Increasing Payment Gateway Integration Drives Retail Execution Software Market Ahead
Retail execution software enables companies within the consumer-packaged goods industry to plan, manage, and optimise all their sales and in-store operations. RES is a combination of real-time image recognition and retail business analytics. It is real-time solution alternative to the manual compilation of retail data for retailers and consumer packaged goods (CPG) companies. Data is collected as real-time snapshots at the physical outlets via mobile devices owned by merch/audit teams or fixed cameras. Analytics are presented to the field team and the HQ in a few seconds in form of preinstalled reports, to take actionable decisions based on the KPI results as the field operation goes on real-time as well. Since most individuals pay for items with their phones, Internet payments are widespread. Mobile digital purchases are made in several countries utilising various popular e-payment options. Payment gateway companies in these countries provide complete e-payment solutions to different retail execution software vendors to keep up with technological changes. The advancements in payment gateway technology, and an increase in mobile wallets are attributed to the expansion of retail execution software market.
Greater integration of payment gateway systems with retail execution software and increased online shopping and billing method improvements are expected to drive the industry even further. In 2022, the total transaction value in the digital payments industry is expected to reach USD 8.71 trillion. Digital commerce is the market's largest segment, with a total transaction value of $5.49 trillion expected in 2022. The continual increase in the e-payment service will increase the demand for retail execution software in the coming years. Governments are undertaking various initiatives across the world to digitise the payment process. One of the most crucial developmental principles for a nation's economy is digital payment. It has the potential to raise productivity and economic growth, improve transparency, increase tax revenue, expand financial inclusion, and provide end-users with new economic options. The Indian government has initiated several initiatives to promote digital payments. Digital India, the Unified Payments Interface (UPI) debut, and the 14444-helpline number all work as catalysts in the migration to digital payments. These activities promote digitalisation and raise awareness about the benefits of utilising new technologies. These factors will boost usage of digital payment service use, driving the growth of retail execution software market.
Field Service Management Application Dominant Owing to Technological Improvements in Tracking
The field service management segment accounted for a sizable market share in the forecast period. The rising requirement to track operations in the field, the increased demand for mobility for real-time visibility, and the increased use of automation and digitalisation in the field services industry are the factors driving the growth of field service management. The increased acceptance of IoT also pushes the adoption of cloud-based FSM solutions. Integrating AI, AR, and VR in the field services sector present a lucrative field service management opportunity. Real-time field service solutions are becoming increasingly popular in a variety of businesses as a means of improving customer satisfaction. Real-time monitoring and control of field technicians enable organisations to answer customer inquiries on the first try by connecting them with the nearest service provider. As a result, these solutions are gaining popularity across all industries.
Unprecedented Expanse of E-commerce Upholds North America’s Retail Execution Software Market
North America will lead the market with a significant sales share. The existence of rapidly growing economies, increased acceptance of automated technology, increasing Internet penetration, and massive end-user software usage is among the primary drivers projected to help propel the retail execution software market in the region. The growing popularity of retail and e-commerce platforms is a central element driving the North American retail execution software market. There are 1.8 million online shops in the United States, with 256 million online shoppers. The region is also heavily focused on implementing retail execution software, which delivers data and functionality to end customers in real-time. With minimum IT assistance, this next-generation software would assist firms in the region in accelerating productivity and improving business processes at the business user level. As the retail industry has gotten more automated, retail execution software has become increasingly crucial among firms because it allows them to obtain visibility of merchandise, orders, inventory, and client demand. The advancements in airport infrastructure are a primary driver of the North American retail execution software market.
The retail execution software market in the Asia Pacific is predicted to grow at the quickest rate during the forecast period. As new technologies become more widely embraced in the retail industry, the adoption rate of retail execution software rises. Businesses purchase software to help them operate their operations more efficiently. India, and China are Asia Pacific's fastest-growing retail and e-commerce markets. In 2021, approximately 24.5 percent of total retail sales in China were made online, with around 780 million people shopping online. Consumers in these countries are more drawn to purchase online as Internet penetration grows and online shopping trends are altering numerous elements of retail and e-commerce in the region. As a result, these variables propel the Asia Pacific retail execution software market.
Global Retail Execution Software Market: Competitive Landscape
Market participants introduce new products and form alliances, collaborations, and partnership agreements. In December 2020, the retail data insight (RDI) partnership between StayinFront and Field Sales Solutions for real-time analytics was extended. StayinFront RDI's field view and ROI view provide field sales teams with relevant insights. Field Sales Solutions' services help clients accomplish more, know more, and sell more by facilitating and optimising in-store effectiveness. In July 2020, Intelligence Retail approached IBM intending to strengthen its core product and enable clients to track key store audit metrics in real-time. Based on IBM Watson Analytics technologies incorporated in the solution, a new analytical module of the Intelligence Retail solution is designed to help efficiently track critical indicators of the retail audit by processing extensive data in real-time, such as shelf availability, shelf share, pricing, and promotions.
Some retail execution software market players include EdgeCG (StayinFront, Inc.), Intelligence Retail, Bizom (Mobisy Technologies Private Limited, Trax Technology Solutions Pte Ltd.), Mobisoft POPProbe, Valomnia, Spring Mobile Solutions, Inc., WINIT, and Kantar Group.
Global Retail Execution Software Market is Segmented as Below:
By Enterprise Size
Key Elements Included In The Study: Global Retail Execution Software Market
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