7.2% CAGR, Retail Execution Software Market is Surging with $303.26 Million of Industry Revenue by 2027

iCrowd Newswire
01 Mar 2021, 13:03 GMT+10

The retail execution software market was valued at US$ 198.39 million in 2019 and it is projected to reach US$ 303.26 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027.

The retail and e-commerce industry provides a huge platform for shopping. It is increasing at an unprecedented rate across the globe. Retail and e-commerce platforms also help various businesses to reach their customers easily; hence, necessary exposure to business is achieved. According to the Census Bureau of the Department of Commerce, US retail e-commerce sales were US$ 160.3 billion for the first quarter of 2020, an increase of 2.4% from the fourth quarter of 2019. Growing retail and e-commerce industries in APAC and North America are thriving in the retail execution software market.

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The growing retail sector globally is driving the growth of the retail execution software market. However, security concerns associated with the software in the retail sector may restrain the growth of the Retail Execution Software market. Furthermore, rising adoption of automation across retail industry is anticipated to create market opportunities for the Retail Execution Software market during the forecast period.

According to the latest report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. The crisis is adversely affecting the industries worldwide. The global economy took the worst hit in 2020, and it is likely to continue in 2021 also. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce. The sharp decline in the international logistics business industry is restraining the growth of the global retail execution software market.

The growing need for agility, flexibility, innovation, and speed in the business process increases the demand for SaaS-based solutions. SaaS vendors offer solutions that help enhance margins, with lower operating expenses, and thus contribute significantly to the retail execution software demand. Further, the COVID-19 pandemic, which led to the imposition of lockdown in many countries, led to the rise in online buying of necessary products in 2020, which boosted the adoption of transportation and retail execution software for tracking products in transit.

Strategic Insights

Companies are highly engaged in developing new products to gain traction in the retail execution software market. For instance, Salesforce launched a new industry product, namely, Consumer Goods Cloud, which allows consumer goods companies to fuel revenue growth and increase ROI through enhanced retail execution capabilities. A few developments by key players are listed below:

2020: StayinFront, Inc. retail data insight (RDI) extended its partnership with Field Sales Solutions for real-time analytics. StayinFront RDI's field view and ROI view, provide actionable insights to field sales teams. The services facilitate and maximize in-store effectiveness, allowing Field Sales Solutions' clients the ability to do more, know more, and sell more.

2018: Intelligence Retail approached IBM to enhance its main offering and allow its customers to take advantage of tracking the key store audit indicators in actual-time. A new analytical module of the Intelligence Retail solution, based on the embedded IBM Watson Analytics technologies, is designed to help effectively track the key indicators of the retail audit by actual-time processing big data, including the availability of goods on the shelf, shelf share, prices, and promotions

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