Contentserv was recognized a Strong Performer in The Forrester Wave™: Product Information Management, Q4 2023, Contentserv obtained the highest possible score in the “roadmap” and “adoption” criteria being cited that “its comprehensive roadmap incorporates foundational elements for the DPP (Digital Product Passport)” and the “integration of a larger assortment of channel endpoints and DSA (Digital Shelf Analytics) capabilities through the inclusion of Shoppingfeed's capabilities.”
Product Information Management (PIM) plays a crucial role in today's data-driven enterprises. As 50% of buyers now prefer to shop online for its convenience, the demand for high-quality, consistent, and channel-ready product information has reached unprecedented levels. Customers now seek the flexibility to fine-tune product searches based on various attributes, underlining the need for accurate and comprehensive data at any time and from any device. Beyond merely meeting customer expectations, a strategic PIM implementation is about laying the foundation for a scalable digital future.
Realizing its importance, global product leaders are strategically investing in PIM solutions to gain an edge in a highly competitive marketplace. The recent release of The Forrester Wave™: Product Information Management, Q4 2023, serves as a comprehensive guide, analyzing and scoring various vendors in the PIM landscape. The report dives into each vendor's approach, offering detailed insights into their strengths and positioning within the category. One exciting highlight for us is Contentserv's recognition as a Strong Performer, underscoring, in our opinion, its commitment to delivering a future-proof PIM system.
Investments in PIM solutions are increasing globally
The global PIM market is projected to grow from $3.01 billion in 2022 to $12.91 billion by 2029, at a CAGR of 23.1%. PIM systems are rapidly becoming essential in helping companies navigate the complexities of product data management. Technological advancements, including AI-driven automation and integration capabilities, are also contributing to increased adoption. As the Forrester report notes, “PIM is now a core capability for any enterprise that sells products in market.”
By leveraging PIM, you can align product information with customer preferences, creating a personalized and targeted approach that enhances the overall customer experience and fosters loyalty. As a centralized hub for data management, PIM allows you to adapt quickly to market changes, update product information efficiently, and engage in omnichannel marketing. PIM's role in enhancing data quality and governance promotes trustworthy decision-making, while its automation capabilities contribute to time and cost efficiency. Plus, the insights it generates can empower you to make informed decisions and refine strategies.
3 main drivers for PIM implementation
- Elevated demand for task automation
Like many labor-intensive processes, maintaining product information can be greatly improved by automating as many parts of the process as possible. Currently, 31% of businesses have fully automated at least one aspect of their processes. Through features like unlimited data feeds, bulk updates, automated workflows, and centralized collaboration, PIM significantly reduces manual tasks associated with product data management. Its ability to automate the creation of product data sheets and simplify tasks such as product description generation contributes to a faster time to market. Intuitive dashboards provide full visibility over all products, making PIM a crucial asset for promoting productivity and accuracy throughout the entire product lifecycle.
- Consumer preference for online shopping
56% of shoppers value product information now more than ever and often avoid retailers lacking accurate and complete product descriptions. If attributes are missing from the product descriptions, organizations lose credibility. As the Forrester report notes, “...the majority of consumers value the ability to filter by price, brand, style, or other product attribute on a distributor’s or retailer’s website….” To ensure that your online store is the best possible resource for shoppers, you must provide detailed, complete, and accurate product information so they can easily access and fully understand the product's attributes and benefits. With PIM, you can ensure that customers can effortlessly navigate through product catalogs, apply filters, and access detailed information.
- Requirement for product data centralization
With 47% of marketers struggling with inaccessible and siloed data, centralizing product information has become crucial. Product information is now at the core of delivering consistent omnichannel interactions. A centralized PIM platform can help you reduce data silos by promoting data sharing internally and across company boundaries. It enforces data standardization, incorporates workflow management for collaborative creation and approval processes, and features integration capabilities with systems like ERP and ecommerce platforms. The entire process, from validation and enrichment to data distribution, is coded and executed from a unified platform.
What new features in PIM software will be considered as the new normal?
As the business ecosystem evolves, PIM systems will likely continue to adapt to meet the ever-changing demands of efficient product information management. Here are three exciting features in PIM software that are expected to become industry standards moving forward:
- Digital Product Passport (DPP) support
Businesses need to prioritize transparency more than ever. Why? 80% of global consumers demand brand transparency regarding environmental impacts in production. Compliance with Digital Product Passport (DPP) regulations, promoting a circular economy, requires businesses to implement robust data management and digital workflows. To seamlessly integrate sustainability data into your product information and align packaging strategies with DPP standards, you can leverage a PIM system. With data governance, version control, and integration capabilities, PIM helps enhance transparency, sustainability, and compliance in DPP development. You can not only check regulatory boxes but gain a competitive edge through enhanced consumer trust.
- AI capabilities
Integrating AI solutions marks the natural evolution of PIM systems — optimizing operations, creating high-quality content, and fostering loyalty in the ecommerce world. By embedding AI capabilities into PIM, you can take personalization to the next level with highly targeted marketing campaigns and product recommendations. AI automation simplifies tasks, enabling you to focus on improving overall customer experiences. Notably, 92% of companies have already embraced AI-driven personalization to drive growth. With the right strategy for data-driven text automation and the use of high-quality data, you can increase your efficiency while saving time and resources – now with the help of GPT-4 or comparable models.
- Full process analysis
Customer retention rates are 90% higher for omnichannel vs. single channel. As brands expand across multiple digital channels and continuously optimize their product experiences, the demand for efficient product data management grows. However, achieving this requires end-to-end visibility into the product lifecycle. By incorporating advanced analytics and process mining capabilities, PIM systems can now provide in-depth insights into the entire product journey — from creation to distribution. Through a comprehensive process analysis, you not only gain a clear understanding of how product information is being handled but also uncover opportunities for further improvement.
Contentserv is already prepared for the future
Integrating AI solutions marks the natural evolution of PIM systems — optimizing operations, enriching customer interactions, and fostering loyalty in the ecommerce world. Contentserv is leading the way by seamlessly incorporating AI capabilities into its robust PIM platform. The Forrester report notes that Contentserv “shined in our evaluation with AI support during onboarding of product data, support for enterprises with multiple brands through a federated data model hierarchy, and above-par product information translation capabilities.”
Contentserv’s Artificial Recommendation Agent, Cara, acts as a versatile interface to various AI applications, offering you unparalleled flexibility without vendor restrictions. Thanks to automated content enrichment and based on customer preferences, Cara recommends and compiles dynamic content, so you can focus on the essential tasks. Moreover, our microservices automate tasks such as creating product descriptions, translations, and data mapping, enhancing your operational efficiency. These capabilities offer a wide range of benefits for Contentserv customers — from increasing customization across sales channels to avoiding product data inconsistencies.
A Strong Performer
Named a Strong Performer in The Forrester Wave™: Product Information Management, Q4 2023, Contentserv obtained the highest possible score in the “roadmap” and “adoption” criteria being cited that “its comprehensive roadmap incorporates foundational elements for the DPP (Digital Product Passport)” and the “integration of a larger assortment of channel endpoints and DSA (Digital Shelf Analytics) capabilities through the inclusion of Shoppingfeed's capabilities.”
Contentserv “has continued its steady organic growth in EMEA, acquired Shoppingfeed, and gained traction in the US and APAC.” It “focuses on transitioning PIM from a back-end support data system to a top-line revenue driver and catalyst in enterprises,” wrote the Forrester report. The report also includes positive feedback from a reference customer, highlighting the ease of use of Contentserv's APIs. According to the customer, “Now we have the capabilities to stand up an API in a couple of minutes; it is very robust in terms of getting data out of the system.”
Michael Kugler, CEO of Contentserv, emphasizes that “Staying ahead in the industry means more than just keeping up; it's about setting the pace. We're committed to helping our customers turn product data into revenue by offering innovative solutions that push the boundaries of what’s possible in product experience management.” This customer-centric approach reinforces Contentserv’s commitment to providing effective and user-friendly solutions that help businesses navigate the rapidly evolving business landscape.