Retail sourcing and procurement software is used by the retail industry for managing the transactions related to sourcing and procurement of goods and services from different vendors and resource providers. The emergence of new business models and technological advancement are creating a need for retail sourcing and procurement software. Retail sourcing and procurement software facilitates spend analysis, contract management, financial savings management, and request management software. The retail industry is shifting towards automation and expansion in the range of services and goods to enhance the customer experience and customer retention.
The global retail sourcing and procurement software market is expected to register substantial growth in the near future, attributed to an increased technology adoption, e-commerce, income growth in emerging economies, and changing consumer behavior.
Other factors that drive the retail sourcing and procurement software are rising need of supplier management, supply chain management, procurement, selling and fulfillment, and big data analytics. However, factors such as high costs, limited technical knowledge among the enterprise workforce, lack of awareness and resisting behavior, volatility in the market in terms of prices of commodity, and fuel & labor rates, are likely to restrain the growth of the market. In addition, the inability to manage the supplier efficiently is one of the challenges in front of the global retail sourcing and procurement software market. Nevertheless, the evolving potential markets, growth of mobile applications, and increasing partnerships across key vendors are creating huge opportunities in the global retail sourcing and procurement software market.
The market is recognized by stiff competition by key vendors. Big players are trying to adopt techniques like acquisition, partnership, and agreements to extend the portfolio and customer reach. The technological innovations are expected to drive the market into further competition. For instance, Epicore Software Corp. has acquired KKR & C. L.P for further product innovation in September 2016.
The report segments the retail sourcing and procurement software on the basis of component, deployment type, and geography. Based on component, the market is segmented into solution and services. Solution segment is further studied across strategic sourcing, supplier network, contract management, and Procure-to-Pay.
Service is further segmented into implementation, training and support, and consultation. According to the deployment, the market is classified into cloud and on-premises. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as SAP, IBM, Zycus, Vroozi, LogicSource, Bristlecone, Perfect Commerce, GEP, Infor, and Cegid are also provided in this report.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global retail sourcing and procurement software market.
- In-depth analysis has been done in this report by constructing market estimations for the key market segments between 2016 and 2023.
- Geographically, the retail sourcing and procurement software market is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
- This study evaluates competitive landscape and value chain has been taken into account to help in understanding the competitive environment across the geographies.
- This report entails the detailed quantitative analysis of the current market and estimations through 2016-2023, which assists in identifying the prevailing market opportunities.
- Exhaustive analysis of the global retail sourcing and procurement software market by type helps in understanding the types of gloves that are currently being used along with the variants that would gain prominence in the future.
- SWOT analysis highlights the internal environment of the leading companies for effective strategy formulation.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Comprehensive analysis of all regions is provided that determines the prevailing opportunities in these geographies.
Retail Sourcing And Procurement Software Market Key Segments:
- Strategic Sourcing
- Supplier Network
- Contract Management
- Training and support
By Deployment Type
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East