The concept of “Product Information Management” (PIM) is no stranger to tech.
It’s been doing its rounds for a few decades (conservatively) but under a compilation of different names. However, more recently, the market has exploded.
In 2020, the global PIM market was valued at $9.90 billion in 2019, and is projected to reach $59.25 billion by 2027. And to put it into further perspective, it’s growing at a CAGR of 25.2% from 2020 to 2027. That's very impressive!
When ecommerce took center stage during the COVID-19 pandemic, PIM became the foremost solution for both enterprises and SMBs around the world. This booming digital era has brought a growing need for centralized storage, enrichment and distribution of product-related data.
Content management in its SIMPLEST form is a common time-eater for many modern businesses. Product managers only seek a solution when tedious tasks start snatching more than 90% of their time—weekly—or brands start losing 15 to 25% in revenue due to inaccurate data. By then, it’s already too late.
But like most things in life, you only explore a solution when the problem becomes clear as day. And fortunately for PIM providers, the need for a next-gen PIM solution is rife at the moment. It’s taken a fair amount of time to educate the market and drive awareness, but it’s picking up and we couldn't be more excited.
The state of the PIM market
- North America held the highest PIM share in 2021, followed by Europe, and Asia
- On-premise PIMs dominate, but SaaS is gaining traction due to affordability and ease of use
- Product Information Management (PIM) is projected to reach $59.25 billion by 2027
- The retail industry leads the PIM market, with finance and manufacturing trailing behind
- Placing one SKU (manually) on a web store requires 20-46 minutes of your time
- It is 6 times faster to manage data information in PIM than in Excel spreadsheets
- PIM increases time to market 2X than non-users—resulting in 5.5X better-operating margins
- Product or ecommerce data managers spend 90% of their week on data-related activities
- PIM tool adopters can correct errors 18X faster than non-adopters
- Using a PIM system can deliver a 20-50% increase in online conversions
- Plytix is officially the top-rated PIM for small businesses according to G2.com
- Only 50% of organizations use PIM to manage product processes and product experiences
- Poor product data in spreadsheets can cost businesses up to 25% in revenue
- The quickest PIM system setup is six weeks before you can take your content live
- Companies with multichannel commerce strategies retain up to 89% of their customers
Hop on the PIM train with Plytix
Plytix is an all-in-one solution with DAM capabilities.
It can easily integrate with your existing ERP system and offer you a world of new sales enablement opportunities due to our additional features.
Why struggle with 5 separate tools, on average, when you’ve got one that can do it all? Get into the habit of maintaining quality product data across departments.
Try PIM today and watch your customers’ satisfaction and bottom line sky-rocket.
Book a demo of our tool in action here—no strings attached.