5 key trends set to shape the PIM market in 2024

1. The impact of AI will continue to grow 

While the initial hype surrounding generative AI has been swift, the huge potential it has for the world of product information management is only just beginning. There are several ways AI can revolutionize the way brands work with their PIM systems, from streamlining internal workflows to elevating customer experience through augmented reality (AR) capabilities. 

As Gartner notes, one key way AI will continue to revolutionize product information management in 2024 is through content creation and enrichment in bulk. Some advanced PIM solutions already have generative AI integrated to empower users to create rich, compelling, and localized product content for every channel at the touch of a button. As brands and manufacturers look to scale in 2024, AI could be their ticket to meeting their growth ambitions.  

“Creating content at scale allows the focus to be on producing better, effective product information to concentrate on brand voice to win market share.” 

Gartner® 2023 Market Guide for Product Information Management Solutions

2. Digital product passports will become a key concern 

A key trend set to shape the PIM market in 2024 is the need to respond to growing regulations, such as digital product passports (DPPs). Inriver has been at the forefront of the conversation surrounding digital product passports in 2023, and for good reason. The European Union’s new legislative initiative will transform global supply chains, with implementation in certain industries slated for 2026. The regulations require every product placed in the EU market to carry a central bank of comprehensive and accessible product information – from material sourcing to sales and distribution. 

As brands and manufacturers accelerate their preparedness for DPPs, the need for an advanced PIM solution has never been clearer. Businesses need a solution that can collect, store, and distribute transparent, up-to-the-minute, and compliant product information, and that solution is PIM. As Gartner states, the need to collect all data about manufactured and distributed products for DPP compliance is driving the need for PIM. 

3. Product origin stories will go mainstream 

Consumers increasingly want to know not only where products come from but what materials were used, who made them, and the journey it has taken to get to market. Referred to as product origin stories, this information is set to be a key trend shaping the PIM market in 2024. This product-level traceability is an opportunity for brands to make the most of their green credentials while also empowering end consumers to make more informed purchasing decisions. 

In a similar way to DPP compliance, a business’s ability to capture, standardize, and distribute the information it needs to create authentic origin stories relies on having the right product data solution. An advanced PIM solution designed to simplify onboarding, centralizing, and enriching product information from across the value chain can be fundamental in meeting consumer demands for product origin stories in 2024 and beyond. 

“Companies are using origin stories to appeal to consumers who express preferences for products made with consideration to social and environmental impacts.” 

Gartner® 2023 Market Guide for Product Information Management Solutions

4. Digital shelf analytics will become a PIM essential 

PIM has long been seen as the engine for e-commerce success, but to truly take conversations to the next level it’s essential to understand how your products perform online – and how to keep listings optimized. As brands, manufacturers, and retailers look to exert more control over their online presence, the benefits of digital shelf analytics (DSA) are increasingly clear, particularly when the technology is integrated within an advanced PIM solution. 

That’s because this integration allows companies to ‘close the loop’ on their digital shelf through a bidirectional flow of data to and from their foundational PIM solution. Indeed, combining these two technologies provides real agility when delivering compelling product experiences across even the most competitive digital marketplaces. It may be a key trend shaping the PIM market in 2024, but expect the importance of DSA to go far beyond just the next 12 months.

5. Cloud marketplaces will simplify PIM procurement 

A growing number of PIM vendors are partnering with cloud service providers (CSPs) to offer their solutions directly through their cloud marketplaces. This has the potential to remove some of the barriers that might stop a business from taking its first steps into the world of PIM. As Gartner notes, this can help simplify the process of selecting and purchasing a solution as all payments are made through a single, established CSP relationship.  

In 2024, expect to see more PIM vendors take advantage of their presence on marketplaces to simplify procurement. These marketplaces include Microsoft Azure, Amazon Web Services, Google Cloud, and Salesforce. This will enable more brands and manufacturers that currently do not use PIM to kick off their PIM journey. They can then streamline their scalability, elevate their product experiences, and be compliant in every market with the right advanced PIM solution for their needs. 

inriver: The PIM for 2024 and beyond 

PIM solutions are increasingly business-critical applications. For brands and manufacturers with data demands across a wide range of industries, the benefits of PIM are clear. However, finding the right PIM software for the needs of today and tomorrow can be challenging. This is especially true when factoring in the growing demands from an increasing number of audiences. That’s why inriver has developed the most complete PIM solution on the market. It’s the only PIM that supports products from their origin stories to their end-of-life processes and every stage in between. 

The composable, multi-tenant inriver PIM offers a comprehensive product information management solution to meet the demands of 2024 and beyond. A fully extensible data model that evolves with the demands placed on your products provides a solid foundation for even the most complex product catalog. Furthermore, the inriver platform has built-in syndication and digital shelf analytics technology, advanced data-sharing, and more. This makes inriver the complete solution for every business in every market.