Overview and Scope
Retail management software refers to a comprehensive system designed to streamline and optimize the operations of retail businesses, including sales tracking, analytics and reporting. It facilitates efficient management of inventory, sales, customer data, and business processes, enhancing productivity and enabling data-driven decision-making for retail businesses.
Sizing and Forecast
The retail management software market size has grown rapidly in recent years. It will grow from $19.46 billion in 2023 to $22.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased demand for automation, the growth of e-commerce, the globalization of retail, the need for efficient inventory management, and regulatory compliance requirements.
The retail management software market size is expected to see rapid growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to emphasis on data security and privacy, expansion of cloud-based solutions, demand for real-time analytics and insights, focus on sustainability and eco-friendly practices, and rise of mobile commerce and mobile point-of-sale (mPOS). Major trends in the forecast period include increased use of augmented reality in retail management software, growth of subscription-based pricing models, emphasis on predictive analytics for demand forecasting, convergence of online and offline shopping experiences, and rise of blockchain technology for supply chain transparency.
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Segmentation & Regional Insights
The retail management software market covered in this report is segmented –
1) By Product: Cloud, Software As A Service (SaaS), Web, Mobile – Android Native, Mobile – iPhone Operating System (IOS) Native, Other Products
2) By Application: Small Business, Midsize Enterprise, Large Enterprise, Other Applications
3) By End-Users: Grocery And Pharmacy, Hardlines And Do It Yourself (DIY), Apparel And Softline, E-Commerce And Specialty, Other End-Users
North America was the largest region in the retail management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of e-commerce and online retailing is expected to drive the retail management software market going forward. E-commerce and online retailing refer to the buying and selling of goods or services over the Internet. The expansion of e-commerce and online retailing is driven by convenience, accessibility, and the ability to reach a global market. The e-commerce sector utilizes retail management software to streamline operations, optimize inventory management, and enhance customer experiences. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, there was a remarkable 7.5% increase in the United States e-commerce sales in the final quarter of 2023, when measured against the corresponding period in 2022. Therefore, the growing expansion of e-commerce and online retailing is driving the growth of the retail management software market.
Key Industry Players
Major companies operating in the retail management software market report are NCR Corporation; Shopify Inc.; Pitney Bowes Inc.; Cegid Group; Digital River Inc.; BigCommerce Pty. Ltd.; osCommerce Solutions; JDA Software Group Inc.; Magento Commerce Inc.; Epicor Software Corporation; iQmetrix Software Development Corp.; PrestaShop SA; WooCommerce Inc.; LS Retail EHF; Passport Software Inc.; Windward Software Inc.; OpenXcell Technolabs Pvt. Ltd.; Fishbowl Inc.; Snappii Apps Inc.; EffiaSoft Private Limited; POS Prophet Systems Inc.; Universal Accounting Software Inc.; Visual Retail Plus Inc.; Peach Software Limited; OpenCart Ltd.
The retail management software market report table of contents includes:
1. Executive Summary
2. Retail Management Software Market Characteristics
3. Retail Management Software Market Trends And Strategies
4. Retail Management Software Market – Macro Economic Scenario
5. Global Retail Management Software Market Size and Growth
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32. Global Retail Management Software Market Competitive Benchmarking
33. Global Retail Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Management Software Market
35. Retail Management Software Market Future Outlook and Potential Analysis
36. Appendix
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