Trends in Product Information Management – What’s Next?
Did you know that 74 percent of consumers want accurate and complete product information before they make a purchase, especially when it comes to packaged foods? Consumers want and need to know what they are buying and complete product data is the key. In fact, companies that provide detailed and accurate product information will be well positioned to complete the sale.
In 2017, we saw big box companies like Walmart and Amazon invest in product information management software. This enabled them to build trust with their customers. In 2018, this technology will continue to gain popularity and new trends will arise.
Top Product Information Management Software Trends of 2018
Here are the top product information management software trends expected in 2018 and 2019.
1. The Aggregation and Enhancement of Product Content
Product content is necessary to solidify a good consumer experience. Consumers are more likely to purchase from a company with accurate product data. In 2018, there is a greater demand for higher quality content from retail and e-commerce companies. The delivery of better content will ultimately enable consumers to make purchasing decisions for every item they buy. In this way, product content quality serves as the most essential element of the supply chain.
Suppliers and retailers will continue to increase their spending on product information management software. This will enable the creation, aggregation, and delivery of accurate product content.
2. Product Content Will Be Consolidated Across Departments
Product data can often be fragmented from department to department within an organization. The art department files the image assets. The marketing department manages strategic content for marketing campaigns. Sales teams have the product specifications. Product content management software will allow companies to keep data in one place. Now all departments can access the data easily. There’s no need to submit data from department to department. Company stakeholders can even access, collect, transfer accurate product content.
3. Product Data Distribution That Syncs with the Internet
A product information management software needs to bridge PIM with the Internet. The system requires powerful API capabilities. It needs to create product information into the appropriate formats. This will allow it to be transferred to online apps, mobile apps, and other platforms. A product data network system that connects organization PIM systems with Internet technologies needs to be in place. Just having PIM software alone is not enough. It’s essential that the PIM technologies integrate with the Internet. This provides organizations instant access to product content and gives them a competitive edge. To make this happen in the world of IoT, organizations need to adopt product content hubs. These hubs will systematize and assemble the data. They must be in a central location. This will allow them to reply to the growing demand of stakeholders. It will also address the growing complexities of shifting cycles of retail and e-commerce.
4. High-Quality Product Content Data Programs
In relation to product data, there are two attributes that require deliberation. They include accuracy and magnitude. Both of these attributes impact an organization’s bottom line. Most online purchases rely on product data. Because of this, inaccurate and incomplete product information can negatively impact sales – and revenue. To address this critical problem, organizations are trumping up what’s known as data quality programs. These programs will focus on a variety of areas:
- Conducting data quality audits
- Investing in technology platforms with intrinsic quality measures
- Implementing the validation of data processes
We’ll see the appearance of new technologies. They will be developed in both offline and online businesses. Product information will drive retail company profits. In 2018, more retail businesses will develop product data initiatives. They will also build programs within their organizations.
5. Transparency Initiatives and Regulations
Consumers want greater transparency due to the rapid shift of the retail landscape. This industry has delivered more product complexities.To address these complexities, regulators are stepping in to better the chance of consumer transparency. One example is the GMA Smart Label, which represents FDA’s labeling requirements.
Another example is the EU Regulation 1169. This initiative concerns manufacturers and retailers that sell packaged food products online. These initiatives and regulations may seem daunting. But retailers must carry them out to give consumers transparency they demand. These are two of the recent initiatives we’ve seen in the online retail industry. In 2018, retailers will need to produce and deliver accurate, complete, and instant product data to reply to this demand.
Stay Up to Date with the Trends in Product Information Software
Now you know the product information management software trends coming down the pike. You’ve seen the role that product information software plays in the retail digital landscape. You’ve discovered why product data must be in sync with the Internet. And the importance of transparency regulations like labeling laws. It’s clear that businesses will need to adopt these product information software trends to stay in the game in the e-commerce and retail playing field. Soon, these trends will become the norm. The sooner you implement them, the higher your chances of success.
Want to know more about product information software? Our company provides businesses with the education and products needed to thrive in the retail industry.