The global retail sourcing and procurement market valuation can reach USD 2.74 billion by 2025, according to a report by Grand View Research, Inc. The expansion of ecommerce stores and craze of online shopping has created the demand for automated solutions for the retail industry. Retail sourcing and procurement is a vital step in the retail supply chain for purchasing goods. The development of mobile applications and online payment gateways has made it a secure and safe way to create invoices and purchase orders.
Emergence of technologies such as Internet-of-Things (IoT), cloud, and big data have intensified the competition among retail outlets. The entry of Amazon in the retail industry with the launch of Amazon Go and subsequent acquisition of Whole Foods in 2016 has encouraged retailers to embrace the automated solutions. The exponential growth of retail stores and Bring-Your-Own-Device (BYOD) trend is expected to transform the retail landscape. Large retail chains have transitioned their operations to cloud in order to streamline their processes such as inventory management.
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Retailers are implementing supplier relationship management software in their business models to save on their expenses. Developments in Artificial Intelligence (AI) have led to the adoption of chatbots to engage consumers. Programs are being developed to reroute specific cases to live agents and simpler ones to chatbots in order to alleviate the burden on the workforce. In essence, collaboration between suppliers and buyers to streamline the entire process can benefit both parties and satiate consumer demand. For instance, Infosys, an Indian IT conglomerate has collaborated with Oracle Corporation, to provide innovative software solutions to overcome any complexities in the retail supply chain.
The retail sourcing & procurement market is projected to expand at a significant growth rate over the forecast period (from 2018 to 2025) on account of automation of business processes to maximize profits. Integration of advanced technologies such as cloud and big data is expected to bolster the market growth in the coming years. Rise of online shopping and changing consumer demands also plays a vital role in the market development. Utilization of retail procurement solutions to tackle the deluge of indirect taxes and rising commodity prices can benefit market players. Key market players include Oracle Corporation; IBM Corporation; SAP SE; and JAGGAER, Inc.
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