The retail sector is increasingly using sourcing and procurement solutions to automate their procurement processes, such as speed analysis and procure to pay. Improved collaboration between suppliers and retailers, better visibility in sourcing data and the demand for centralized procurement processes is expected to boost the growth of the global retail sourcing and procurement market. Increasing customer satisfaction & efficiency of processes, and development & innovation in mobile technologies are supporting towards the growth of the global retail sourcing and procurement market. The retail sourcing and procurement technique, compared to other products available in the market, is enabling end users to become more informed. The increasing adoption of sourcing and procurement processes by food & beverages and aerospace suppliers are further expected to enhance the growth of the retail sourcing and procurement market during the forecast period.
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Automation in procurement activities had witnessed growth during last couple of years owing to increasing adoption of mobile applications and cloud based applications, which are assisting procurement and sourcing processes. The technological up gradation in sourcing and procurement process for retail industry is leading to enhanced competition in retail industry due to low entry barrier for the small companies. To maintain market position with progressive technological advancement, retailers are observing opportunities in the retail sourcing and procurement market due to expected increase in demand for inventory management and store operations during the forecast period. Some of the major restraints such as high costs, complexities, ever-changing store networks, seasonality of transportation and services and unwillingness for the adoption of latest technology are hampering the growth of the global market.
Internet of things (IoT) is expected to allow the supply chain management and enterprise resource planning to work together by connecting processes, data, people, and things with sensors and devices. IoT in the transportation and the supply chain industries portrays a larger picture in the present scenario and IoT is expected to enable organizations to plan better, to work smarter and foster more intelligent decision-making processes.
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Geographically, North America is expected to be the largest market, followed by Europe during the forecast period. The market is also expected to emerge in the regions of Asia-Pacific, Latin America, and Middle East and Africa (MEA). However, it has been estimated that the growing emergence of Bring Your Own Device (BYOD) trend and developments in the field of cloud analytics, have led to the high adoption of sourcing and procurement solutions in the retail sector.
Some of the key players in the global retail sourcing and procurement markets are SAP SE, Oracle Corp., IBM Corp., Zycus Inc., PROACTIS Group, GT Nexus Inc., Epicor Software Corp., Tradogram Inc. and Vroozi Inc.
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