Global Retail Inventory Management Software Market to Grow at a CAGR of ~14% During 2022 – 2031 on the Account of Growing E-commerce Retailers
Kenneth Research published a report titled “Retail Inventory Management Software Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global retail inventory management software market in terms of market segmentation by type, application, organization size, deployment model, end users, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global retail inventory management software market generated an approximate revenue figure of USD 1300 million in the year 2021 and is estimated grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. On the basis of end users, the market is segmented into manufacturing, healthcare, retail, automotive, oil & gas, and others. The manufacturing segment, out of all the segments, is anticipated to grow at a notable CAGR during the forecast period on the back of increasing requirement for fast and reliable production process in the manufacturing units.
Retail inventory management software is a type of enterprise resource planning (ERP) solution that retailers use to track products in order to manage the flow of stock from suppliers and warehouses and monitor the reordering or restocking of products. The growth of the market can be attributed to the increasing e-commerce retailers, growing need for inventory management, and growing demand for omnichannel shopping experience.
On the basis of region, the global retail inventory management software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these regions, the Asia Pacific region is estimated to show notable growth in the global retail inventory management software market over the forecast period. Major factors driving the market's growth in the Asia Pacific region include the objective to minimize supply chain inefficiencies and growing demand for radio-frequency identification (RFID) technology.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Growing Requirement for RFID Technology to Accelerate the Growth of Global Retail Inventory Management Software Market
Radio-frequency identification (RFID) consists of tiny radio transponder, a radio receiver, and a transmitter. RFID uses electromagnetic fields for the identification and tracking of tags attached to the product. According to the U.S Department of Commerce, in the year 2019, e-commerce sales accounted to 10.7% of total retail sales and 33.3% of total merchant wholesale. The growing use and rising demand for RFID technology is anticipated to drive the growth of global retail inventory management software market.
However, high investment cost, lack of awareness about software among consumers, and insufficient supply of inventory are expected to operate as key restraint to the growth of global retail inventory management software market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global retail inventory management software market which includes company profiling Oracle, Dassault Systemes, TOTVS, Personica, Microsoft, Intuit Inc., Wasp Barcode Technologies, Manhattan Associates, Brightpearl, and Megaventory Inc., among others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global retail inventory management software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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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
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.
