience. PIM solutions help manage multimedia content like images, documents, and videos. They also support the syndication of standardized, accurate product information to all sales and marketing collateral like catalogs, websites, and online retailers. As businesses expand their offerings across more sales channels like online marketplaces, mobile sites, and social networks, the need for centralized oversight of product information grows. PIMs enable companies to efficiently update master product records and reuse approved content via flexible workflows. By maintaining synchronized data across departments and platforms, businesses can avoid duplicative efforts and eliminate inaccuracies.

The global Product Information Management Software Market is estimated to be valued at US$ 15.79 Bn In 2023 and is expected to exhibit a CAGR Of 5.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving increased adoption of PIM software is the growth of omnichannel retailing. As more shoppers begin their product searches online and move seamlessly between digital and physical shopping experiences, retailers must provide consistent, accurate information across all sales touchpoints. PIM solutions offer centralized management of master product records, attributes, media content, and related metadata. This enables sharing of standardized information with all distribution channels. Businesses can streamline their omnichannel operations through features like centralized workflow management, automated syndication of content, and personalized experiences tailored for each individual sales venue from websites to mobile apps. With PIM systems ensuring consistent messaging across the customer journey, retailers are able to enhance brand visibility and elevate the omnichannel experience.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to availability of open source PIM software. However, established players have strong brand loyalty and economies of scale which make it difficult for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, switching costs associated with training and customization make buyers less price sensitive.

Bargaining power of suppliers: Software developers and technology providers have low bargaining power given the fragmented nature of suppliers and availability of alternatives.

Threat of new substitutes: Threat of new substitutes is low as PIM software offers unique capabilities for product data integration. However, digital ADA tools pose a potential threat.

Competitive rivalry: The market is highly competitive with presence of global and local players. Companies compete based on product features, pricing, customer support and partnerships.

Key Takeaways

The Global Product Information Management Software Market Demand is expected to witness high growth.

Regional analysis:

Asia Pacific is expected to be the fastest growing market during the forecast period owing to rapid digitalization of businesses in countries like China and India. Growing retail and manufacturing industries are supporting adoption of PIM software.

Key players:

Key players operating in the Product Information Management Software market are Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc. Quantum Profile Systems Ltd. is a leader in the market with strong expertise in product content syndication and enhancement.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it