Industry reports from research firm Technavios’s ICT research portfolio reveal key improvements on growth, demand and trends of inventory management software in the retail sector (2016) and also identifies the top-of-the-line solution providers in the global inventory management market.
Scenario that compel business owners to go for inventory management software
Research analysis states that inventory management software in the retail sector will see a CAGR (compound annual growth rate) of 8.3% by 2020. This is because of the challenging scenario which businesses face due to the adoption of ecommerce and mobile commerce. Many physical stores have plunged into digital mediums to improve sales and ecommerce and mobile apps are the widely preferred mediums.
With more number of retailers getting into digital selling mediums, business owners are constantly posed with the challenge of providing best-in-class fulfillment. This reason has also catalyzed the growth of inventory management solutions that cater to the needs of omni-channel commerce.
Trend that’s catching up as the best and efficient inventory management practice
RFIDs seem to be the newfound love for businesses in their inventory management practices. RFIDs, in a warehouse environment, is used to track stocks and identify their position in a warehouse which reduces time in retrieving a product from its bin location and ultimately contributes towards faster delivery. These help in reducing the delivery cycle time of goods, provide more transparency and defects as well.
Vendors who provide the best inventory management solutions
Research reports have that Epicor, Oracle, IBM, IBS, SAP, Microsoft, JDA etc as the inventory management software vendors who are the frontrunners in providing stock management solution in a global level.
Considering the growth prediction, inventory software wars are really on and in the already fragmented market with a lot of small time vendors will be aiming big and the big players will strengthen their foothold by coming up with more innovations.
Top consumer markets for inventory management software
American continents occupy the top spot in the consumer markets for inventory management software. This fact clearly suggests the presence of more number of global retail business owners who are in need of inventory management solutions. Next comes the Asia pacific market where mobile commerce and ecommerce is flourishing in rocket speed. Thirdly the European, African and middle easter countries also have their share of inventory management software requirements.
Cloud vs On premises deployment of inventory management software
The deployment models of inventory management software will also see a change in the future. As of now, most of the inventory management software are deployed on-premises and this share in numbers is a staggering 75% of the global market. However, this scenario is expected to change in the coming years as cloud deployment of inventory management systems are helping saving cost through comparatively less maintenance, monitoring and regular upgrading rates.
On a concluding note, the need for inventory management software is catching up with retailers in a rapid pace and inventory management software war is very much on!!