Multichannel Order Management Market Statistics: 2031
The global multichannel order management market was valued at $2.5 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.
The multichannel order management market share is expected to witness notable growth during the forecast period, owing to rising demand for multichannel sales and an increase in cloud-computing and machine-learning technologies. Furthermore, the surge in the digital retail and e-commerce sector has driven the growth of the market. However, lack of technical expertise, data breaches, and leakage of confidential information is the prime factor restraining the market growth. On the contrary, the demand for multichannel order management with full inventory & order visibility is expected to propel the multichannel order management market growth during the forecast period.
Multichannel order management is a type of business-to-business (B2B) software designed for companies that primarily engage in internet sales. Through real-time access to the same data across all channels, multichannel order management gives consumers a smooth experience regardless of the channel they choose for communication or shopping. In other words, one system serves as a single source of information, guaranteeing consistency of information.
The global multichannel order management market research is segmented into components, organization size, deployment mode, application end-use vertical, and regions. Based on components, the market is bifurcated into software and services. By organization size, it is divided into large enterprises and small & medium-sized enterprises (SMEs). The deployment mode is segmented into on-premises and cloud-based. Based on application, the multichannel order management market is categorized into order fulfillment, inventory management, channel integration, and others. Based on the end-use vertical the market is segmented into retail, manufacturing, transportation & logistics, and others.
Customers may buy anywhere, pick up their orders anywhere, and return their items anywhere due to multichannel order management systems. This technology enables firms to economically carry out several fulfillment alternatives, such as drop shipping, store fulfillment, and direct shipment from the warehouse. Businesses can consistently deliver the correct order with the support of omnichannel inventory visibility, order orchestration, order life cycle monitoring, and dashboards. Such advanced features have propelled lucrative market opportunities.
Every firm that is experiencing significant growth needs to overcome the difficulty of managing orders across several channels. Early on, marketing and product design are the main obstacles to overcome. Currently, managing huge order volumes across many channels while maintaining a high level of customer service is a new concern for brands in the high-growth stage. As organizations use innovative processes and merchandising techniques like pre-orders, bundling, and geo-routing orders across an increasing number of channels, this becomes exceedingly challenging.
Every large organization that is experiencing significant growth needs to overcome the difficulty of managing orders across several channels. Early on, marketing and product design are the main obstacles to overcome. Currently, managing huge order volumes across many channels while maintaining a high level of customer service is a new concern for brands in the high-growth stage. As large enterprises use innovative processes and merchandising techniques like pre-orders, bundling, and geo-routing orders across an increasing number of channels, this becomes exceedingly challenging. Hence, the demand for pre-sales and multi-channel management has benefited the growth of the multichannel order management industry.
Businesses may operate with confidence if they have access to real-time data on inventory numbers across all warehouses, bin locations, and sales channels. Cloud-based, multichannel order management technologies help firms control their market while their rivals fall short of satisfying client demands. Online multichannel order management eliminates overselling and underselling by giving proactive tools for anticipating customer trends and demand, prompting reorders, accurately counting inventory, receiving inventory quickly, and stocking shelves without tying up capital in slow-moving, excess, or obsolete inventory.
Initially, manual order management methods were sufficient, but they gradually became time-consuming and error-prone, which resulted in inefficiencies, bad customer experiences, and missed sales opportunities. Without a scalable solution that offers a solid and secure operational basis to develop their business both in terms of the number of channels and complexity. Companies will eventually find themselves in situations where their operations cannot maintain up with rising demand and the operational issues given by supporting merchandising and marketing, thus constraining their growth. Thus, there is currently a developing necessity for efficient order fulfillment applications, which will indeed expand the growth of the multichannel order management market, during the forecast period.
With the change to the internet-related industry, retailers swiftly began incorporating cutting-edge technologies like big data analytics, cloud computing, and digital stores. The retail industry has undergone a shift owing to digital media as consumers have become more selective about how and when they want to hear from companies. To adapt to the quickly shifting consumer tastes and effectively handle the large orders of multichannel commerce, several significant firms implemented techniques including improving their services and working together.
Region-wise, the multichannel order management market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America, specifically the U.S. and Canada, remains a significant participant in the global multichannel order management industry. Major organizations and government institutions in this region are actively using multichannel order management.
The Asia-Pacific multichannel order management market has a fast-growing CAGR, especially in countries like China, Japan, India, Australia South Korea, and Singapore among other countries. in this region. The market has been able to adapt to the latest technology advances since the Asia-Pacific area is a dynamic and expanding region. Additionally, because of India's relatively disorganized retail industry, efficient supply chain management is required. Rising urbanization, increased disposable incomes, rising consumption, and a nuclear family structure are the primary drivers of organized commerce in India.
For instance, in June 2022, Delhivery Limited, a logistic support service provider in India expanded its infrastructure in two important cities of Bhiwandi (Greater Mumbai) and Bangalore. The Bangalore facility also has a warehouse for Delhivery's clients' multi-channel order fulfillment. To fulfill client demand from the South and West, Delhivery will be able to handle more orders thanks to the fully automated huge integrated transportation terminals. These elements supported the multichannel order management market's expansion.
Top Impacting Factors
Due to the increased need for multichannel sales as well as the advancement of cloud computing and machine learning technologies, the multichannel order management market is anticipated to expand significantly during the forecast period. In addition, the market has expanded due to the rise in e-commerce and digital shopping. However, the main issue impeding market growth is a lack of technological expertise, data breaches, and leaks of sensitive information. Adversely, during the forecast period, the need for multichannel order management with complete inventory & order visibility is expected to propel market growth.
Surge in Digital Retail and E-commerce Sector
Digital media has played a vital role in transforming the retail industry with its huge consumer reach. Consumers have become more preferential about when and how they want to be reached by a brand. With the rapidly increasing retail and e-commerce market across the globe, demand for multichannel order management solutions is increasing primarily for scaling all functions and orders at every granular level, which helps organizations form an efficient system optimization and organization.
Multichannel Order Management with Full Inventory & Order Visibility
With the increase in demand for businesses to operate 24/7 insight into inventory quantities and fully operational data across all warehouses, bin locations, and sales channels the need for multichannel order management also increases. Overselling and underselling can be eliminated as for multichannel order management provides proactive tools to forecast customer trends & demand, reorder promptly, count inventory accurately, receive inventory quickly, and stock shelves without tying up capital in slow-moving, excess, or obsolete inventory. Many key players adopted various strategies such as partnership, product development, and product launch that is fueling lucrative multichannel order management market opportunity.
Competition Analysis
Competitive analysis and profiles of the major multichannel order management market players, such as Brightpearl, Inc., Cloud Commerce Pro Ltd., Delhivery Pvt. Ltd., HCL Technologies Limited, IBM Corporation, Newfold Digital Inc., Oracle Corporation, Salesforce.com, Inc., SAP SE and Zoho Corporation are provided in this report.
Key Benefits for Stakeholders
This study comprises an analytical depiction of the multichannel order management market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall multichannel order management market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current multichannel order management market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
The report includes the market share of key vendors and multichannel order management market trends.
Multichannel Order Management Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 6.5 billion |
 Growth Rate | CAGR of 10.1% |
 Forecast period | 2021 - 2031 |
 Report Pages | 250 |
 By Component |
|
 By Organization Size |
|
 By Deployment Mode |
|
 By Application |
|
 By End Use Vertical |
|
 By Region |
|
 Key Market Players | Salesforce, Inc., Delhivery Pvt. Ltd., Oracle Corporation, IBM Corporation, zoho corporation, Brightpearl, Inc., Cloud Commerce Pro Ltd., Newfold Digital Inc., HCL Technologies Limited, SAP SE |
Analyst Review
By spreading business across multiple platforms, it became possible to pop up more often into a prospective customer’s view and therefore receive more attention. In addition, to multi-channel retailing, businesses were able to offer their customer different ways to buy from them, boost their revenue, and also collect important data on the customer’s purchases which were further used to improve their sales.
Cloud computing provides a solution, by offering the opportunity for a lower-cost and much lower-risk rollout of the software needed to support multichannel retailing, which is particularly attractive for smaller businesses lacking in necessary resources. Furthermore, different tools and technology such as Machine Learning and Artificial Intelligence help to grow the multichannel order management market.
With the rapidly increasing retail and e-commerce market across the globe, demand for multichannel order management solutions is increasing primarily for scaling all functions and orders at every granular level, which helps organizations form an efficient system optimization and organization. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors. For instance in September 2022, HCL Technologies Limited upgraded its retail solutions to a robust retail management system that combines integrated business processes, information technology, and infrastructure management solutions. HCL Technologies Limited’s cutting-edge multichannel order management solutions facilitate operations across the globe to deliver a top-notch customer experience.
Due to an increase in ICT investment, the market for multichannel order management market is anticipated to expand significantly over the course of the projected period. The industry has expanded as a result of expanding internet usage and the increased need for effective order management. However, a significant aspect limiting industry expansion is Data breaches through hacking incidents have become a significant phenomenon in the world of multichannel order management systems. These breaches can result in the loss of personal data belonging to customers. Therefore it is important to understand people's intention to engage in e-commerce in the context of a significant data breach.
Among the analyzed regions, Asia-Pacific exhibits the highest adoption rate of network monitoring services and has been experiencing a massive expansion of the market. On the other hand, North America and Europe are expected to grow at a faster pace, predicting lucrative growth, owing to emerging countries, such as the UK, U.S., Germany, and Canada investing in these technologies. Regions, such as the LAMEA, are also expected to offer new opportunities for multichannel order management in the future.
The key players profiled in the report include HCL Technologies Limited, IBM Corporation, Salesforce Inc., SAP SE, BrightPearl, Inc. Cloud Commerce Group Ltd, Delhivery Limited, Newfold Digital Inc., and Zoho Corporation. To promote organic growth and solidify their positions in multichannel order management, all of these market participants are investing a significant amount into R&D activities. To produce technologically innovative products and acquire a competitive edge in the market, they are also placing a major focus on mergers and acquisitions and strategic alliances. For instance in September 2022, Newfold Digital acquired MarkMonitor from Clarivate. The acquisition of MarkMonitor underscores Newfold Digital’s continued commitment to providing differentiated web presence solutions and multichannel order management solutions to customers across the globe.
Channel integration, order fulfillment, and inventory management are the leading applications of the multichannel order management market.
Asia-Pacific is the largest regional market for multichannel order management.
Brightpearl, Salesforce, Inc., IBM Corporation, SAP SE, and Oracle Corporation are the top companies to hold the market share in multichannel order management.
Rising demand for multichannel sales, an increase in cloud-computing and machine-learning technologies, and a surge in the digital retail and e-commerce sector are the upcoming trends in the multichannel order management market.
Loading Table Of Content...
