Retail Management Software Global Market Report 2024

The retail management software market size has grown rapidly in recent years. It will grow from $19.46 billion in 2023 to $22.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The expansion observed in the historical period can be attributed to several factors, including increased demand for automation in retail operations, the growth of e-commerce, globalization trends within the retail industry, the necessity for efficient inventory management solutions, and regulatory compliance requirements.

The retail management software market size is expected to see rapid growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The projected growth in the forecast period can be attributed to several factors, including an emphasis on data security and privacy, the expansion of cloud-based solutions in retail management software, increased demand for real-time analytics and insights, a focus on sustainability and eco-friendly practices, and the rising popularity of mobile commerce and mobile point-of-sale (mPOS) solutions. Significant trends anticipated in the forecast period encompass the increased utilization of augmented reality in retail management software, the growth of subscription-based pricing models for software services, a heightened emphasis on predictive analytics for demand forecasting, the convergence of online and offline shopping experiences, and the adoption of blockchain technology to enhance supply chain transparency in the retail sector.

The expansion of e-commerce and online retailing is poised to propel the retail management software market in the future. E-commerce and online retailing involve the buying and selling of goods or services over the Internet. The surge in e-commerce and online retailing is fueled by factors such as convenience, accessibility, and the opportunity to reach a global customer base. Retail management software plays a vital role in the e-commerce sector by streamlining operations, optimizing inventory management, and enhancing customer experiences. For instance, data from the Census Bureau of the Department of Commerce in February 2024 revealed a significant 7.5% increase in U.S. e-commerce sales in the final quarter of 2023 compared to the same period in 2022. Consequently, the expanding presence of e-commerce and online retailing is stimulating the growth of the retail management software market.

Key players in the retail management software market are intensifying their efforts to develop technologically advanced solutions, such as point-of-sale (POS) solutions, to streamline day-to-day operations and provide centralized monitoring capabilities. POS solutions are software systems utilized in retail management for transaction processing and inventory management. They serve as pivotal components of retail management software, allowing retailers to efficiently handle sales transactions, manage inventory, nurture customer relationships, and assess business performance. For instance, in February 2024, Zoho Corporation, a cloud software company based in India, unveiled Zakya, a suite of robust capabilities tailored for small and medium-sized retail enterprises. Zakya encompasses advanced inventory management, comprehensive support for omnichannel sales, and a user-friendly mobile billing application. This technological advancement represents a significant stride in the retail management software market, catering specifically to the requirements of smaller retailers. Zakya streamlines operations for businesses in this sector with its extensive feature set, competitive pricing, and seamless integration with leading payment providers. Furthermore, its POS billing app ensures uninterrupted transactions, even in offline settings, empowering sales personnel to efficiently handle customer purchases and minimize wait times during peak periods.

In November 2023, Nayax Ltd., a fintech company based in Israel, acquired Retail Pro International for an undisclosed sum. This acquisition strengthens Nayax's foothold in the retail technology market and broadens its capabilities to deliver comprehensive solutions to retail businesses worldwide. Retail Pro International is a U.S.-based company specializing in the development of retail management software.

Major companies operating in the retail management software market are NCR Corporation, Shopify Inc., Pitney Bowes Inc., Cegid Group, Digital River Inc., BigCommerce Pty. Ltd., osCommerce Solutions, JDA Software Group Inc., Magento Commerce Inc., Epicor Software Corporation, iQmetrix Software Development Corp., PrestaShop SA, WooCommerce Inc., LS Retail EHF, Passport Software Inc., Windward Software Inc., OpenXcell Technolabs Pvt. Ltd., Fishbowl Inc., Snappii Apps Inc., EffiaSoft Private Limited, POS Prophet Systems Inc., Universal Accounting Software Inc., Visual Retail Plus Inc., Peach Software Limited, OpenCart Ltd.

North America was the largest region in the retail management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Retail management software encompasses a comprehensive system designed to streamline and optimize the operations of retail businesses, including sales tracking, analytics, and reporting. It facilitates efficient management of inventory, sales, customer data, and business processes, thereby enhancing productivity and enabling data-driven decision-making for retail businesses.

The primary products of retail management software include cloud-based solutions, software as a service (SaaS) offerings, web-based platforms, and mobile applications for both Android and iOS operating systems. These software solutions leverage cloud-based, SaaS, and web-based functionalities to facilitate efficient operations and accessibility, thereby enhancing the overall management experience for retailers. They cater to various sectors, including small businesses, midsize enterprises, and large corporations, serving a diverse range of end users spanning grocery and pharmacy, hardlines and do-it-yourself (DIY) retailers, apparel and softline retailers, e-commerce and specialty stores, among others.

The retail management software research report is one of a series of new reports that provides retail management software market statistics, including the retail management software industry's global market size, regional shares, competitors with a retail management software market share, detailed retail management software market segments, market trends and opportunities, and any further data you may need to thrive in the retail management software industry. This retail management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The retail management software market includes revenues earned by entities by providing services such as inventory management, customer relationship management, omnichannel integration, employee management, and supplier management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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