Retail Sourcing and Procurement Market Size, Share, Development, Growth and Demand Forecast to 2023.pdf

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Retail Sourcing and Procurement Market Development,
Growth and Demand
July 14, 2017
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 re tail 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.
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.
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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.
The retail sourcing and procurement is a business function that has direct and significant impact on
bottom-line performance of the organization. The savings can be attained through effective sourcing
and procurement practices which also enable companies to reinvest in growth, facilities, personnel
and equipment for improving the performance. The procurement industry is expected to witness three
emerging technology trends, including the social sourcing, internet of things (IoT), and predictive
analytics. It is estimated that the predictive analytics have the highest impact on the market during the
forecast period. Predictive analytics detects the purchasing behavior over time, which enables to
forecast a direction of action. This information is expected to enable procurement teams start
responding to the problems proactively.
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.
Global Retail Sourcing and Procurement Market Segmentation
By Solution
Strategic Sourcing
Supplier Management
Contract Management
Procure-to-Pay
Spend Analysis
By Service
Implementation
Training and Support
Consulting
By Deployment Type
Cloud
On-Premises
By User Type
Small and Medium Enterprise (SME)
Large Enterprise
By Region
North America
Europe
Asia-Pacific
Rest of the World