AI SHAPING THE NEXT EVOLUTION OF PIM

AI (Artificial Intelligence) is becoming increasingly prevalent in every industry. In 2021, the software market was valued at 547.2 billion USD and is expected to reach 872.72 billion USD by 2028 (Source: SkyQuest Technology Consulting Pvt. Ltd. ). Similarly, the global market value of the AI industry was valued at 136.55 billion USD in 2022 (Source: Grand View Research, Inc ). It is predicted to expand at a CAGR of 37.3% by 2030.

Undoubtedly, software technology is set to play a crucial role in the industries of the future, including Product Information Management (PIM).

The emphasis on AI

AI and NLP have revolutionized various industries by enabling data-focused automation. The technology has significantly reduced the manual workload required to carry out various data-related tasks, leading to increased efficiency and productivity. With AI and NLP, industries such as e-commerce, legal, accounting, and more can now automate their data-related tasks with high levels of accuracy, equivalent to or surpassing human performance. This has resulted in faster and more accurate decision-making, cost savings, and improved customer experience. Overall, AI and NLP have proven to be essential tools in driving progress and growth in numerous industries.

Similarly, Artificial intelligence (AI) is revolutionizing how we manage product data by automating tasks previously performed manually. With the growth of e-commerce and the increasing importance of digital channels, PIM (product information management) has become essential for businesses to ensure that their products are accurately represented, managed seamlessly across systems and channels, and promoted to customers.

?As one of the pioneers in integrating AI and ML, AmazepXM leverages technology to build automation through an extensive, continuous learning mechanism powered by data intelligence aka Amaze Data Intelligence.

Amaze Data Intelligence accelerates and streamlines various aspects of PIM, such as:

Data Extraction and Cleansing: AI algorithms are used to automatically extract product information from various sources such as supplier websites, product data sheets, and images. This data can then be cleansed and standardized to ensure accuracy and consistency. Product data often contains errors, inconsistencies, and duplicates. For example, a product may have multiple SKUs that refer to the same product, or the product name and description may contain typos or inaccuracies. AI identifies and corrects these issues, ensuring the product data is accurate and current. This can save time and effort for PIM managers who would otherwise have to clean up the data manually.

Product Categorization: Amaze Data Intelligence can help categorize products based on attributes such as size, color, and material. This can help businesses ensure their products are displayed correctly on their website and other digital channels.

?Product Recommendations: AI algorithms can analyze customer data and behavior to make personalized product recommendations to customers. This can help businesses increase sales and customer satisfaction.

Content Creation: Amaze Intelligence through its inbuilt AI bot Astro can generate product descriptions, titles, and other content automatically based on product attributes and other data. This can help businesses save time and resources while ensuring that their product information is accurate and consistent.

?Image Recognition: AI can analyze product images to identify color, size, and style attributes. This can help businesses ensure their products are accurately represented on their website and other digital channels.

Data classification and organization: PIM systems typically store large amounts of product data, including product names, descriptions, SKUs, prices, and images. AI can automatically classify and organize this data based on product type, brand, size, color, and price range attributes. For example, Amaze’s AI system can analyze the product names and descriptions to identify keywords and phrases that indicate the product type (e.g., shirt, pants, shoes) and brand (e.g., Nike, Adidas, Puma). This can help make it easier to find and manage product information.

?Data enrichment: PIM systems may sometimes not have complete, detailed product information. For example, the product description may be incomplete, or the product may not have images. AI can automatically gather additional information from external sources such as product reviews, social media, and competitor websites. After that, it can analyze customer reviews to identify standard product features and benefits not mentioned in the product description. This can provide a more complete and detailed view of products, which can be helpful for both PIM managers and customers.

Data Intelligence and Analytics

And the PIM functions can be further enriched by leveraging data to gain objective insights into different aspects of the product data lifecycle and drive ongoing improvement. Such as:

Recommendation engines: Use AI?to create recommendations that suggest products to customers based on their browsing and purchase history. For instance, an AI system can analyze a customer's purchase history and recommend complementary products that are likely to be interesting. It can increase customer engagement and sales.

Predictive analytics: AI analyzes product data and identifies patterns and trends that you can utilize to make informed business decisions. The AI system may use sales data to analyze and identify the most popular products among certain customer segments. With this, businesses can decide which products to stock and which of them to promote. Additionally, AI predicts products most likely to be in demand during a particular season. Alternatively, it may also envisage products expected to be prevalent among a specific demographic group.

Conclusion: ?

PIM powered with AI and ML can make processes more efficient by automating tasks, improving data quality, providing insights, and assisting businesses in making informed decisions. This can ultimately lead to better customer experiences, increased sales, and improved business performance.

It’s time to have an advanced, new-age PIM for the modern, frictionless commerce.