Product information management is all about innovation. With a wide range of customers craving a superior product experience, PIM is becoming new every day. Artificial intelligence is the current trend that is supercharging product information management. The global PIM market is valued to reach 16.5 Billion by the year 2026. With the help of AI & ML, businesses can organize, analyze, and translate product data into actionable insights.
Forbes estimates that retailers will spend USD 7.3 billion on AI-based solutions in 2022, while Meticulous Research forecasts that AI in retail will reach USD 19.9 billion by 2027. It’s reasonable to say that AI has a big impact on business. Unlike traditional PIM solutions, which focus only on centralizing product data, modern PIM solutions offer data enrichment and syndication as add-on features. Businesses can enhance the accuracy of these features with the support of artificial intelligence. An AI-powered PIM solution can be trained to detect and rectify a wide range of problems, including incorrect pricing, inconsistent data sets, redundant data, and missing product characteristics.
AI can assist businesses in automating and streamlining their processes as well as assisting brands in creating tailored experiences both online and offline. Here are a few examples of how artificial intelligence is quickly taking over as the foundation of an improved purchasing process.
Enriched content creation
With the power of artificial intelligence and machine learning, organizations can create and enrich product information and adhere to the guidelines of the marketplace. AI has altered how companies present their products, creating a window into futuristic possibilities. The traditional user engagement for finding and buying products have also changed. Automated product content built with the help of AI has better quality because it is created, organized, and disseminated based on customer preferences. From extracting product attributes to categorizing products to capturing consumer feelings, AI helps businesses manage product data more effectively while ensuring consistency. AI also helps users to land on the right product page by highlighting intent-based search terms in the product descriptions.
Manually monitoring data credibility or quality is a laborious task, especially given the quantity and complexity of updated product information along with the dynamic complexities of ecommerce platforms. Additionally, by integrating AI with the PIM solution, tasks like manual product data cleansing and data matching may be further automated to save time and money.
Personalized customer experience
Consumers are accustomed to living in a digitized world that continually adapts to their tastes and wants. When establishing ties with clients, firms must keep this personalization in mind. To predict buyer behavior, PIM software can use AI algorithms to streamline product segmentation, user purchase history analysis, and online interactions. This capability enables businesses to deliver the right product recommendations to their customers. For example, you might have seen phrases like “you might like” and “Since you bought this product” when you opened your favorite ecommerce platform. Thus, AI helps in personalizing the customer experience.
AI can improve the customer experiences of new and existing customers and support businesses in making rapid and accurate high-level choices. Artificial intelligence can consolidate lead information, track buyer history, forecast consumer behavior, identify abnormalities, and interact with potential leads via various integrated communication channels.
Conversational commerce alludes to the point where shopping and messaging app usage converge. With the help of conversational commerce, customers can connect with the targeted organization’s employees , get customer assistance, ask questions, receive customized suggestions, read reviews, and proceed with the purchase. With conversational ecommerce, the customer interacts with a live person, a chatbot, or a combination of both with the help of Artificial Intelligence and Natural Language Processing. Chat apps allow businesses to reach consumers where they are and customize the sales process based on user preferences, something that traditional marketing strategies fail to fulfill.
Conversational commerce influences the user’s purchase behavior with the right customer assistance. Conversational AI functions by starting a sequence of analytical processes to comprehend user intent, producing relevant and context-aware responses, and then continuously evaluating the user behavior to increase sales and brand awareness. Conversational AI also enables businesses to create awareness about products and services that they were otherwise unaware of. Conversational commerce is essential in today’s ecommerce realm as it creates a positive brand image in the minds of consumers. They will be guided all throughout their buying process and provide additional support post the purchase.
AI-driven digital shelf intelligence
Most merchants and brands are struggling to keep up with the frequent changes in online purchasing habits and customers’ higher expectations. Deloitte estimates that digital interactions account for $0.56 of every dollar spent in a physical shop. Digital shelf is the place where a brand’s merchandise is offered for sale online. This could be on a retailer’s website, a social networking site, or any other e-commerce platform. 69% of customers prefer reading reviews on their phones over speaking with store employees. This behavior portrays the importance of good online presence for sales.
You can analyze, compare, and optimize your product listings with AI-driven Digital Shelf Analytics software to raise your search ranks and increase conversions. AI enables users to monitor stocks and restock items at the right for better supply chain management.
Digital shelf analytics (DSA) enables firms to automatically audit their online reseller channels and examine the strategies used by third parties to market their goods. DSA technology offers insights that, when put into practice, raise key performance indicators and customer conversion rates. Gartner called out PIMworks as a key player in both PIM as well as DSA categories.
At PIMworks, we deliver the most updated and prominent PIM solutions that can redefine your product experience management system. Our intelligent solutions are built on trust which can deliver optimal product experience to your customers. Join us to make your brand stand out from the crowd.