The North America Retail Sourcing and Procurement Market is expected to witness market growth of 15.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Retail Sourcing and Procurement Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.57 billion by 2031. The Canada market is experiencing a CAGR of 17.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 17% during 2024-2031.
This refer to the processes and strategies retailers use to acquire the products and services they sell and the resources needed for business operations. They work together to ensure that retailers can provide customers with desired products at the right time, quality, and price. Integrating digital tools like AI, data analytics, and cloud-based platforms is increasingly transforming sourcing and procurement processes, enabling retailers to make data-driven decisions, optimize costs, and manage complex supply chains more effectively.
The retail sourcing and procurement market is pivotal in modern business operations, enabling retailers to navigate complex supply chains, optimize costs, and deliver quality products to consumers. In a highly competitive climate where customer preferences are always shifting, firms that want to continue to be profitable and relevant are required to employ processes that are efficient in terms of sourcing and procurement.
Traditional retailers in regions like Mexico also invest heavily in sourcing and procurement innovations to keep pace with growing online demand. The Mexican e-commerce market reached USD 26.2 billion in 2022, reflecting a 23% increase from the previous year, as the Mexican Online Sales Association reported. These retailers build robust procurement networks to adapt, allowing greater control over supply chains, from sourcing to order fulfillment. Retailers throughout North America are prioritizing procurement technology that facilitates scalable, adaptable, and responsive supply chains to thrive in the digital era as e-commerce continues to transform the retail sector. Thus, the region will present lucrative growth opportunities to expand the market.
The US market dominated the North America Retail Sourcing and Procurement Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.57 billion by 2031. The Canada market is experiencing a CAGR of 17.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 17% during 2024-2031.
This refer to the processes and strategies retailers use to acquire the products and services they sell and the resources needed for business operations. They work together to ensure that retailers can provide customers with desired products at the right time, quality, and price. Integrating digital tools like AI, data analytics, and cloud-based platforms is increasingly transforming sourcing and procurement processes, enabling retailers to make data-driven decisions, optimize costs, and manage complex supply chains more effectively.
The retail sourcing and procurement market is pivotal in modern business operations, enabling retailers to navigate complex supply chains, optimize costs, and deliver quality products to consumers. In a highly competitive climate where customer preferences are always shifting, firms that want to continue to be profitable and relevant are required to employ processes that are efficient in terms of sourcing and procurement.
Traditional retailers in regions like Mexico also invest heavily in sourcing and procurement innovations to keep pace with growing online demand. The Mexican e-commerce market reached USD 26.2 billion in 2022, reflecting a 23% increase from the previous year, as the Mexican Online Sales Association reported. These retailers build robust procurement networks to adapt, allowing greater control over supply chains, from sourcing to order fulfillment. Retailers throughout North America are prioritizing procurement technology that facilitates scalable, adaptable, and responsive supply chains to thrive in the digital era as e-commerce continues to transform the retail sector. Thus, the region will present lucrative growth opportunities to expand the market.
List of Key Companies Profiled
- Cegid Group
- Epicor Software Corporation
- GEP Software
- Infor, Inc. (Koch Industries)
- IBM Corporation
- Ivalua Inc.
- Blue Yonder Group, Inc. (Panasonic Holdings Corporation)
- Oracle Corporation
- SAP SE
- Coupa Software, Inc.
Market Report Segmentation
By Deployment
- Cloud
- On-premise
By Component
- Solution
- Strategic Sourcing
- Supplier Management
- Contract Management
- Procure-to-Pay (P2P)
- Other Solution Type
- Service
- Implementation
- Consulting
- Other Service Type
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Retail Sourcing And Procurement Market by Deployment
Chapter 6. North America Retail Sourcing And Procurement Market by Component
Chapter 7. North America Retail Sourcing And Procurement Market by Enterprise Size
Chapter 8. North America Retail Sourcing And Procurement Market by Country
Chapter 9. Company Profiles
Companies Mentioned
Some of the leading companies profiled in this North America Retail Sourcing and Procurement Market report include:- Cegid Group
- Epicor Software Corporation
- GEP Software
- Infor, Inc. (Koch Industries)
- IBM Corporation
- Ivalua Inc.
- Blue Yonder Group, Inc. (Panasonic Holdings Corporation)
- Oracle Corporation
- SAP SE
- Coupa Software, Inc.
Methodology
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