Market Highlights
Market Research Future reveals that the global retail inventory management software market 2020 would gain a higher growth rate. The rise of the market is expected because of soaring factors following the demand-sapping Coronavirus pandemic. This suggests that the stocks of the market will rise, post-course of COVID 19 disease epidemic resulting in losses incurred in the last three months. The growth of the market is suspected to be from 2020 to 2027—forecasted period.
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Key players
The top players in the global retail inventory management software market are listed as Oracle Corporation (U.S.), Epicor Software Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Netsuite (U.S.), JDA Software (U.S.), inFlow Inventory Software (Canada), Fishbowl (U.S.), Totvs S.A (Brazil), IBM Corporation (U.S.), and Quintiq (Netherlands).
Regional Analysis
Regionally, the global retail inventory management software market, is studied among the key regions of Asia Pacific, Europe, North America, and Rest of the world.
The North America retail inventory management software market occupied a significant value share in the global market and is possible to maintain its leadership in the global inventory management software market over the forecast period. The inventory management software market in the region is projected to embody a significant incremental opportunity in the coming years. The surge in need for efficient supply chain management is probable to support the development of the North America inventory management software market in the assessment period. In the case of point, back in February 2017, FedEx launched a multi-channel e-commerce fulfilment and inventory management platform, FedEx Fulfilment for SMEs.
The advantages of retail inventory management software have encouraged retail and manufacturing companies across developing regions such as APAC and China to retail adopt inventory management software for gaining operational efficiency and productivity in their warehouse management operations. APAC region is likely to offer attractive opportunities for retail inventory management software manufacturers.
Top Impacting Factors
The expansion of the retail inventory management software market is predominantly driven by the adoption of advanced technologies in the developing economies in various regions spread globally. The mounting adoption of mobile devices, such as Smartphones and tablets and the rising popularity of mobile commerce are motivating the growth of the retail inventory management software industry. Numerous retailers have started replacing their physical stores with online stores. Technological advances have to lead to the Internet to become more predominant and secure, which has resulted in an escalating number of online shoppers.
MRFR’s analysts have also revealed that to gain a competitive benefit over the competitors, retailers will have the need to accomplish real-time efficiency and will be compelled to adopt inventory tracking software. These factors will be a significant growth factor for the market in the coming years. Other than this, the towering adoption of RFID technology is considered to be one of the key trends that will expand traction in the retail inventory software market in the next few years. Built on wireless technology, the RFID system is used for diverse purposes such as tracking objects and automatic identification. These factors have thus resulted in immense growth for the global retail inventory management software market.
Besides collecting real-time information about the status of ordered goods to customers and retailers, the RFID system has helped in minimizing the cost of operations by reducing the delivery time. This has mainly led to the market’s growth over time, which surged the demand as well. The extra advantages of retail inventory management software such as smart supplier management, deploying advanced logistics management, data-driven inventory optimization has also been an influential factor leading the growth of the market at a great extent.
Leading Segments
The global retail inventory management software market is segmented into deployment and end-user.
The deployment-based segment is classified into on-demand and on-premise.
End-user based segment classified into traditional retailers and off-price retailers.
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Market HighlightsThe global retail inventory management software market is expected to grow rapidly through the forecast period.
The growth of e-commerce industry, need for asset tracking in inventory with the help of mobile devices, and centralization of inventory data among various verticals are promoting the growth for the market.The global retail inventory management software market is classified into deployment, end-user, and region.Get a Free Sample https://www.marketresearchfuture.com/sample_request/5679Key playersSome of the key players in the global retail inventory management software market are Epicor Software Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), JDA Software (U.S.), Netsuite (U.S.), Fishbowl (U.S.), inFlow Inventory Software (Canada), IBM Corporation (U.S.), Totvs S.A (Brazil), Retalix Ltd (Israel), and Quintiq (Netherlands), among others.Other vendors include Sage Group plc (U.K), Logility, Inc (U.S.), Lawson Software (U.S.), Aldata Software Management Inc (Canada), Accellos (U.S.), BluJay Solutions.
(U.S.), Kinaxis (Canada), Kewill Systems (U.S.), Manhattan Associates (U.S.), Servigistics (U.S.), and GTNexus (U.S.), among others.The prominent players constantly keep on innovating and investing in research and development in order to present a cost-effective portfolio.
There have been recent mergers and acquisitions among the key players, where the business entities expect to strengthen theirRegional AnalysisOn the basis of geography, the market is studied for North America, Europe, Asia Pacific, and Rest of the World.
Among these regions, the market is majorly dominated by North America, at present, due to higher concentration of inventory management companies in countries, such as the United States and Canada.Europe has acquired the second largest market share and is expected to show a decent growth in the retail inventory management software market.
However, the Asia Pacific region is expected to show the highest CAGR during the forecast period.
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It helps retailers track goods across the supply chain.Businesses must have competent and effective retail inventory management software to cope with the changes in the demands of customers and ensure smooth operations.The key lies in proper planning of the purchase, storage, accounting, supply, and distribution of products to avoid overstocking and understocking.The inventory management system can handle this type of planning, and hence, it is an essential tool for business owners.Inventory management software tracks the purchase of raw materials, production of semi-finished and finished products, transfer of items between head office and stores, and sale of items that make up the complete product journey.Key Features of a Retail Inventory Management SoftwareTracking of itemsThe inventory management software can maintain the right amount of inventory for each product item to ensure that there is no overstocking or understocking.
It is possible since it supports the replenishment of items using inventory management concepts like economic order quantity (EOQ), reorder level, lead time, safety stock, minimum stock, and maximum stock.
Such features are of immense help in the management of supermarkets.Notifications on stock levelsWhen the inventory crosses the maximum limit, the inventory management software sends out a notification to the owner.
Such an understocking notification enables the owners to place orders to their vendors as soon as possible to avoid stockouts and dealing with angry customers.
The inventory management software ensures that the status of the defective product is immediately added to every step of the supply chain affected by the return.
Such a feature enables the owners to be clear on what products are in stock, what needs to be ordered in more quantities, and any breakage or expiration issue with the received products.The stock register maintained in inventory software is highly useful as it provides accurate inventory information.
Building an advanced level of Shopify inventory management software for eCommerce retailers and wholesalers helps them in growing there eCommerce business.
Shopify inventory refers to the process of tracking orders, storage of raw materials, components, finished products, sold and unsold products and many more so you can focus on the other aspects of your business.
Shopify provides its inventory management solution to avoid costly errors, in staying organized and tracking all inventory activity which also ensures sales, support and account management via different features that include:
Why Shopify inventory tracking is important?
Below are several reasons why inventory tracking is important:
Prevents from selling expired product
