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Product Information Management Software (PIM) Market

05-24-2021 09:22 AM CET | Media & Telecommunications

Press release from: Coherent market insights

Product Information Management Software (PIM) Market

Product Information Management Software (PIM) Market

Product information management can be defined as a process of managing the information required to promote and sell products in the market through distribution channels. To manage process manufacturing, retail and other industries use product information management software which helps them to collect, manage and improve the company’s product information. Furthermore, product information management software also creates product catalog, and distribute it to the company’s sales and e-commerce channels via websites, enterprise resource planning (ERP) systems, product lifecycle management (PLM) systems and electronic data feed. Moreover, this software is majorly used to streamline the distribution process for suppliers, and improve quality and consistency of product data, and to deliver a better product experience to the customer.

Retailers Are Adopting Product Information Management Software to Shorten New Product Information Cycle

Product information management is majorly used to market the product so that it can reach maximum number of customers. Retailers are majorly seen implementing this software to shorten the time required to promote new products launched in the market through various sales channels such as distributers, e-commerce portals, social media and others by providing accurate product information along with images and other digital media to customers. All this helps in reducing the time required to market the product, owing to which demand for product information management software is expected to grow during the forecasted period (2019-2027). For instance, in October 2019, Verishop, an e-commerce company, announced that they had started implementing product information management software (PIM) solutions to help start-ups scale up the speed of launching their product in the market.

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Furthermore, growing expectations among consumers regarding data quality is one of the major factors positively affecting growth of the global product information management software market. As consumers today are more engaged in researching the product before buying, it is mandatory for sellers to provide high-quality, complete product information to customer in various formats and through various sales channels. This helps customers gain complete product information, and in case it in unavailable, they can switch to another site or catalog which may affect the sellers' revenue.

Factors Restraining Growth of the Global Product Information Management Software Market

The cost of ownership is high for deployment of product information management software, as it includes annual licensing fees, customization, deployment, and maintenance of the system which is a major factor that is expected to restrain growth of the market.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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