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Global Retail Pricing Solutions Market Insights 2024
Retail Pricing Solutions Market Insight
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According to The Business Research Company's, The retail pricing software market size has grown strongly in recent years. It will grow from $10.43 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to technological advancements, an increase in e-commerce, rising competition, the need for efficient inventory management, demand for dynamic pricing, and growth in the global retail market.
The retail pricing software market size is expected to see strong growth in the next few years. It will grow to $16.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to the adoption of AI and machine learning, a rise in big data analytics, an increasing focus on personalized pricing, growth in omnichannel retail, an expansion of mobile commerce, and demand for real-time pricing adjustments. Major trends in the forecast period include integration with advanced analytics platforms, use of predictive pricing models, growth in subscription-based pricing models, emphasis on customer experience optimization, development of cross-channel pricing strategies, and adoption of blockchain for pricing transparency.
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Market Drivers and Trends:
The rise of e-commerce and online competition is expected to propel the growth of the retail pricing software market. The rise in e-commerce, fueled by growing internet access, the convenience of online shopping, and consumer preference, has led to intensified online competition as businesses increasingly leverage technology and data to reach a broader audience and differentiate themselves in an expanding digital marketplace. Advanced retail pricing software optimizes pricing strategies and helps retailers adjust prices in real-time based on market trends, competitor actions, and consumer behavior to maximize revenue and profitability. For instance, in August 2024, according to the United States Census Bureau, a US-based principal agency of the US-based federal statistical system, in the second quarter of 2024, US retail e-commerce retail sales reached $291.6 billion, marking a 6.7% increase from the same quarter in 2023 and a 1.3% rise from the first quarter of 2024. Therefore, the rise of e-commerce and online competition is driving the growth of the retail pricing software market.
Major companies operating in the retail pricing software market are focusing on artificial intelligence and machine learning technologies, such as AI-based pricing optimization, to enhance pricing accuracy and improve competitive positioning. AI-based pricing optimization uses artificial intelligence and machine learning algorithms to analyze vast amounts of data, such as market trends, competitor prices, and consumer behavior, to determine the most effective pricing strategies. For instance, in October 2023, Flipkart Private Limited, an India-based e-commerce company, launched 'Flipkart Commerce Cloud,' a suite of AI-driven retail technology solutions aimed at enhancing global e-commerce and marketplace operations. This comprehensive platform includes a full marketplace technology stack, retail media, pricing management, and solutions, all scale-tested at Flipkart. It is designed to support retailers in scaling their businesses and improving operational efficiency, leveraging the company's extensive e-commerce experience to offer advanced, reliable solutions worldwide.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Blue Yonder Group Inc., Simon-Kucher & Partners, Relex Solutions Oy, PROS Holdings Inc., DemandTec Inc., Vendavo Inc., Pricefx AG, EDITED Ltd., Zilliant Inc., First Insight Inc., Revionics Inc., Prisync, Retalon Inc., Solvoyo Corporation, Competera Limited, netRivals, Optimix Solutions, QuickLizard Ltd., Omnia Retail B.V., Wiser Solutions Inc., PriceGrid, Pricing Solutions Ltd., Omnia Retail Srl, Eversight Inc., PriceLabs Inc., BlackCurve Solutions Limited
Retail Pricing Software Market 2024 Key Insights:
• The retail pricing software market size is expected to see strong growth in the next few years. It will grow to $16.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• E-Commerce Surge And Intensified Online Competition Fuel Growth In The Retail Pricing Software Market
• AI And Machine Learning Revolutionizing Retail Pricing
• North America was the largest region in the retail pricing software market in 2023
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