6 eCommerce & Retail Trends Igniting a PIM Adoption Fire in 2023
Published On: July 19th, 2023|By Comosoft|6.8 min read|
Consumers today are shopping in new and different ways in this increasingly digital age and have different expectations as a result. More customers are shopping online and engaging with brands in new and exciting ways as technology advances.
But any thriving business needs to find ways to keep up with these shifts in consumer expectations. They need to find ways to cater to the needs of their target audiences as eCommerce buying patterns evolve.
Trends like hyper-personalization, mobile and social media shopping, global retail, supply chain challenges, and complex tech stacks impact how brands manage their inventories. Here’s what you need to know about how these trends shift the way brands work and inspire them to adopt product information management (PIM) solutions.
1. The Introduction of Hyper-Personalization
It’s already apparent that personalized user experiences are making waves and helping customers feel more engaged with brands than ever before. In fact, around 80 percent of consumers are more likely to make a purchase if the brand offers a personalized experience.
But the same is also true for increased levels of personalization in the products brands sell. The average consumer is far less intrigued by generic products; they want something to help them stand out. Buyers find this level of personalization to be incredibly appealing:
81 percent of consumers would pay more for personalized apparel
79 percent of consumers would pay more for personalized footwear
77 percent of consumers would pay more for personalized jewelry and accessories
76 percent of consumers would pay more for personalized furnishings
Product customization can be a great way to connect with consumers, attract new customers, and drive sales—but brands need strong strategies to make this level of personalization possible, profitable, and efficient.
An eCommerce product catalog—like a PIM solution—can be an incredibly useful tool here. A PIM solution gives you the power to store all kinds of variations on the items in stock and share product descriptions with customers.
2. A Sharp Rise in Mobile Shopping
Mobile eCommerce is surging in popularity—so much so that it’s been monikered: “m-commerce.” This term refers to online purchases made through portable devices like smartphones or tablets. Consumers are using their mobile devices to research products, compare prices, and purchase at higher rates than ever. In fact, at the end of 2022, almost one-third of US internet users made at least one online purchase per week using their mobile phones.
Mobile commerce is expanding at lightning speed, which is why it’s so essential for brands to have mobile-friendly websites and applications complete with optimized product data. Integrating with a PIM system means it’s simpler for brands to complete a mobile-friendly site and store and optimize product listings across platforms and commerce channels.
3. A New Era of Social Media Shopping
Social media is no longer just a way for consumers to find and interact with new brands; it’s also a rapidly-expanding shopping platform. It’s anticipated that in 2023, sales from the social eCommerce market will top $1 trillion for the first time, with an expected $1.3 trillion in combined annual sales. This is over double the figure from 2020, when sales peaked at $560 billion. By 2026, annual social media sales could reach $2.9 trillion.
Social media is undoubtedly an effective marketing tool, but with shopping features prominently featured throughout the most popular social media channels like Facebook and Instagram, Pinterest, and now TikTok. Now, merchants can use these channels to promote and sell their products.
Social commerce can significantly and positively impact online brands—especially those whose target audiences spending time browsing these apps. With a PIM system, sellers can manage their inventory (including social commerce platforms), store images and other assets, integrate marketing copy, and edit, share, and optimize content within a convenient location.
In 2021, cross-border online shopping totaled approximately $785 billion.
By 2030, cross-border eCommerce will reach an anticipated $7.9 trillion.
Online brands are quickly adding cross-border selling to their eCommerce strategies, taking online selling past global Amazon storefronts to multilingual stores and worldwide commerce. Why? Cross-border commerce isn’t a niche selling strategy. In fact, 67 percent of global shoppers devote 10 percent of their monthly online spending to brands in other countries. It’s a smart way to expand a brand’s reputation to broader audiences and become a globally known, trusted brand.
With a PIM solution, online sellers can manage and update localized content on their own eCommerce website and within their other digital marketplaces. This simplifies overcoming localization challenges compared to spreadsheets or more traditional localization methods.
5. Striving For Sustainability In The Supply Chain Challenges
If there’s one thing the entire e-commerce world has learned during the COVID-19 pandemic, it’s that managing the supply chain is critical to lasting success. Internal processes like the supply chain can be critical when delivering a strong, positive customer experience to consumers.
While supply chain issues today might look a bit different than they did in the early days of the pandemic, brands are still examining their supply chains as a whole and looking for ways to make them more flexible, sustainable, customer-centric, and environmentally friendly. Tools for better inventory forecasting, anti-corruption contracts, human rights agreements, environmental protection agreements, and improved supplier management transparency are helping to make the entire supply chain more local, fairer, safer, and, therefore, more sustainable. All these measures aim to promote optimized corporate governance throughout the whole life cycle of a product or service.
When issues such as pandemics, wildfires, or other disasters disrupt the supply chain, brands need ways to make their operations fail-safe. Even if these disruptions are beyond a brand’s control, they can use a PIM solution to track product availability and better identify which products they need to promote, and which are dwindling in inventory.
6. Managing Complex Tech Stacks
It seems that anymore, there’s a separate technology solution for just about every step in the supply chain, adding up to a pretty complex tech stack loaded with countless applications and software systems.
While a complex tech stack can help you analyze data, manage your marketplace, and store digital assets, it can also make things too complicated and costly. Employees lose an average of five hours each workweek toggling between tools like messaging, collaboration, and asset storage solutions—which can significantly impact productivity. Often, it also means work gets lost in the shuffle.
What’s more, the complex tech stacks may lead to all kinds of work redundancies; 44 percent of workers believe that siloed digital tools within their tech stack make it hard to know when multiple team members are duplicating work. And almost half of these workers are sharing that not having the tools to track work and collaborate in real-time leads to costly errors on the job.
As a result of this trend, many brands are adopting PIM solutions to limit the amount of app switching. Because these PIM solutions streamline workflows and make it easier to keep everyone on the same page, employees can better focus their efforts on the tasks without redundancies or work falling through the cracks.
Comosoft Helps You Keep Up With the Trends
Staying current with all these changes doesn’t have to be a hassle. With product information management software, you have a single, centralized location to oversee each product from the beginning of its lifecycle to the end.
Comosoft’s PIM system isn’t just a PIM system; it goes beyond product information management. With a digital asset management solution, a collaborative workflow and versioning tool that updates in real-time and consolidates your data and assets from multiple sources into a central repository.
When you combine your data and assets into a unified view, you and your team can plan and execute projects and tackle new trends with better insight—no matter how quickly trends shift and evolve.