Retail Sourcing and Procurement

Retail Sourcing and Procurement

Global Retail Sourcing and Procurement Market to Reach US$9.9 Billion by 2030

The global market for Retail Sourcing and Procurement estimated at US$4.6 Billion in the year 2023, is expected to reach US$9.9 Billion by 2030, growing at a CAGR of 11.6% over the analysis period 2023-2030. Consulting Service, one of the segments analyzed in the report, is expected to record a 12.4% CAGR and reach US$4.1 Billion by the end of the analysis period. Growth in the Implementation Service segment is estimated at 10.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.2 Billion While China is Forecast to Grow at 15.7% CAGR

The Retail Sourcing and Procurement market in the U.S. is estimated at US$1.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2030 trailing a CAGR of 15.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.6% and 9.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.0% CAGR.

Global Retail Sourcing and Procurement Market - Key Trends and Drivers Summarized

Retail Sourcing and Procurement: Optimizing Supply Chains for Better Efficiency

Retail sourcing and procurement are evolving rapidly in the modern retail landscape, driven by the need for greater efficiency, cost savings, and risk management in supply chains. Retailers are increasingly adopting advanced procurement strategies and technologies to streamline their sourcing processes, manage supplier relationships more effectively, and reduce costs. This evolution is also fueled by the growing complexity of global supply chains, where retailers must navigate a myriad of challenges, including fluctuating commodity prices, geopolitical risks, and changing consumer preferences. By optimizing their sourcing and procurement practices, retailers can ensure a more reliable supply of goods, improve product quality, and enhance their competitiveness in the market.

What Technological Advancements Are Enhancing Retail Sourcing and Procurement?

Technological advancements are playing a pivotal role in enhancing retail sourcing and procurement, making these processes more efficient, transparent, and data-driven. The adoption of procurement software solutions, powered by AI and machine learning, is enabling retailers to automate routine tasks, such as order processing, invoice management, and supplier evaluation. These technologies also provide predictive analytics that help retailers forecast demand, optimize inventory levels, and negotiate better contracts with suppliers. Additionally, blockchain technology is being explored for its potential to enhance transparency and traceability in supply chains, reducing the risk of fraud and ensuring the ethical sourcing of goods. These technological advancements are transforming retail sourcing and procurement, allowing retailers to build more resilient and efficient supply chains.

What Are the Key Applications and Benefits of Retail Sourcing and Procurement?

Retail sourcing and procurement are applied across various aspects of the retail supply chain, offering significant benefits that enhance operational efficiency, cost management, and supply chain resilience. One of the key applications is in supplier management, where advanced procurement tools help retailers evaluate and select suppliers based on criteria such as cost, quality, and delivery performance. In inventory management, sourcing and procurement strategies are used to optimize stock levels, reduce excess inventory, and ensure the timely availability of products. Retail sourcing and procurement also play a critical role in risk management, helping retailers mitigate the impact of supply chain disruptions and price volatility. The primary benefits of retail sourcing and procurement include improved cost control, enhanced supplier relationships, and increased supply chain agility, making them essential components of a successful retail operation.

What Factors Are Driving the Growth in the Retail Sourcing and Procurement Market?

The growth in the Retail Sourcing and Procurement market is driven by several factors. The increasing complexity of global supply chains is a significant driver, as retailers seek to manage risks and ensure the reliable supply of goods. Technological advancements, particularly in AI, machine learning, and blockchain, are also propelling market growth by enhancing the efficiency and transparency of sourcing and procurement processes. The growing focus on cost control and margin improvement is further boosting demand for advanced procurement solutions, as retailers seek to optimize their supply chains and reduce operating costs. Additionally, the rising importance of sustainability and ethical sourcing is contributing to market growth, as retailers increasingly prioritize these factors in their procurement strategies. These factors, combined with the continuous innovation in procurement technology, are driving the sustained growth of the Retail Sourcing and Procurement market.

Select Competitors (Total 46 Featured) -

• Epicor Software Corporation
• GT Nexus, an Infor company
• IBM Corporation
• Ivalua Inc.
• Jaggaer
• JDA Software Group, Inc.
• Oracle Corporation
• Proactis Holdings Plc
• SAP SE
• Zycus Inc.

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