Product Information Management (PIM) Statistics 2024 – Everything You Need to Know

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Are you looking to add Product Information Management (PIM) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Product Information Management (PIM) statistics of 2024.

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How much of an impact will Product Information Management (PIM) have on your day-to-day? or the day-to-day of your business? Should you invest in Product Information Management (PIM)? We will answer all your Product Information Management (PIM) related questions here.

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Best Product Information Management (PIM) Statistics

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Product Information Management (PIM) Usage Statistics

  • Additionally, 20% of enterprises spend more than USD 12 million per year on public clouds, and 59% of enterprises expect cloud usage to exceed prior plans, owing to the COVID. [0]

Product Information Management (PIM) Market Statistics

  • For example, according to the IBEF, the Indian e commerce market is expected to reach a value of USD 200 billion by the end of 2026, from USD 38.5 billion in 2017. [0]
  • A PIM solution is 100% concentrated on the management of product information that is most often used for marketing and merchandising purposes. [1]
  • In the PIM system, this can be managed by uploading branded videos and33%, rich content, and, rich content, andproduct images..efficient marketing messaging2. [2]
  • Having studied the 43%, we have come to the conclusion that the single product data standard creation is crucial for all market players in 2021. [2]
  • Gepard PIM & SyndicationTake a look at our collaboration experience with the of the eCommerce market and see that a 75% increase in operating efficiency is possible. [2]
  • So, Brent Adamson 33% product images efficient marketing messaging. [2]
  • Gepard PIM & Syndication Take a look at our collaboration experience with the of the eCommerce market and see that a 75% increase in operating efficiency is possible. [2]
  • So itā€™s no surprise that the PIM market is experiencing a compound annual growth rate of more than 25 percent. [3]
  • That 25 percent compound annual growth rate in the PIM market?. [3]
  • The global product information management market size was valued at $9.90 billion in 2019, and is projected to reach $59.25 billion by 2027, growing at a CAGR of 25.2% from 2020 to 2027. [4]
  • According to the industry vertical, the retail segment accounted for the highest product information management market share in 2019, as retail industry’s distribution & supplier networks has become more complex across the world. [4]
  • MarketsandMarkets estimates the global PIM market size is expected to grow from USD 9.0 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate of 12.2% the forecast period. [5]
  • The global PIM market size is expected to grow from USD 7.7 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate of 12.2% the forecast period. [5]

Product Information Management (PIM) Latest Statistics

  • 23.3 % Market Overview The Product Information Management Market was valued at USD 9.88 Billion in 2020, and it is projected to be worth USD 33.78 Billion by 2026, registering a CAGR of 23.3% during the forecast period. [0]
  • For instance, in 2018, Adobe found that companies with the strongest omnichannel customer engagement strategies witnessed a 10% Yo Y growth, a 10% increase in average order value, and a 25% increase in close rates. [0]
  • According to the Flexera 2020 State of the Cloud Report, 93% of enterprises have a multi cloud strategy, and 87% have a hybrid cloud strategy. [0]
  • For instance, according to Shopify, by 2021, the global e commerce is forecast to be worth USD 4.97 trillion, almost a 400% increase in seven years. [0]
  • It is estimated that there will be 1.92 billion global digital buyers in 2019, with e commerce sales expected to account for 13.7% of retail sales worldwide. [0]
  • The Chinese leadership has also improved its promotion of crossborder e commerce, the value of which exceeded USD 26.3 billion in 2019 (an increase of 38.3% from 2018). [0]
  • The Product Information Management Market is growing at a CAGR of 23.3% over the next 5 years. [0]
  • With e commerce managers working harder than ever to deliver superior customer experiences, 100% consistent, reliable, and complete product information is a must. [1]
  • According to , about 75% of the worldā€™s population aged 16 64 shop online on a monthly basis. [2]
  • In other cases, 68% Source barilliance.com. [2]
  • itā€™s confirmed by in 2021, 50% of companies are going to use PIM in their activities. [2]
  • Today, of companies achieve 27.1% more results than companies that do not have clear plans and eCommerce strategies. [2]
  • Having studied the 43% online sales channelsā€™ requirements 3. [2]
  • In his book Product Information Management Theory and Practice, Abraham Jorij writes ā€œAccording to Goodmasters, 25 min per SKU per year is spent on manual item data cleaning which would take only 4 min with automatic synchronization. [6]
  • Jorji also cites Heiler, ā€œBefore the introduction of a PIM system, less than 17% of staff at manufacturing companies spend less than 2 h per week searching for products. [6]
  • After implementation, this percentage had grown to 36%. [6]
  • For retailers, this percentage grew from 47% to 58%.ā€. [6]
  • ā€œAberdeen sees in its research a 67% drop in labor cost. [6]
  • In a similar fashion, the Yankee Group reports an increase in employee productivity of 20%.ā€. [6]
  • River Sand Solutions estimates that pharmaceutical manufacturers, distributors and providers are operating at a 30% inaccuracy rate that has become the industry average. [6]
  • Jorji notes that this inaccuracy applies to all data, citing a stat from AT Kearney estimating that ā€œ30% of all article data from wholesale and producers has at least one mistake in it. [6]
  • According to Heiler , companies investing in PIM see up to 23% fewer product returns. [6]
  • ā€œFor companies that have deployed PIM, the annual business improvement averages 25 percent. [6]
  • With a PIM, Proctor & Gamble discovered that 3.6% of its orders included obsolete products. [6]
  • Johnson & Johnson discovered that inaccurate product data caused 2.5% out of stocks with its largest retailer, Walmart. [6]
  • More than half (57%). [6]
  • For example, according to Ventana Research, the most common barrier to improving PIM is a lack of resources (37% of companies reported this challenge). [6]
  • In 2019, 83 percent of smalltomediumsized businesses reported they had plans to invest in business technology, and 70 percent planned on investing in cloud. [3]
  • Meanwhile, customers who engage on 10 or more channels are the most likely to make a purchase once a week or more. [3]
  • For instance, a survey done by Statista found that 81% of people in Great Britain are searching for information about goods and services online. [7]
  • AsiaPacific would exhibit the highest CAGR of 28.3% during 2020. [4]
  • The Global Product Information Management Market is estimated to be USD 9.9 Bn in 2021 and is expected to reach USD 16.5 Bn by 2026, growing at a CAGR of 10.7%. [8]
  • Fact #1 A Forrester Research study revealed that 87% of shoppers stated that they have left a B2B website to conduct research around a product elsewhere, usually because the product description or information did not meet their needs. [9]
  • Fact #2 Providing more accurate, more complete, and more consistent product information can increase conversion rates from 17 to 56% according to A.T. Kearney. [9]
  • In a #Nielsen experiment, 20% of website users failed to successfully complete a purchase because of incomplete or unclear #productinformation. [9]
  • Only 1% of survey respondents believed that the integration of eCommerce and PIM is not important. [10]
  • For example, a preCOVID 19 study by Statista shows that the global retail e commerce sales will reach a new high by 2021 with 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. [10]
  • 80% of fortune 2000 companies rely on our research to identify new revenue sources. [5]
  • Worldwide online sales are increasing by almost 18% every year. [5]
  • In countries such as Mexico, India, the Philippines, and China, the e commerce industry is growing at a rate of more than 25%. [5]
  • A Date is a HTML Text field where the underlying date, stored as characters in the ISO 8601 date format, is displayed according to the enricherā€™s locale settings. [11]
  • If 80% of organizations donā€™t trust the state of their product data, how can one expect customers to trust a brand?. [12]
  • Annually, businesses lose 15 to 25% of their revenue just to fix their data errors. [12]
  • If 40% of buyers return a product due to insufficient product information, what does that say?. [12]
  • In a year, businesses spend 84% more time on cleaning data per product SKU than if they had automated the task, according to PIM expert Abraham Jorij. [12]
  • Unfortunately, 75% of businesses struggle to even agree on standards. [12]
  • Data from Heiler shows that PIM can provide a 23% reduction in product returns. [12]
  • Large companies like Johnson & Johnson have found that a PIM alleviated the effects of its inaccurate product data ā€“ which took 2.5% out of stock on Walmart. [12]
  • According to the Yankee Group senior analyst, businesses that use PIM improve by 25%. [12]
  • 80% of fortune 2000 companies rely on our research to identify new revenue sources. [13]
  • About MarketsandMarketsā„¢ MarketsandMarketsā„¢ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. [13]
  • Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. [13]

I know you want to use Product Information Management (PIM) Software, thus we made this list of best Product Information Management (PIM) Software. We also wrote about how to learn Product Information Management (PIM) Software and how to install Product Information Management (PIM) Software. Recently we wrote how to uninstall Product Information Management (PIM) Software for newbie users. Donā€™t forgot to check latest Product Information Management (PIM) statistics of 2024.

Reference

  1. mordorintelligence – https://www.mordorintelligence.com/industry-reports/product-information-management-market.
  2. widen – https://www.widen.com/blog/product-information-management.
  3. gepard – https://gepard.io/product-information-management/pim-best-practices-2021.
  4. plytix – https://www.plytix.com/blog/the-product-information-management-revolution.
  5. alliedmarketresearch – https://www.alliedmarketresearch.com/product-information-management-market.
  6. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/product-information-management-market-661489.html.
  7. shopify – https://www.shopify.com/enterprise/pim-ecommerce.
  8. plytix – https://www.plytix.com/blog/teams-that-benefit-from-pim-software.
  9. globenewswire – https://www.globenewswire.com/news-release/2021/10/21/2318080/28124/en/Global-Product-Information-Management-Market-2021-to-2026-by-Component-Deployment-Organization-Size-Industry-Vertical-and-Geography.html.
  10. bluestonepim – https://blog.bluestonepim.com/with-or-without-pim-business-benefits-of-product-information-management/.
  11. bluestonepim – https://blog.bluestonepim.com/blog/what-is-product-information-management-pim.
  12. sitation – https://www.sitation.com/akeneo-a-heuristic-and-statistical-approach-to-product-attribution-using-legacy-data/.
  13. catsy – https://catsy.com/blog/pim-data-quality-issues/.
  14. marketsandmarkets – https://www.marketsandmarkets.com/PressReleases/product-information-management.asp.

How Useful is Product Information Management

One of the key benefits of PIM is centralization. By storing all product data in a single, centralized repository, companies can ensure that all stakeholders have access to accurate and up-to-date information. This can significantly reduce errors, improve efficiency, and enhance the overall customer experience. Additionally, centralizing product information allows for easier synchronization across multiple channels, such as websites, mobile apps, and social media platforms.

Furthermore, PIM systems offer powerful data governance capabilities. By establishing rules and workflows for product data management, organizations can maintain consistency and quality throughout the product information lifecycle. This not only helps to ensure compliance with industry regulations but also helps to build trust with customers by providing them with reliable and transparent product information.

Another key advantage of PIM is the ability to tailor product information to different audiences. With PIM, companies can easily create product catalogs that are optimized for different sales channels, languages, and regions. This allows for targeted marketing campaigns and personalized customer experiences, ultimately driving increased sales and customer loyalty.

In today’s fast-paced digital world, where consumers have endless options at their fingertips, having accurate and compelling product information is essential for attracting and retaining customers. PIM systems provide the tools necessary to create rich product content that engages and informs buyers, helping companies stay ahead of the competition.

Moreover, PIM systems can also help companies streamline their internal processes. By automating tasks such as data entry, validation, and classification, organizations can free up valuable time for their employees to focus on more strategic activities. This not only leads to increased productivity but also enables organizations to respond more quickly to market changes and customer demands.

Additionally, PIM systems can provide valuable insights into product performance and customer preferences. By analyzing the data stored in PIM repositories, companies can gain a better understanding of their products’ strengths and weaknesses, identify trends and opportunities, and make informed decisions to drive business growth.

Overall, the usefulness of PIM cannot be overstated. In today’s competitive marketplace, where success is determined by how effectively companies can engage and convert customers, having a robust and efficient product information management strategy is essential. Whether it’s centralizing data, ensuring data quality, tailoring content, or optimizing processes, PIM systems provide the tools needed to succeed in the digital age. With the right PIM solution in place, organizations can enhance their competitiveness, improve their customer relationships, and drive sustainable growth.

In Conclusion

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