According to Stratistics MRC, the Global Retail Sourcing & Procurement Market is accounted for $6.43 billion in 2023 and is expected to reach $17.5 billion by 2030 growing at a CAGR of 15.4% during the forecast period.
Retail sourcing and procurement is the process through which retail businesses acquire goods and services from suppliers to meet customer demand. It involves identifying reliable suppliers, negotiating contracts, and managing relationships to ensure the timely and cost-effective delivery of products. Effective retail sourcing and procurement strategies aim to optimize costs, maintain product quality, and minimize supply chain disruptions.
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Asia Pacific is expected to witness profitable growth over the projection period. With a vast network of suppliers and manufacturers, the region is known for its cost-effective production capabilities, making it a preferred destination for global retailers seeking to optimize their supply chains. Moreover, the Asia Pacific region is witnessing a rapid digital transformation in retail, with the proliferation of e-commerce platforms, mobile payments, and innovative retail technologies reshaping consumer behavior and supply chain dynamics.
Some of the key players in the Retail Sourcing & Procurement Market include Proactis Holdings Plc., Basware Corporation, HighJump Software, Kinaxis, Coupa Software, Oracle Corporation, Epicor Software Corporation, SAP SE, IBM Corporation, Jaggaer , Inc., JDA Software Group, Inc., Infor Nexus and Zycus Inc.
Key Developments:
In January 2023, Oracle Corp and Microsoft Corp announced Oracle Database@Azure, which gives customers direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft Azure datacenters.
In January 2023, Oracle and Red Hat have expanded operating system collaboration. The strategic collaboration starts with Red Hat Enterprise Linux running on OCI as a supported operating system. This is a global partnership which will also be available to customers in India.
In February 2022, Zycus, the pioneer in Cognitive Procurement, announced the launch of Merlin for eProcurement with two AI-enabled products, Buyer Smart Desk and Autonomous Quick Source that focuses on what matters the most to your business.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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