SUMMERY:
Market Research Future published a research report on “Retail Inventory Management Software Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Highlights:
The 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.
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Key players
Some 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 their reach to their customer.
Regional Analysis
On 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. There are various new entrants in India and China that are developing the related software for inventory management. Furthermore, the retail industry in Asia Pacific is booming, which is driving the growth of market in Asia Pacific region.
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Global Retail Inventory Management Software Market Research Report By Deployment (On-Demand, On-Premise), End-User (Traditional Retailers, Off-Price Retailers) – Forecast Till 2027Market Analysis The RIMS Market is likely to grow at a healthy CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis.
Retail inventory management software comprises tools which help in tracking, managing, and organizing material flow, which includes the time needed for the end-product in leaving the warehouse.
This software in general keeps track of the entire chain process and assists to improve the efficiency of the inventory levels.
Besides, it helps in centralizing the warehouse data located in various locations.
The additional factors adding market growth include the increasing use during COVID-19 pandemic, growing popularity of cloud-based solutions that provide superior benefits over traditional on-premise solutions with regards to maintenance, visibility, and cost, the growing preference for cloud-based inventory management solutions, growing preference for multi-channel retailing, and the need for synchronized and instantaneous information regarding products which needs to be shipped to customers.
On the contrary, high initial investment, reluctance to switch from legacy systems, high upfront costs, and consumer privacy & data security are factors that may impede the global retail inventory management software market share in the forecast period.
Retail inventory management software comprises tools which help in tracking, managing, and organizing material flow, which includes the time needed for the end-product in leaving the warehouse.
This software in general keeps track of the entire chain process and assists to improve the efficiency of the inventory levels.
Various factors are fuelling the global retail inventory management software market share.
Regional Analysis By region, the global retail inventory management software market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW).
The adoption of cloud-based solutions across organizations, the need for asset tracking, new entrants in China and India that are creating related software for inventory management, and booming retail industry are adding to the global retail inventory management software market growth in the region.
(U.S.), Accellos (U.S.), Aldata Software Management Inc (Canada), Lawson Software (U.S.), Logility, Inc (U.S.), and Sage Group plc (U.K), among others.
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.
