Retail Inventory Management Software Market Size 2021-2030 With Data from The Best Countries – Industry Trends, Growth, Size, Segmentation, Future Requirements, Latest Innovations, Sales Revenues According to Regional Forecasts

In a recent published report, Kenneth Research has updated the market report for Retail Inventory Management Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Retail Inventory Management Software Market products.

The Retail Inventory Management Software Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Synopsis

Retail inventory management software consists of tools that help to track, manage and organize material flow, including the time required for the end-product to leave the warehouse. In general, retail inventory software keeps track of whole supply chain process and helps in improving the efficiency of the inventory levels. This software helps in centralizing all the warehouse data located in different locations.

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Retail inventory management software helps in managing or preventing products from spoiling by eliminating stocking of raw materials which may cause loss for organizations. Inventory management has become an essential part of retail, service delivery, wholesale, and other industries. Inventory management in retail helps to optimize and deliver processes with accurate inventory levels and obtain real-time information to store data across several verticals of the organization. This data stored in real time can be used for the purpose of decision-making.

Key players in the market, such as Oracle Corporation and IBM Corporation, offer packaged inventory management solutions. Other prominent vendors, such as Kewill Systems, offer modules of inventory management software that can be customized according to customer needs. These mainly include order management, asset tracking, product identification, and service management.

Retail inventory management software uses methodologies to manage the flow of goods, 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 they are ordered by customer. This removes unnecessary holding of inventory, helping in reducing costs. The need to maintaining transparency across supply chain activities and easy tracking of warehouse inventory are primarily driving the market. The increase in usage of RFID tags, barcode scanners, mobile phones, and tablets are fuelling the market growth.

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The real-time visibility of inventory helps in the optimal utilization of warehouse and inventory which helps to fulfill Return on Investment (ROI). The software helps in the observation of margin contribution and execution performance for each vendor for gaining feedback and negotiation of better deals. The added advantages of retail inventory management software are deploying advanced logistics management, smart supplier management, data-driven inventory optimization, and others.

Segmentation

The global retail inventory management software market is classified into deployment, end-user, and region. On the basis of deployment, the segment is further classified into on-demand and on-premise. On the basis of end-user, the segment is further classified into traditional retailers and off-price retailers. Regionally, the global retail inventory management software market is studied in North America, Europe, Asia Pacific, and Rest of the world.

Regional Analysis

The global retail inventory management software market is studied in North America, Europe, Asia Pacific, and Rest of the world. North America holds the major market share for global retail inventory management software. The presence of major companies in the region and adoption of inventory management software across major organizations are driving the market in this region. Asia Pacific is expected to have the fastest growth rate during the forecast period. The adoption of cloud-based solutions across organizations and need for asset tracking are primarily driving the market in this region.

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.

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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.

Intended Audience

Technology Integrators

Software Developers

Research Organizations

OEM

Supply Chain Implementers

Technology Investors

Testing

Government Agencies

Third Party Developers

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