Retail Sourcing and procurement software is used by the retail industry for managing the transactions related to sourcing and procurement of goods and services from different vendors and resource providers. The emergence of new business models and technological advancement are creating a need for retail sourcing and procurement software. Retail sourcing and procurement software facilitates spend analysis, contract management, financial savings management, and request management software. The retail industry is shifting towards automation and expansion in the range of services and goods to enhance the customer experience and customer retention.
The global retail sourcing and procurement software market is expected to register substantial growth in the near future, attributed to increased technology adoption, e-commerce, income growth in emerging economies, and changing consumer behavior.
Other factors that drive the retail sourcing and procurement software are rising need of supplier management, supply chain management, procurement, selling and fulfillment, and big data analytics. However, factors such as high costs, limited technical knowledge among the enterprise workforce, lack of awareness and resisting behavior, volatility in the market in terms of prices of the commodity, and fuel & labor rates, are likely to restrain the growth of the market. In addition, the inability to manage the supplier efficiently is one of the challenges in front of the global retail sourcing and procurement software market. Nevertheless, the evolving potential markets, growth of mobile applications, and increasing partnerships across key vendors are creating huge opportunities in the global retail sourcing and procurement software market.
The Retail Sourcing and procurement software market are recognized by stiff competition by key vendors. Big players are trying to adopt techniques like acquisition, partnership, and agreements to extend the portfolio and customer reach. The technological innovations are expected to drive the market into further competition. For instance, Epicore Software Corp. has acquired KKR & C. L.P for further product innovation in September 2016.
The Retail Sourcing and procurement software market report segments the retail sourcing and procurement software on the basis of component, deployment type, and geography. Based on component, the market is segmented into solution and services. Solution segment is further studied across strategic sourcing, supplier network, contract management, and Procure-to-Pay.
Service is further segmented into implementation, training and support, and consultation. According to the deployment, the market is classified into cloud and on-premises. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as SAP, IBM, Zycus, Vroozi, LogicSource, Bristlecone, Perfect Commerce, GEP, Infor, and Cegid are also provided.
Sourced from Hitech News Daily - written by Jessica Hamelburg