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Retail Inventory Management Software Market Trends

ID: MRFR//4224-HCR | 100 Pages | Author: Ankit Gupta| July 2024

Retail Inventory Management Software Market Overview

The Retail Inventory Management Software (RIMS) Market was estimated to be valued at a market sum of USD 1,528.3 Million during the historic forecast period and hence, the market is projected to reach USD 3.12 Billion by the end of the current forecast period in 2032 recording a global market CAGR of around 12.09%. Retail inventory management software includes capabilities for tracking, managing, and organizing material flow, as well as the time it takes for the finished product to depart the warehouse. In general, retail inventory software keeps track of the entire supply chain process and aids in boosting inventory levels' efficiency. 

This program aids in the centralization of all warehouse data from various locations. Retail inventory management software aids in the management and prevention of product spoilage by reducing the stocking of raw materials, which can result in losses for businesses. Inventory management has become a necessity in a variety of industries, including retail, service delivery, wholesale, and others. Inventory management in retail aids in the optimization and delivery of processes by providing precise inventory levels and obtaining real-time data to save data across multiple verticals of the company. This data, which is recorded in real-time, can be used to make decisions and this increases the Retail Inventory Management Software Market Growth.

Figure 1: Retail Inventory Management Software Market Size, 2022-2030 (USD Billion)

Retail Inventory Management Software Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

COVID 19 Analysis

The ongoing COVID-19 epidemic has a detrimental impact on many businesses, including software companies too, but not as much as manufacturing units. In the United States, China, Germany, South Korea, and several other countries, most projects in various end-use industries were postponed. These companies are also experiencing short-term operational challenges due to supply chain constraints, such as factory inaccessibility due to the COVID-19 epidemic, and thus, usage of Retail Inventory Management Software (RIMS) has also come to a halt.

But businesses use inventory management software for a variety of reasons, including keeping track of inventory expenses throughout the manufacturing and sales process, monitoring stock levels, and tracking profitability. It's also used to forecast inventory levels, prices, and predicted demand for products. The inventory management software keeps track of the inventory database and tracks all inventory actions. It makes it easy to keep track of stock levels, grants authorized users access to the database, and provides a thorough view of the company's inventory operations. The global epidemic of COVID-19 has encouraged businesses to employ advanced inventory management solutions to ensure efficient inventory management and supply throughout supply chains.

Retail Inventory Management Software Market Dynamics

  • Drivers

The Retail Inventory Management Software (RIMS) market is primarily driven by the necessity to maintain transparency across supply chain activities and the ease of tracking warehouse inventories. RFID tags, barcode scanners, mobile phones, and tablets are all becoming more popular, which is propelling the Retail Inventory Management Software Market Share. Real-time inventory visibility aids in the most efficient use of warehouse and inventory, resulting in a higher Return on Investment (ROI). The program aids in the monitoring of each vendor's margin contribution and execution performance to collect feedback and better negotiate deals. Advanced logistics management, smart supplier management, data-driven inventory optimization, and other features of the retail inventory management software business are only a few of the benefits.

  • Restraints

The high first installation cost may be a stumbling block for the Retail Inventory Management Software Market Size. The cost of software is often determined by the features and capabilities it provides, as well as access to the number of users and goods involved. Furthermore, one of the most important forthcoming trends in the inventory management software market analysis is connected devices. However, the high installation cost for the software may hinder the Retail Inventory Management Software Industry and can decrease Retail Inventory Management Software Market Growth.

  • Technology Analysis

The ease of use and user-friendly inventory tracking facilities are the primary factors driving the global Inventory Management Software Market. Inventory management software keeps track of inventory levels, orders, sales, and deliveries. For iOS and Android devices, there is a plethora of inventory management, control, and tracking apps. Retail Inventory Management Software industry enables easy inventory management, control, and tracking regardless of location or time. Large MNC manufacturing operations are typically connected via wireless networks and operate in remote places. Manufacturing inventory software includes mobile applications that may be accessed at any time and from any location via mobile devices to assist with a variety of business tasks. To manage the flow of items, retail inventory management software uses approaches such as stock review, just-in-time technology, and ABC analysis methodology, among others. The just-in-time methodology refers to an organization ordering things just when they are requested by a consumer.

Retail Inventory Management Software Market Segment Overview

The global Retail Inventory Management Software Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the future forecast period in 2030 and achieve the expected Retail Inventory Management Software Market Share. The Retail Inventory Management Software Market Segments are based on the following:

Based on the deployment, the market has been segmented as follows:

  • On-demand

  • On-premise

Based on the end-user, the market has been segmented as follows:

  • Traditional Retailers

  • Off-price Retailers

Based on the type, the market has been segmented as follows:

  • Manually Managed Inventory Systems

  • Barcode Scanning Systems

  • Advanced Radio Frequency Systems (RFID)

Based on the application, the market has been segmented as follows:

  • Order Management

  • Asset Tracking

  • Service Management

  • Product Differentiation

  • Inventory Optimization

Based on the region, the market has been segmented as follows:

  • North America

  • Europe

  • Asia Pacific (APAC)

  • Rest of the world (ROW)

Retail Inventory Management Software Market Regional Analysis

North America, Europe, Asia Pacific, and the rest of the world are all being investigated in the worldwide retail inventory management software market. North America dominates the worldwide retail inventory management software industry. The market in this region is being driven by the presence of significant enterprises in the region and the adoption of inventory management software by major corporations. During the forecast period, Asia-Pacific is expected to have the fastest growth rate. The Retail Inventory Management Software Market Size in this region is primarily driven by the use of cloud-based solutions across enterprises and the demand for asset tracking.

Retail Inventory Management Software Market Competitive Landscape

To obtain a competitive advantage over other market participants, inventory management software vendors are concentrating on improving the capabilities and features of their inventory management software. Some of the major key players as per the Retail Inventory Management Software Market Segments are as follows:

  • Epicor Software Corporation (U.S.)

  • Microsoft Corporation (U.S.)

  • JDA Software (U.S.), Netsuite (U.S.)

  • Fishbowl (U.S.)

  • SAP SE (Germany)

  • InFlow Inventory Software (Canada)

  • IBM Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • Totvs S.A (Brazil)

  • Retalix Ltd (Israel)

  • Quintiq (Netherlands)

  • Sage Group plc (U.K)

  • Logility, Inc (U.S.)

  • Lawson Software (U.S.)

  • Aldata Software Management Inc (Canada)

  • Accellos (U.S.)

  • BluJay Solutions. (U.S.)

  • Kinaxis (Canada)

  • Kewill Systems (U.S.)

  • Manhattan Associates (U.S.)

  • Servigistics (U.S.)

  • GTNexus (U.S.)

Retail Inventory Management Software Market Recent Developments

  • Oracle Corporation has released a set of updates to its cloud-based warehouse management software that will help e-commerce businesses save on inventory expenses and improve customer support. This improvement helped the organization in strengthening its market position.

  • Kewill Systems provides inventory management software modules that can be customized to meet specific customer requirements. Order management, asset tracking, product identification, and service management are a few examples.

  • SAP SE and Accenture cooperated to develop digital solutions based on SAP Leonardo. Accenture's Payables Optimizer and advanced inventory management are being integrated with SAP Leonardo.

Retail Inventory Management Software Market Report Overview

The report is based Retail Inventory Management Software Market analysis, both qualitative and quantitative, based on segmentation encompassing both economic and non-economic aspects. The report also indicates market value data which is provided for each segment in the research. It denotes the region and market sector that is likely to expand the fastest and dominate the market. The analysis is organized by geography, covering product and service consumption in each region as well as the factors that influence the market within each region. There is a competitive landscape that includes the top players' market rankings, as well as new service or product releases, collaborations, company expansions, and acquisitions during the forecast period. The report for the retail inventory management software market has been prepared after having a deep study and going through every aspect of the market by analyzing the data which aims for excellent market growth during the ongoing forecast period that will end in 2030.

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