Last Updated on September 18, 2020
According to MarketsandMarkets, the global Product Information Management(PIM) market size is set to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024. The COVID-19 pandemic is certainly going to put a dent in the growth plans for the consumer products industry especially if it did not have an omnichannel strategy. According to McKinsey and Company, the small brand grew by a meager 1.7% between 2017 to 2019. Below are three strategies that small brands can take today to continue to improve their margins while maintaining steady growth.
For a CPG, digital transformation means ensuring that you have the set-aside budget to invest in technologies like PIM, CPA cloud computing, AI & ML. Transitioning your product catalog from Excel to a Product Experience Management system which can deliver hyper-personalization to your end-user and provide that rich buying experience is one such example. Another could be utilizing modern managed IT services and support providers that bring a wealth of experience and knowledge to run your entire IT operations or augment your onsite IT resources with strategic guidance.
Many businesses struggled at the start of the pandemic if they did not have a cloud-first strategy. The new normal will be to allow your best assets(your employees) to work from anywhere while giving them the right tools to be successful. Poor selection of ERP, CRM, MRP solutions results in departments working in silos and lose the ability to make key decisions based on insights. Consider modern SaaS software that is easy to use, bring your teams together and give you the agility to come out stronger after the pandemic is over. AWS and Azure have a variety of solutions to solve many common pain points but it is difficult to know where to start. A strong AWS professional services consultant can ensure you get the correct advice to drive your company forward in the digital economy.
Re-evaluate your Supply Chain:
Greater Reliance on e-commerce to survive coupled with the Millennial and Gen Z buying habits, the pressure to deliver goods on time regardless of disruptions will be the ticket for greater brand loyalty. It is more difficult for smaller brands to survive when country to country relations take a nosedive. In these situations, it becomes imperative to diversify your supplier base, look for alternate markets that are more favorable in the near and long term. Having multiple product lines for various demographics can supplement immediate shortages in core product lines. Our recommendation is to continue to evaluate partners to ensure that they are investing in ML technologies and applying AI to enrich their products and solutions. If you need help in PIM selection or evaluation, consider setting up a consultation with our PIM specialist.