Retail Inventory Management Software Market Synopsis:
The expeditious advancement in technology is leading the global retail industry towards digitization. The retail inventory management software is one such platform that bears real-time inventory data with the help of the tools that are used to track, manage and organize the material flow, keeping record of the entire supply chain process. Market Research Future (MRFR) has recently published a report projecting an impressive CAGR for the global retail inventory management software market during 2017 to 2023.
The Retail Inventory Management Software Market aids in the centralization of the inventory data from different locations using various methodologies such as stock review, just in time technology, ABC analysis and many others to manage the flow of goods till they are delivered to the end users. The cloud-based data storage solution used in retail inventory management helps in maximizing the efficiency in the management of the supply chain causing reduction of loss due to mismanaged inventories. The software even helps the enterprises in negotiating better deals and gaining feedbacks as it assists in observation of margin contribution and execution performance of each vendor. This software provides the retailers with add-on advantages by availing advanced logistics management, smart supplier management, data-driven inventory optimization and many other features.
The global retail inventory management software market is primarily driven by the need for maintaining transparency across supply chain activities and easy tracking of warehouse inventory. In addition, increased usage of RFID tags, barcode scanners, mobile devices and other wireless technologies is also reflecting favorably on the market.
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The important participants of the retail inventory management software market profiled in this MRFR report are Epicor Software Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Netsuite (U.S.), JDA Software (U.S.), Fishbowl (U.S.), IBM Corporation (U.S.), Totvs S.A (Brazil), inFlow Inventory Software (Canada), Retalix Ltd (Israel), and Quintiq (Netherlands).
Other key players participating in the competitive landscape are Sage Group plc (U.K), Lawson Software (U.S.), Accellos (U.S.), Servigistics (U.S.), Aldata Software Management Inc (Canada), BluJay Solutions. (U.S.), Kewill Systems (U.S.), Manhattan Associates (U.S.), and GTNexus (U.S.),
• On the basis of deployment, the global retail inventory management software market has been segmented into on-demand and on-premise.
• On the basis of end-user, the retail inventory management software market has been segmented into traditional retailers and off-price retailers.
The global retail inventory management software market, by region, has been segmented into four regions- North America, Europe, Asia Pacific, and the Rest of the world (RoW). Among these, North America holds the maximum share of the market owing to its technical brilliance. The region experiences a competitive advantage due to the presence of several market leaders in the region such as Oracle, Microsoft, Netsuite, etc. Asia Pacific signifies strong potential for growth as it is witnessing massive economic developments since the last few years.
The developing economic condition of the region is supporting the expansion of the retail industry, thus, augmenting the retail inventory management software market. Also, the rapid developments and rising adoption of cloud-based technologies are expected to drive the growth of the regional market in the years to come.
In April 2019, International Business Machines (IBM) Corporation, an American multinational information technology company, has announced its current project ‘Smart Mirror’ which is designed to tie up with offline retailers and help them improvise inventory management. The product will be deployed first at fashion retail Vero Moda.
In April 2019, Google, an American technology company, has announced the launch of ‘Cloud for Retail’ platform which is aimed at helping retailers in real-time inventory management.
In April 2019, Alternate Health Corp., a pioneer in technology solutions for the regulated cannabis industry, has announced the introduction of Metrc Track-and-Trace system for a comprehensive seed-to-sale inventory management system.
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