Market Highlights
The 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 Retail Inventory Management Software (RIMS) Market was estimated to be valued at a market sum of USD 1,528.3 Million during the historic forecast period and hence, the market is projected to reach USD 3.12 Billion by the end of the current forecast period in 2030 recording a global market CAGR of around 12.09%
Key players
Some 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.
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Market Segmentation
Based on the deployment, the market has been segmented as follows:
- On-demand
- On-premise
Based on the end-user, the market has been segmented as follows:
- Traditional Retailers
- Off-price Retailers
Based on the type, the market has been segmented as follows:
- Manually Managed Inventory Systems
- Barcode Scanning Systems
- Advanced Radio Frequency Systems (RFID)
Based on the application, the market has been segmented as follows:
- Order Management
- Asset Tracking
- Service Management
- Product Differentiation
- Inventory Optimization
Based on the region, the market has been segmented as follows:
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the world (ROW)
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Regional Analysis
On 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. There are various new entrants in India and China that are developing the related software for inventory management. Furthermore, the retail industry in Asia Pacific is booming, which is driving the growth of market in Asia Pacific region.
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.
