Global Retail Sourcing and Procurement Market Analysis 2018-2028: Growing Emphasis on Sustainability and Ethical Sourcing Practices

Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Retail Sourcing and Procurement Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to's offering.

In an era that demands optimization and efficiency in every retail operation, the global retail sourcing and procurement market is witnessing unprecedented growth. Industry experts have released this comprehensive analysis outlining key insights and forecasts that paint a robust picture for the market from 2018 to 2028F.

This extensive report delves into various components of the market, segments it based on deployment mode, organization size, and end users, and also offers an in-depth regional analysis. The market's relevance in today’s global economy is underscored by its projected value growth, reaching USD 5.07 billion by the end of 2022.

Revolutionizing Retail with Advanced Sourcing and Procurement Solutions

As the retail sector evolves with technology and consumer demands, sourcing and procurement solutions are becoming the backbone of retail operations. The implementation of digitization and automation within these systems are instrumental in streamlining processes, offering retailers the agility to respond to market demands efficiently. With the integration of Artificial Intelligence, analytics, and automation, decision-making is becoming more accurate and forecasting more precise, leading to enhanced customer satisfaction and ultimately, market growth.

The Driving Force of E-Commerce and International Expansion

The colossal growth of e-commerce has served as a key driver in the demand for sophisticated sourcing and procurement solutions. Online retailing requires an agile approach to manage the assortment and logistics that physical retailers may not face. In addition, expansion across international borders has significantly impacted market growth. Retailers pursuing global opportunities have increased the need for solutions capable of managing complex international supply chains, navigating diverse regulatory landscapes, and maintaining consistent quality standards.

Sustainable and Ethical Sourcing: A Trendsetting Frontier

Consumers today are more environmentally conscious and aware of ethical sourcing practices, driving retailers to pivot their strategies. The market has seen an influx of solutions that enable retailers to align their operations with these consumer values. Sustainable and ethical sourcing has not only become a competitive advantage but has also established itself as a key trend that is reshaping the industry.

  • Strategic sourcing for better supplier management and contract negotiations
  • Effective implementation of procure-to-pay and spend analysis systems

The report provides a segmented analysis of the retail sourcing and procurement market, focusing on perspectives such as deployment mode, which notes a substantial shift towards cloud-based solutions. Large enterprises and SMEs alike are leveraging these solutions to scale and adapt to the e-commerce boom and global market expansions.

North America is spotlighted for its strategic role in driving the market forward, thanks to its mature retail industry and openness to technological adoption. The region's emphasis on sustainability and compliance solidifies its position as a frontrunner in the movement towards more responsible retailing.

A selection of companies mentioned in this report includes:

  • Oracle Corporation
  • Proactis Holdings plc
  • Kinaxis Inc.
  • Epicor Software Corporation
  • Coupa Software Inc.
  • JDA Software Group Inc.
  • HighJump Software Inc.
  • Basware Corporation
  • SAP SE
  • Zycus, Inc.

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