NEWARK, Del, April 16, 2024 (GLOBE NEWSWIRE) -- The global multichannel order management market will reach a valuation of US$ 3.4 billion in 2024, driven by the increasing popularity of subscription box services. The trend is set to create new opportunities for the market, leading to a projected CAGR of 9.7% between 2024 and 2034, and reaching a total valuation of approximately US$ 8.5 billion by 2034.
Businesses are expanding their reach to international markets, with the increasing globalization of e-commerce. Multichannel order management solutions play a crucial role in managing cross-border transactions, including currency conversion, customs clearance, and international shipping logistics, to facilitate seamless cross-border e-commerce operations.
The rise of subscription-based business models across various industries, including software, media, and consumer goods, has led to increased demand for flexible and scalable order management solutions. Multichannel order management systems are essential for managing recurring orders, billing cycles, and subscription renewals efficiently.
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Direct-to-consumer brands are bypassing traditional retail channels and selling directly to consumers through online channels and pop-up stores. Multichannel order management solutions enable DTC brands to manage their entire order lifecycle, from order placement to fulfillment and customer support, thereby empowering them to control the end-to-end customer experience.
Real-time inventory visibility is essential for businesses to prevent stockouts, avoid overstocking, and optimize order fulfillment processes. Multichannel order management solutions offer real-time inventory tracking capabilities across multiple channels and fulfillment locations, enabling businesses to maintain optimal inventory levels and improve order accuracy.
The integration of social media platforms with e-commerce has become increasingly prevalent. Multichannel order management solutions are adapting to this trend by enabling businesses to sell directly on social media channels and manage orders seamlessly across multiple platforms.
“Businesses need to adapt their multichannel order management strategies to accommodate local preferences, languages, currencies, and regulations, as businesses expand into new markets,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Key Takeaways from the Market Study
- The global multichannel order management market was valued at US$ 0 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 12.1%.
- The market in Japan is to expand at a CAGR of 10.7% through 2034.
- By component, the software segment accounts for a CAGR of 9.5% through 2034.
- The market in Korea will expand at a CAGR of 11.4% through 2034.
- In terms of organization size, the large enterprises segment accounts for a CAGR of 9.4% through 2034.
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Competitive Landscape
Prominent players in the multichannel order management market are
- Salesforce, Inc.
- HCL Technologies Limited
- Zoho Corporation
- Oracle Corporation
- IBM Corporation
- SAP SE
- Cloud Commerce Pro Ltd.
- Newfold Digital Inc.
- Delhivery Pvt. Ltd.
- Brightpearl, Inc.
- Microsoft Corporation
Company Portfolio
- SAP SE provides a comprehensive multichannel order management solution as part of its SAP Commerce Cloud platform. The solution enables businesses to centralize order management, synchronize inventory, and automate order fulfillment processes across multiple channels.
- Microsoft Corporation offers a flexible and scalable multichannel order management solution as part of its Dynamics 365 suite of business applications. The solution enables businesses to manage orders, inventory, and customer interactions across online, offline, and mobile channels.
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Segmentation Analysis of the Multichannel Order Management Market
By Component:
- Software
- Services
By Organization Size:
- Large Enterprises
- SMEs
By Deployment Mode:
- On-Premises
- Cloud-Based
By Application:
- Order Fulfilment
- Inventory Management
- Channel Integration
- Others
By End Use Vertical:
- Retail
- Manufacturing
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Author by:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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