Retail Pricing Software Market Report 2024

This Retail Pricing Software market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The retail pricing software market size has grown strongly in recent years. It will grow from $10.43 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The increase observed during the historical period can be linked to advancements in technology, a surge in e-commerce, heightened competition, the necessity for effective inventory management, a demand for dynamic pricing, and expansion in the global retail sector.

The retail pricing software market size is expected to see strong growth in the next few years. It will grow to $16.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period is driven by the integration of AI and machine learning, an uptick in big data analytics, a growing emphasis on personalized pricing, the expansion of omnichannel retail, an increase in mobile commerce, and a need for real-time pricing adjustments. Key trends for this forecast period include the integration with sophisticated analytics platforms, the implementation of predictive pricing models, the rise of subscription-based pricing models, a focus on optimizing customer experience, the creation of cross-channel pricing strategies, and the use of blockchain technology to enhance pricing transparency.

The growth of e-commerce and online competition is projected to drive the expansion of the retail pricing software market. This surge in e-commerce, spurred by increased internet access, the convenience of online shopping, and changing consumer preferences, has intensified competition as businesses utilize technology and data to reach wider audiences and distinguish themselves in a rapidly growing digital marketplace. Advanced retail pricing software enables retailers to optimize their pricing strategies, adjusting prices in real-time based on market trends, competitor behavior, and consumer preferences to maximize revenue and profitability. For example, in August 2024, the United States Census Bureau reported that U.S. retail e-commerce sales reached $291.6 billion in the second quarter of 2024, reflecting a 6.7% increase compared to the same quarter in 2023 and a 1.3% rise from the first quarter of 2024. Thus, the rise of e-commerce and online competition is driving the growth of the retail pricing software market.

Key players in the retail pricing software market are concentrating on artificial intelligence and machine learning technologies, particularly AI-based pricing optimization, to improve pricing accuracy and enhance competitive positioning. This technology utilizes AI and machine learning algorithms to analyze large datasets, including market trends, competitor pricing, and consumer behavior, to identify the most effective pricing strategies. For instance, in October 2023, Flipkart Private Limited, an India-based e-commerce company, introduced 'Flipkart Commerce Cloud,' a suite of AI-driven retail technology solutions aimed at enhancing global e-commerce and marketplace operations. This comprehensive platform offers a complete marketplace technology stack, retail media, pricing management, and other solutions that have been extensively tested at Flipkart. It is designed to help retailers scale their businesses and enhance operational efficiency, leveraging Flipkart's vast e-commerce expertise to deliver advanced and reliable solutions worldwide.

In April 2024, SYMSON, a Netherlands-based AI pricing platform, acquired OptiPrice for an undisclosed sum. This acquisition is intended to enhance SYMSON's AI-driven pricing solutions by integrating advanced dynamic pricing technology, enabling more sophisticated and effective pricing strategies. The company also aims to broaden its capabilities and improve connectivity with eCommerce platforms, thereby reinforcing its competitive edge and operational efficiency. OptiPrice is an Ireland-based software company that specializes in pricing solutions for the eCommerce and retail sectors.

Major companies operating in the retail pricing software market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Blue Yonder Group Inc., Simon-Kucher & Partners, Relex Solutions Oy, PROS Holdings Inc., DemandTec Inc., Vendavo Inc., Pricefx AG, EDITED Ltd., Zilliant Inc., First Insight Inc., Revionics Inc., Prisync, Retalon Inc., Solvoyo Corporation, Competera Limited, netRivals, Optimix Solutions, QuickLizard Ltd., Omnia Retail B.V., Wiser Solutions Inc., PriceGrid, Pricing Solutions Ltd., Omnia Retail Srl, Eversight Inc., PriceLabs Inc., BlackCurve Solutions Limited.

North America was the largest region in the retail pricing software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail pricing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the retail pricing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Retail pricing software is a specialized tool that businesses use to establish, manage, and enhance the prices of their products and services. It leverages data analysis and algorithms to maintain competitive pricing, maximize revenue, and adapt dynamically to market trends and consumer behavior.

The primary components of retail pricing software consist of software and services. The software aspect encompasses the applications or programs utilized for retail pricing, revenue management, and competitive analysis, which are vital for implementing pricing strategies, optimizing revenue, and making informed decisions in retail and e-commerce settings. The deployment options include on-premise, cloud-based, and hybrid solutions tailored for various enterprise sizes, including small to medium-sized businesses and large corporations, with applications in retail pricing, revenue management, competitive analysis, and e-commerce.

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

The retail pricing software market consists of revenues earned by entities by providing services such as pricing optimization, market analysis, competitive benchmarking, and software maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail pricing software market also includes sales of pricing software, analytics tools, and dynamic pricing algorithms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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