Retail Sourcing & Procurement Market growing at CAGR of 13% during 2024-2031 | Basware, Blue Yonder Group Inc., Epicor Software Corporation, GT Nexus, IBM

The global sourcing and retail sourcing market is a dynamic and evolving landscape driven by increasing supply chain complexity, globalization of markets and rapid technological advances. Sourcing and sourcing are key functions for retailers as they directly impact product availability and quality and ultimately customer satisfaction. In recent years, retail has seen a significant shift towards digitalization, automation and data-driven decision making in purchasing and procurement processes. This transformation is driven by the growing need for real-time visibility, cost efficiency and sustainability across the supply chain. As retailers strive to remain competitive in a rapidly evolving market, the global retail sourcing and supply market is characterized by a constant search for innovative solutions, strategic partnerships and the adoption of cutting-edge technologies to streamline operations and improve overall supply chain performance marked.

The Global Retail Sourcing & Procurement Market in terms of revenue was estimated to be worth USD XX billion in 2023 and is poised to grow at a CAGR of 13% from 2024 to 2031.

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Top Key Players Profiled in this Report:
Basware, Blue Yonder Group Inc., Epicor Software Corporation, GT Nexus, IBM Corporation, Infor, Ivalua, JDA Software Group, Kinaxis Inc., and other prominent players.

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6. It offers regional analysis of Global Retail Sourcing & Procurement Market along with business profiles of several stakeholders.
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With continuous development in mobile and online shopping behavior causing substantial disruption in the retail landscape, market pressure such as volatility of fuel prices and increasing raw material costs are adding to the daily challenges faced by retailers. All these challenges pose a continuous threat to the profit margins. While the main strategies of retail organizations are presently aligned towards advanced planning and quality assurance to ensure enhanced customer satisfaction, there is a pressing need for executing strategies for improved purchasing and decision making.

Procurement practices are in place ever since the beginning of business practices. However, the evolution of technology sourcing practices has significantly changed the scenario. The strategic purchasing software helps enterprises housed to trace and procure goods in quick time, most efficiently, maximize saving, as well as evaluate and keep track of the future business transaction and supplier performance. Thus, the adoption of such technologies within the business is anticipated to propel the industry growth in the future.

The automation in procurement activities is observed during the last few years and is likely to continue owing to the high adoption of mobile applications and supporting tracking and procurement processes. Moreover, technological adoption in retail sourcing and procurement solutions and software is leading to increased competition in the retail sector owing to the low barrier for small niche organizations to enter into the industry and growing online purchasing and tracking services due to geographic proximity.

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