Market Analysis
Market Research Future (MRFR) estimates the global retail inventory management software market to grow at a robust rate from 2017 to 2023 (forecast period).
Retail inventory management software includes tools for tracking, managing, and organizing material flow, including the time required for the end-product to leave the warehouse. In general, retail inventory software monitors the entire supply chain process and aids in boosting inventory level efficiency. This software helps in the centralization of all warehouse data located in various locations.
Retail inventory management software aids in managing or preventing products from spoiling by eliminating stocking of raw materials, which can result in a loss for organizations. Inventory management has become an important part of many sectors, including retail, service delivery, wholesale, and others. Inventory management in retail aids in optimizing and deliver processes with accurate inventory levels and obtain real-time information to store data across numerous verticals of the organization. This data, which is stored in real-time, can be used to make decisions.
To manage the flow of goods, retail inventory management software employs methodologies such as stock review, just-in-time technology, and ABC analysis methodology, among others. The just-in-time methodology refers to the ordering of products by an organization when a customer orders them. This eliminates the need for unnecessary holding of inventory, which aids in cost reduction. The market is largely driven by the need to maintain transparency across supply chain activities and easy monitoring of warehouse inventory. The growing use of RFID tags, barcode scanners, mobile phones, and tablets is driving the market growth.
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The real-time visibility of inventory aids in the optimal utilization of warehouse and inventory, which aids in the achievement of the Return on Investment (ROI). The software aids in monitoring margin contribution and execution performance for each vendor to gain feedback and negotiate better deals. Among the additional benefits of retail inventory management software are advanced logistics management, smart supplier management, data-driven inventory optimization, and others.
COVID-19 Impact on the Global Retail Inventory Management Software Market
The implementation of a body of norms by governments around the world to deal with the COVID-19 outbreak, like a complete shutdown of manufacturing units, has been expected to have an influence on the growth of the global retail inventory management software market.
Market Segmentation
The global retail inventory management software industry has been segmented into deployment and end-user.
Based on deployment, the global retail inventory management software market has been segmented into on-demand and on-premise.
Based on end-user, the global retail inventory management software market has been segmented into traditional retailers and off-price retailers.
Regional Analysis
Regionally, the global retail inventory management software industry is studied in North America, Europe, Asia Pacific, and the Rest of the world.
North America dominates the global retail inventory management software market. The presence of major companies in the region, as well as the widespread adoption of inventory management software across major organizations, are pushing the market in this region. During the forecast period, Asia Pacific is expected to have the highest growth rate. The market in this region is largely driven by the adoption of cloud-based solutions across organizations and the need for asset tracking.
Key Players
Notable players in the global retail inventory management software market are Microsoft Corporation (U.S.), Epicor Software Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), JDA Software (U.S.), Fishbowl (U.S.), Totvs S.A (Brazil), inFlow Inventory Software (Canada), Retalix Ltd (Israel), Netsuite (U.S.), and Quintiq (Netherlands), among others.
Some other vendors include Aldata Software Management Inc (Canada), Sage Group plc (U.K), Logility, Inc (U.S.), Lawson Software (U.S.), Accellos (U.S.), BluJay Solutions. (U.S.), Manhattan Associates (U.S.), Kinaxis (Canada), Kewill Systems (U.S.), Servigistics (U.S.), and GTNexus (U.S.), among others.
Summary
The global retail inventory management software market is predicted to grow at a robust rate from 2017 to 2023 (forecast period). The market is primarily propelled by the need to maintain transparency across supply chain activities and easy monitoring of warehouse inventory. The growing use of RFID tags, barcode scanners, mobile phones, and tablets is accelerating market growth.
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