In the spring of 2023, we will study the state of commercial product information management in Finland, now for the third year in a row together with research firm Vastakaiku Oy. The goal of the study was to find out what significance product information management has for companies' business now and in the near future.

Some of the companies that responded to the survey have a product information management system, i.e. PIM, and some do not. Companies that do not have a PIM system manage product information in ERP, Excel, an e-commerce platform, a publishing system, or in some other way. In the majority of respondent companies, information is maintained in two or more languages.

Product information management is a critical success factor for companies

The research results revealed a lot of things that companies using product information in their business should pay attention to:

• 93% of the respondents consider product information management to be a critical future success factor for the company in the next few years.
• The quality of product information is of great importance to the customer experience.
• Companies that use PIM are more satisfied with the state of product information management and its management.
• The strengths of product information management include, for example, collecting data in one place, automatic functions, efficiency, speed and timeliness.

More detailed research results in Finnish or English and the recording of the webinar can be viewed: Management of commercial product information in Finland 2023.

The share of digital shopping is increasing, but the product and customer experience has weakened?

The importance of product information management as a success factor has increased compared to previous years' answers, because the importance of the timeliness and correctness of commercial information has grown continuously, especially with increased digital purchasing. Respondents mentioned that the quality of product information has an impact on customer experience and sales. It can be used to gain a competitive advantage and easily accessible product information also frees up time for customer service. Respondents to the survey estimate that the share of companies' turnover through digital channels/web will increase by 20–50% in the next few years.

Despite the fact that the importance of the digital shopping experience is becoming better known, the product and customer experience is felt to have weakened. When the survey asked if the respondents feel they offer a uniform product experience in different channels, the results have somewhat surprisingly dropped from the previous survey among all respondents. Similarly, the ratings for the claim 'Improving the customer experience plays a significant role in the development of product information and product information management' have weakened from before.

Responsibility and new technologies in product information management

Responsibility has emerged as a theme in product communication and is considered important. The respondents estimated that in the future, carbon footprint, compensation, responsibility labels and other terms related to sustainable development will be mentioned more and more in connection with product communication.

According to the respondents, companies' ability to adopt new technologies is good, but the benefits are not always understood. The challenges of introducing new technologies are often e.g. resistance to change, fragmented organization and resources. The use of artificial intelligence in product information management is still limited, but its importance is estimated to grow.

Product information management as part of the strategy?

Based on the research results, product information management and its development are viewed more positively in companies using the PIM system. In these companies, the importance of product information management is seen as more important and strategic than in those companies where PIM is not yet in place. In companies using PIM, areas for development are mentioned, e.g. automation and development of systems and processes. Companies that do not have a PIM are thinking about either implementing it or how the current solutions for product information management could be improved.

Satisfaction with the current state of product information management and its management, as well as the quality of product information, is at a higher level in companies using PIM. The implementation of PIM is seen as the most important area of ​​development in companies where the system is not yet in place. The respondents also commented that product information management should be included in the strategy, so that its effects are understood more widely.

Opportunities for growth

Based on the research, the majority of companies, regardless of the use of the PIM system, feel the need to develop product information management. The importance of correct and high-quality product information and the expanding range of channels are seen as enablers of growth, but this potential is not yet fully utilized. It is estimated that online trading will continue to grow, but there is still room for improvement in building a consistent product and customer experience. Companies that are on the edge of time grasp these themes and think about their next development targets based on them.