By Gepard’s CEO Sergii Shvets
The market for artificial intelligence in retail is anticipated to reach $57.8 billion by 2030, growing at a CAGR of 41% between 2023 and 2030, as stated in the most recent report from Meticulous Research.
AI has penetrated everywhere, and eCommerce is not an exception. The expanding application of omnichannel retailing strategies and the aim to enhance end-user experience and business productivity have raised interest and expertise in artificial intelligence.
AI, big data, and analytics became the most popular factors promoting the industry’s evolution.
Let’s try to think about how you can effectively combine the capabilities of artificial intelligence with a product information management solution to achieve maximum results in an omnichannel commerce strategy.
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What is PIM?
Product Information Management (PIM) is a piece of software created to centrally manage and enrich product information for an organization’s various online channels, including its own website, retail stores, and social media. For all data and features associated with a product, the solution act as a single source of trusted information, ensuring consistency, accuracy, and accessibility across channels and touchpoints.
In fact, PIM is becoming an increasingly important and even critical tool for any eСommerce business looking to succeed in today’s competitive digital age where consumers have access to a wealth of information. The solution allows brands to handle product master data alongside a merchant-specific version. At the same time, PIM ensures that this product data is accurate, consistent, and relevant across all channels, providing a better customer experience and driving sales.
However, PIM alone is not enough to stay competitive in eCommerce today. AI integrated into PIM provides users with powerful tools for automation, analyzing data, generating effective insights, and reducing time to market. The integration of AI into businesses’ product content solutions is boosting the potential of their product data and taking their eCommerce operations to the next level.
PIM+AI potential
Foremost, it can be predicted that automated PIM will become more accessible to customers. The integration of artificial intelligence transforms the whole user experience when working with PIM solutions. Here I am referring to eliminating barriers to importing, adopting, exporting data, or running data validation. These processes will become fully automated. A user will be able to communicate with the system in a more understandable way, using native language requests and establishing a personalised approach for fast processing and delivery of data to customers through dozen of channels.
Artificial intelligence will play a crucial role in creating new content (Premium A++) and this content may be shaped according to specific channels and users. AI will reduce the burden on PIM operators and manual work. As a result, it will not be necessary to delve into taxonomy attributes to keep up with the portfolio, looking for gaps and unused categories. Enriching product data using unsorted or unstructured content might become a piece of cake.
Another example of how PIM in cooperation with AI transforms eСommerce is improving the accuracy of product recommendations. AI technology analyzes customer data to identify patterns and preferences, providing businesses with insights into what products customers are most likely to buy. By integrating this data with PIM, businesses are more likely to provide more accurate and personalised product recommendations across all channels.
Looking into the future
I ought to predict that PIM in cooperation with AI will continue to transform the retail industry progressively. As technology advances, businesses will be able to automate more processes, generate more accurate insights, and provide more personalised experiences for their customers. We expect to see more businesses adopting PIM and OpenAI solutions in the coming years as they look to stay competitive, improve customer experiences, and drive sales.
The future looks bright for businesses that embrace PIM and AI solutions. Many leading eCommerce players see investments in high-tech solutions as a new opportunity to review and transform their existing strategies and develop advanced product portfolios.
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COMMENT: How PIM and AI empower omnichannel ecommerce
by Jasdip Sensi
By Gepard’s CEO Sergii Shvets
The market for artificial intelligence in retail is anticipated to reach $57.8 billion by 2030, growing at a CAGR of 41% between 2023 and 2030, as stated in the most recent report from Meticulous Research.
AI has penetrated everywhere, and eCommerce is not an exception. The expanding application of omnichannel retailing strategies and the aim to enhance end-user experience and business productivity have raised interest and expertise in artificial intelligence.
AI, big data, and analytics became the most popular factors promoting the industry’s evolution.
Let’s try to think about how you can effectively combine the capabilities of artificial intelligence with a product information management solution to achieve maximum results in an omnichannel commerce strategy.
Click here to sign up for our newsletter
What is PIM?
Product Information Management (PIM) is a piece of software created to centrally manage and enrich product information for an organization’s various online channels, including its own website, retail stores, and social media. For all data and features associated with a product, the solution act as a single source of trusted information, ensuring consistency, accuracy, and accessibility across channels and touchpoints.
In fact, PIM is becoming an increasingly important and even critical tool for any eСommerce business looking to succeed in today’s competitive digital age where consumers have access to a wealth of information. The solution allows brands to handle product master data alongside a merchant-specific version. At the same time, PIM ensures that this product data is accurate, consistent, and relevant across all channels, providing a better customer experience and driving sales.
However, PIM alone is not enough to stay competitive in eCommerce today. AI integrated into PIM provides users with powerful tools for automation, analyzing data, generating effective insights, and reducing time to market. The integration of AI into businesses’ product content solutions is boosting the potential of their product data and taking their eCommerce operations to the next level.
PIM+AI potential
Foremost, it can be predicted that automated PIM will become more accessible to customers. The integration of artificial intelligence transforms the whole user experience when working with PIM solutions. Here I am referring to eliminating barriers to importing, adopting, exporting data, or running data validation. These processes will become fully automated. A user will be able to communicate with the system in a more understandable way, using native language requests and establishing a personalised approach for fast processing and delivery of data to customers through dozen of channels.
Artificial intelligence will play a crucial role in creating new content (Premium A++) and this content may be shaped according to specific channels and users. AI will reduce the burden on PIM operators and manual work. As a result, it will not be necessary to delve into taxonomy attributes to keep up with the portfolio, looking for gaps and unused categories. Enriching product data using unsorted or unstructured content might become a piece of cake.
Another example of how PIM in cooperation with AI transforms eСommerce is improving the accuracy of product recommendations. AI technology analyzes customer data to identify patterns and preferences, providing businesses with insights into what products customers are most likely to buy. By integrating this data with PIM, businesses are more likely to provide more accurate and personalised product recommendations across all channels.
Looking into the future
I ought to predict that PIM in cooperation with AI will continue to transform the retail industry progressively. As technology advances, businesses will be able to automate more processes, generate more accurate insights, and provide more personalised experiences for their customers. We expect to see more businesses adopting PIM and OpenAI solutions in the coming years as they look to stay competitive, improve customer experiences, and drive sales.
The future looks bright for businesses that embrace PIM and AI solutions. Many leading eCommerce players see investments in high-tech solutions as a new opportunity to review and transform their existing strategies and develop advanced product portfolios.
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