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Written by James » Updated on: November 16th, 2024
Retail Sourcing and Procurement Industry
Summary:
Industry Trends and Drivers:
Increasing Adoption of Digital Platforms:
The ongoing shift towards digital transformation is one of the major factors boosting the market growth. Moreover, the rising adoption of cloud-based and artificial intelligence (AI)-driven procurement solutions by retailers to streamline sourcing, inventory management, and supplier relationship processes is fueling the market growth. These digital tools offer enhanced data analytics, helping retailers make more informed decisions and minimize supply chain risks. Additionally, real-time visibility into procurement activities allows for better demand forecasting and inventory optimization, which reduces costs and improves operational efficiency. Along with this, the increasing integration of digital procurement platforms with online storefronts to enable faster and more efficient procurement workflows is contributing to the market growth.
Rising Focus on Cost Optimization and Efficiency:
The rising need among retailers for cost optimization is positively impacting the market growth. Along with this, the heightened adoption of procurement solutions that enable cost-effective sourcing and streamline supplier management are contributing to the market growth. These tools provide retailers with the ability to negotiate better terms with suppliers, reduce unnecessary expenditures, and gain greater control over inventory levels. Besides this, the burgeoning utilization of analytics-driven insights, boosting the need for procurement departments that can identify patterns, thereby cutting waste is creating a positive outlook for the market. Apart from this, the heightened emphasis on minimizing the costs associated with procurement, such as transportation, warehousing, and labor, as profit margins tighten is fostering the market growth.
Growing Sustainability and Ethical Sourcing Initiatives:
The heightened consumer demand for sustainable and ethically sourced products is positively influencing the market growth. Moreover, the rising pressure on retailers to ensure that the products they offer are sourced responsibly, in terms of environmental impact and labor practices, is fostering the market growth. Besides this, the escalating focus on sustainable procurement strategies that align with corporate social responsibility (CSR) goals, leading to the inclusion of features, like tracking the sustainability of suppliers and products, is enhancing the market growth. Additionally, the ongoing shift towards responsible sourcing practices that strengthen brand loyalty and help retailers comply with government regulations and standards is fueling the market growth.
Retail Sourcing and Procurement Market Report Segmentation:
Breakup By Solution:
Based on the solution, the market has been divided into strategic sourcing, supplier management, contract management, procure-to-pay, and spend analysis.
Breakup By Service:
On the basis of service, the market has been categorized into implementation, consulting, and training and support.
Breakup By Deployment:
Based on the deployment, the market has been classified into on-premise, hybrid, and cloud.
Breakup By End Use:
On the basis of end-use, the market has been divided into small and medium enterprise (SME) and large enterprise.
Breakup By Region:
Region-wise, the market has been segmented into North America (United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
Top Retail Sourcing and Procurement Market Leaders:
The retail sourcing and procurement market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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