Market Size of Retail Sourcing and Procurement Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Retail Sourcing & Procurement Market Analysis
The retail sourcing and procurement market is expected to registera CAGR of 13 % during the forecast period 2019- 2024. There is an increasein the centralization system of procurement processes with the advanced technologies and storage systems, such as advanced cloud storage system, which is assisting to have better visibility of data.
- Companies across retail sector are repetitively trying to find out the new areas through which they can reduce their total operational costs. Implementing new advanced technologies, such as artificial intelligence, deep learning and blockchain will help to automate the sourcing procurement activities in a better way. For instance, RFID chips can be placed on every product to provide a way for the business owners to track their inventory easily.
- Once implemented, it is very time consuming and cost intensive to reverse the sourcing method or put into practice another technology. Thus it requires sufficient planning to select and execute the sourcing and procurement methods.
