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The Key Players also adopted the Strategy of Partnerships, Agreements, and Collaborations in Retail Sourcing and Procurement Market
The retail sourcing and procurement market comprises all the software and related services that enable enterprises to manage purchase requests, orders, and budget tracking for better management of activities such as sourcing events, billing and vendor relations, auctions, and spend analysis. MarketsandMarkets expects the global retail sourcing and procurement market size to grow from USD 2.58 Billion in 2016 to USD 4.83 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.4% from 2016 to 2021. The retail sourcing and procurement market is expected to grow substantially owing to the expansive penetration of mobile devices for data access and the increasing need to streamline procurement activities for enhancing service to customers.
The key players in the retail sourcing and procurement market include IBM, SAP, Oracle, Zycus, PROACTIS, Tradogram, GEP, Vroozi, GT Nexus, Epicor Software, and Coupa. These players have adopted various strategies to expand their global presence and increase their market shares. Partnerships, collaborations, mergers and acquisitions, expansions, and new product and version launches are some of the major strategies adopted by the market players to grow in the retail sourcing and procurement market.
The year 2015–2016 witnessed many developments, such as new product launches to expand the product portfolio to provide improved offerings. SAP introduced SAP Merchandise Planning Software for retail application. This software would simplify planning across multiple channels and along the merchandise hierarchy. Additionally, SciQuest introduced new changes to its spend automation suite, the new tools added were Total Contract Manager, eProcurement, and Sourcing Director.
The key players also adopted the strategy of partnerships, agreements, and collaborations. For example, PROACTIS entered into a strategic partnership with TransProcure to extend its procurement product offering in the Asia-Pacific (APAC) region. In another development, JDA Software Group and CJ Korea partnered to offer modern supply chain planning solutions.
The major players also acquired various companies to strengthen their product portfolio and expand their geographic footprints into existing and emerging markets. For instance, Epicor acquired Insite Software to expand its business solution footprint to support broader supply chain initiatives. This acquisition would help Epicor to expand its cloud offerings and accelerate development in the field of cloud and mobility.
Retail sourcing and procurement vendors across the world are constantly adding innovation to their products and services to offer augmented solution offerings and serve customers in a better manner. Sourcing and procurement solutions and services are being increasingly adopted in the retail sector, which has led to the growth of the market across the globe. North America is expected to hold the largest market share during the forecast period, whereas APAC is expected to exhibit potential growth opportunities for the retail sourcing and procurement ecosystem players to explore and cater to new clients.
Retail Sourcing and Procurement Market by Solution (Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, and Spend Analysis), Service (Implementation, Training, Consulting), Deployment, User and Region - Global Forecast to 2021
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