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The Retail Sourcing & Procurement Solution Market grew from USD 3.58 billion in 2023 to USD 4.07 billion in 2024. It is expected to continue growing at a CAGR of 13.78%, reaching USD 8.84 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The retail sourcing and procurement solution encompasses systems and strategies designed to optimize the procurement process, manage supplier relationships, and streamline purchase activities within the retail sector. These solutions are essential for increasing operational efficiency, reducing costs, ensuring supplier compliance, and sustaining competitive advantage in an increasingly dynamic market. Applied across supply chain management, these solutions empower retailers to make data-driven decisions, enhance vendor negotiation capabilities, and foster transparency from order placement to payment. The scope ranges from inventory management to vendor contracting, covering all sectors of retail, including food and beverage, apparel, and consumer electronics. Market insights reveal that the growth factors are driven by digitization trends, rising consumer demands for faster product deliveries, and the necessity for scalable solutions in handling large volumes of transactions. Moreover, the proliferation of e-commerce platforms calls for advanced procurement solutions. Key opportunities lie in the integration of artificial intelligence and machine learning to forecast demands accurately, as well as blockchain technology for supply chain transparency. Investing in cloud-based solutions offers scalable and flexible procurement processes. However, the market is challenged by high initial implementation costs, potential supplier resistance, and the complexity of integrating these solutions into existing IT infrastructures. Innovations and research should focus on enhancing predictive analytics capabilities, developing user-friendly interfaces, and ensuring cybersecurity in procurement technologies. The market is characterized by rapid technological advancements, with smaller retailers increasingly adopting sophisticated procurement solutions, which were traditionally reserved for larger enterprises. Companies that prioritize sustainability and ethical sourcing in their procurement strategies are likely to see increased growth opportunities. Embracing these technologies and aligning with consumer preferences for responsible sourcing can provide a competitive edge.
Understanding Market Dynamics in the Retail Sourcing & Procurement Solution Market
The Retail Sourcing & Procurement Solution Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Growing centralisation of procurement processes
- Increasing adoption of sourcing and procurement software
- Rising need for better manage internal compliance to contracts
- Market Restraints
- Reluctance to adopt new technologies
- Market Opportunities
- Increasing development in the retail sourcing & procurement software
- Rising potential in evolving markets
- Market Challenges
- Inability to manage supplier efficiency
Exploring Porter’s Five Forces for the Retail Sourcing & Procurement Solution Market
Porter’s Five Forces framework further strengthens the insights of the Retail Sourcing & Procurement Solution Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Retail Sourcing & Procurement Solution Market
External macro-environmental factors deeply influence the performance of the Retail Sourcing & Procurement Solution Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Retail Sourcing & Procurement Solution Market
The Retail Sourcing & Procurement Solution Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Retail Sourcing & Procurement Solution Market
The Retail Sourcing & Procurement Solution Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Retail Sourcing & Procurement Solution Market
The Retail Sourcing & Procurement Solution Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Retail Sourcing & Procurement Solution Market, highlighting leading vendors and their innovative profiles. These include Basware Corporation, Blue Yonder Group, Inc., Bristlecone Inc., Coupa Software Inc., HighJump Software Inc., Infor, International Business Machines Corporation, Ivalua Inc., Jaggaer, Inc., Medius Sverige AB, Oracle Corporation, Perfect Commerce, LLC, Proactis Holdings Limited, SAP SE, and Zycus Inc..Market Segmentation & Coverage
This research report categorizes the Retail Sourcing & Procurement Solution Market to forecast the revenues and analyze trends in each of the following sub-markets:- Service
- Consulting
- Implementation
- Training & Support
- Solution
- Contract Management
- Procure-to-Pay
- Spend Analysis
- Strategic Sourcing
- Supplier Management
- Deployment
- Cloud
- On-Premise
- End-User
- Large Enterprise
- Small & Medium Enterprise
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Additional Product Information:
- Purchase of this report includes 1 year online access with quarterly updates
- This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Retail Sourcing & Procurement Solution Market, by Service
7. Retail Sourcing & Procurement Solution Market, by Solution
8. Retail Sourcing & Procurement Solution Market, by Deployment
9. Retail Sourcing & Procurement Solution Market, by End-User
10. Americas Retail Sourcing & Procurement Solution Market
11. Asia-Pacific Retail Sourcing & Procurement Solution Market
12. Europe, Middle East & Africa Retail Sourcing & Procurement Solution Market
13. Competitive Landscape
LIST OF FIGURES
LIST OF TABLES
Companies Mentioned
The leading players in the Retail Sourcing & Procurement Solution market, which are profiled in this report, include:- Basware Corporation
- Blue Yonder Group, Inc.
- Bristlecone Inc.
- Coupa Software Inc.
- HighJump Software Inc.
- Infor
- International Business Machines Corporation
- Ivalua Inc.
- Jaggaer , Inc.
- Medius Sverige AB
- Oracle Corporation
- Perfect Commerce, LLC
- Proactis Holdings Limited
- SAP SE
- Zycus Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 199 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 4.07 Billion |
| Forecasted Market Value ( USD | $ 8.84 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
