Global Retail Inventory Software Market Growth (Status and Outlook) 2024-2030

Global Retail Inventory Software Market Growth (Status and Outlook) 2024-2030

On the most basic level, stock management software helps users keep accurate count of stock levels. The primary goal for this application is for users to re-order items before they become fully sold out. Having adequate levels of inventory helps users capitalize on sales opportunities. Of course, it is important that retailers don’t order too much of an item and face not being able to sell it all. Robust systems can help users strike that delicate balance of ordering just enough but not too much.

Core features include sorting items by department or type, establishing of thresholds for minimum quantities and alerts when stock levels reach those thresholds. More advanced systems might include a matrix for tracking items by size, color and style, open to buy modules or integration with purchasing modules to enable automatic generation of purchase orders.

The global Retail Inventory Software market size is projected to grow from US$ 931.3 million in 2023 to US$ 1480.5 million in 2030; it is expected to grow at a CAGR of 6.8% from 2024 to 2030.

LPI (LP Information)' newest research report, the “Retail Inventory Software Industry Forecast” looks at past sales and reviews total world Retail Inventory Software sales in 2023, providing a comprehensive analysis by region and market sector of projected Retail Inventory Software sales for 2024 through 2030. With Retail Inventory Software sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Retail Inventory Software industry.

This Insight Report provides a comprehensive analysis of the global Retail Inventory Software landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Retail Inventory Software portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Retail Inventory Software market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Retail Inventory Software and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Retail Inventory Software.

Some of the future market trends of Retail Inventory Software are:

Use of RFID Technology: RFID technology enables retailers to track inventory in real-time, improve accuracy, and reduce errors. RFID tags can store more information than barcodes and can be read from a distance without direct line of sight. RFID technology can also enhance security, prevent theft, and enable smart shelves.

Integration of Big Data Analytics: Big data analytics can help retailers gain insights into customer behavior, preferences, and demand patterns. By analyzing data from various sources, such as POS systems, social media, and online reviews, retailers can optimize inventory levels, pricing, promotions, and merchandising. Big data analytics can also help retailers forecast demand, identify trends, and anticipate customer needs.

Cloud-Based Inventory Management System: Cloud-based inventory management system allows retailers to access and manage their inventory data from anywhere, anytime, and on any device. Cloud-based inventory management system can offer scalability, flexibility, and cost-effectiveness, as well as integration with other cloud-based applications, such as CRM, ERP, and e-commerce platforms. Cloud-based inventory management system can also enable real-time collaboration, data synchronization, and backup.

Use of IoT and Automation: IoT and automation can help retailers automate and optimize inventory management processes, such as replenishment, picking, packing, and shipping. IoT devices, such as sensors, cameras, and smart labels, can collect and transmit inventory data, while automation systems, such as robots, drones, and conveyor belts, can perform inventory tasks. IoT and automation can also improve inventory visibility, accuracy, and efficiency.

Importance of Forecasting: Forecasting is the process of predicting future inventory demand based on historical data, current trends, and external factors, such as seasonality, weather, and events. Forecasting can help retailers plan and order the right amount of inventory, avoid overstocking or understocking, and reduce inventory waste and obsolescence. Forecasting can also help retailers align their inventory with customer expectations and preferences.

This report presents a comprehensive overview, market shares, and growth opportunities of Retail Inventory Software market by product type, application, key players and key regions and countries.

Segmentation by type
Cloud-based
On-premises

Segmentation by application
Large Enterpries
SMEs

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Shopify
Square
MINDBODY
Lightspeed
Oracle
Fishbowl
Cin7
Odoo
Phorest
Traxia
talech
PHP
Toast POS
Epos Now
Route4Me
Vend
Salon Iris
Loyvers
EZRentOut

Please note: The report will take approximately 2 business days to prepare and deliver.