Retail Sourcing and Procurement Market to be Led by Rise of E-Commerce across the Globe Through 2028
The Increasing Emphasis on Supply Chain
Optimization and Cost Efficiency Within the Retail Industry is driving the Implementation
of Retail Sourcing and Procurement market across the Global.
According to TechSci
Research report, “Retail Sourcing and Procurement Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” The global
retail sourcing and procurement market plays a pivotal role in facilitating
efficient and streamlined supply chain operations for the retail industry.
Sourcing and procurement are critical functions for retailers, enabling them to
secure the necessary goods, materials, and services to meet consumer demands.
This market encompasses a wide range of solutions, software, and services
tailored to address the complex and diverse needs of retailers, wholesalers,
and distributors across various sectors. The increasing globalization of retail
supply chains has spurred the demand for advanced sourcing and procurement
solutions. Retailers now source products and materials from suppliers located
around the world, leading to complexities in supplier management, compliance,
and quality control. To address these challenges, the market offers solutions
that help retailers identify reliable suppliers, negotiate favorable terms,
manage contracts, and maintain visibility into the entire procurement process. Efficiency
is a key driver in the retail sourcing and procurement market. Retailers seek
solutions that can automate manual processes, optimize inventory levels, and
enhance collaboration with suppliers. With the rise of e-commerce and
omnichannel retailing, demand volatility has increased, making it crucial for
retailers to have agile sourcing strategies that can adapt to changing market
conditions.
Moreover, sustainability
and ethical sourcing have gained prominence in recent years. Retailers are
under growing pressure from consumers and regulatory bodies to ensure their
supply chains adhere to ethical and environmental standards. Sourcing and procurement
solutions now incorporate features that enable retailers to track the
sustainability of their products and engage with suppliers committed to
responsible practices. Technology advancements are also shaping the market's
trajectory. Artificial intelligence (AI), machine learning, and data analytics
are being integrated into sourcing and procurement solutions to provide
retailers with predictive insights, demand forecasting, and real-time
visibility into supplier performance. These technologies enable retailers to
make informed decisions, optimize inventory, and mitigate supply chain
disruptions. As the retail industry evolves, so do the challenges and
opportunities within the sourcing and procurement landscape. The market is
witnessing increased demand for cloud-based solutions, enabling retailers to
access their sourcing and procurement tools from anywhere and scale their
operations as needed. Additionally, the integration of sourcing and procurement
solutions with other enterprise systems, such as ERP and CRM, is becoming vital
for end-to-end process efficiency. In conclusion, the global retail sourcing
and procurement market is a dynamic and evolving landscape, driven by the need
for retailers to streamline their supply chains, ensure product availability,
and enhance their competitive edge. The market's offerings are tailored to the
diverse requirements of retailers across various sectors, helping them navigate
the complexities of global sourcing, sustainability, technology integration,
and efficient procurement practices. As the retail industry continues to innovate
and adapt to changing consumer behaviors, the sourcing and procurement market
remains a crucial enabler of operational excellence and customer satisfaction.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Global Retail Sourcing and Procurement Market."
The global retail sourcing and procurement market is segmented into component,
deployment mode, organization size, end-user. Based on component, the market is
segmented into solution, service. The solution segment is divided into strategic
sourcing, supplier management, contract management, procure-to-pay, and spend
analysis. And the service segment is further divided into implementation, training
& support, consulting. Based on deployment mode, the market is bifurcated into
on-premises, cloud. Based on organization size, the market is bifurcated into SMEs,
large enterprises. Based on end user, the market is
further split into retailers, food & beverage, wholesalers &
distributors, home improvement & DIY retailers, others. Based on component, the solution segment emerges
as the dominant and steadfast force, maintaining a commanding influence that is
projected to persist throughout the forecast period. Sourcing and procurement
solutions play a pivotal role in revolutionizing how retailers manage their
supply chains, optimize procurement processes, and establish efficient supplier
relationships. These solutions encompass a wide array of technological tools,
including e-sourcing platforms, contract management systems, spend analysis
software, and supplier collaboration platforms. The growing complexity of
global supply chains, the increasing demand for real-time insights, and the
need for streamlined and sustainable procurement practices have elevated the
significance of these solutions. With the integration of AI, data analytics,
and automation, sourcing and procurement solutions empower retailers to make
informed decisions, enhance inventory management, and adapt swiftly to market
changes. As the retail industry continually evolves to meet dynamic consumer
demands, the dominance of the solution segment reflects the intrinsic role that
technology-driven solutions play in shaping the growth trajectory of the global
retail sourcing and procurement market.
Key market players in the global retail
sourcing and procurement market include:
- Oracle Corporation
- Proactis Holdings Plc.
- Kinaxis Inc.
- Epicor Software
Corporation
- Coupa Software Inc.
- JDA Software Group Inc.
- HighJump Software Inc.
- Basware Corporation
- SAP SE
- Zycus, Inc.
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“North America emerges as
the dominating region within the global retail sourcing and procurement market,
driven by a confluence of strategic factors that collectively underscore its
pivotal role in shaping the industry's growth trajectory. This supremacy is a
result of the intricate interplay of strategic elements that converge to
highlight the region's essential role in shaping the trajectory of the
industry's growth. North America boasts a robust and mature retail landscape,
encompassing a diverse array of markets and consumer preferences. This dynamic
ecosystem demands sophisticated sourcing and procurement strategies that can
swiftly adapt to rapidly changing market dynamics. Moreover, the region is
characterized by its advanced technological infrastructure, fostering an
environment conducive to the adoption of innovative solutions that enhance
procurement efficiency and accuracy. Furthermore, North America's proclivity
for early technology adoption positions it as a trendsetter in sourcing and
procurement practices. As consumer expectations evolve to prioritize
transparency, sustainability, and personalized experiences, retailers in the
region are leveraging cutting-edge solutions to align with these demands. The
emphasis on data security, compliance, and ethical sourcing aligns seamlessly
with modern consumer consciousness, encouraging retailers to invest in
forward-thinking solutions. By taking center stage in the global retail
sourcing and procurement landscape, North America not only showcases its
dominance but also acts as a catalyst for innovation and transformation. The
region's strategic prowess and commitment to staying ahead of market trends
solidify its essential role in driving the industry's growth and shaping the
future of retail sourcing and procurement on a global scale.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Retail Sourcing and Procurement Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast By Component
(Service (Implementation, Training & Support, Consulting), Solution
(Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay,
Spend Analysis), By Deployment Type (On-Premises, Cloud), By Organization Size
(SMEs, Large Enterprises)), By End User (Retailers, Food & Beverage,
Wholesalers & Distributors, Home Improvement & DIY Retailers, Others), By
Region, Competition, 2018-2028”, has evaluated the future growth potential of retail sourcing and
procurement and provides statistics and information on market structure, size,
share, and future growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global retail sourcing
and procurement market.
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