According to the new research report, titled “Retail Execution Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Enterprise Size (SMEs and Large Enterprises) and Application (Retail Operations, Field Service Management, Mobile Forms Automation, Field Sales, Trade Promotion Management, Employee Engagement, and Others),” published by The Insight Partners, the market is expected to reach US$ 303.26 million by 2027, registering a CAGR of 7.2% from 2020 to 2027.
Retail Execution Software Market in APAC to Grow at Highest CAGR during 2020–2027
China, India, Japan, South Korea, and Australia are the major countries in Asia Pacific (APAC). The region is well-known for technological innovations in these countries. Liberal retail policies in effect, the removal of trade barriers and foreign investment constraints, and links to the World Trade Organization (WTO) are supporting the growth of the retail sector in the abovementioned APAC countries. India has recently liberalized its policies, which will contribute to greater growth and make business easier. Moreover, rapid technological developments, government initiatives, economic digitalization, and rising disposable income (especially of the middle-income class group) are among the significant factors contributing to the overall economy growth of the region. APAC is projected to register the fastest CAGR in the market during the forecast period. It has robust IT infrastructure, with secure software and services offerings; and strong positions in areas of development such as AI. Furthermore, the countries in the region are witnessing high population growth, which encourages the growth of the retail and e-commerce industries.
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.
Key Findings of Study
Big data analytics technology has a huge potential to transform the retail execution completely. With the adoption of big data solutions in the overall retail industry, the efficiency of distribution and production networks can be improved. With the real-time insights, customers can track their purchase orders on their devices and check the status. The integration of analytics dashboard in the retail execution software helps in tracking and evaluating the performance of retail execution agents. Further, the retail and e-commerce industry across all the regions has witnessed numerous transformations from the past few years. The growth in the industry has prompted retail execution software players to leverage big data analytics for the purpose of making smarter business decisions and earning higher profit. The use of this technology also provides valuable information on high traffic congestion and popular retail execution areas, thereby enhancing the retail execution operations. With the use of this technology, retailers would be able to evaluate customer interactions across the channels, such as mobile, social, and web. For instance, retailers can categorize their supply chain to provide consumers with different types of products, where they can select features, such as color or size. Thus, integration of big data analytics technology in the retail industry is anticipated to provide substantial business opportunities for retail execution software providers.