DUBLIN, March 6, 2023 /PRNewswire/ — The “Global Category Management Software Market Size, Share & Industry Trends Analysis Report by Offering, Application, Deployment Mode, Enterprise Size, Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Category Management Software Market size is expected to reach $2.9 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period.
Key Market Players
- Oracle Corporation
- Epicor Software Corporation
- Aptos, LLC
- Board International S.A.
- Interactive Edge
- 42 Technologies, Inc.
- Cognizant Technology Solutions Corporation
- GEP Worldwide
- Jagger LLC
- DotActiv (Pty) Ltd.
There are four key components of successful products around which great category management techniques are founded. ‘The 4 Ps of category management’ – Product, Pricing, Placement, and Promotion – consist of these factors.
The performance of a category begins with the strategic sourcing of its products. Category managers use wholesale amounts to reduce prices when they purchase products. They also opt for the category as a whole to receive a better per-unit price.
Category managers must also compare the goods and costs offered by various vendors for their categories. Wholesale and retail prices both are taken into account.
The wholesale price is the item’s business-to-business (B2B) cost. The retail price, also known as business-to-consumer pricing, is the cost for the customer (B2C). To determine the optimum strategy for classifying their collections into unified categories within the store, category managers work in tandem with merchandising teams.
A smart category management system not only keeps track of these assortments but also takes into account the thoughtful arrangement of complementing goods for logical coherence within the aisle. Marketing strategies used to increase sales include retail promotions. Retailers must participate in promotional efforts both before and after things are put on sale to increase revenue and sales.
COVID-19 Impact Analysis
In order to meet consumer demand, numerous organizations have seen a significant increase in their use of category management, expanding its application.
Every aspect of the industry is changing as a result of the digital revolution. A rising number of business vendors and third-party providers are adopting digital management solutions, driving the market forward. As a result, the shift in consumer behavior has enabled firms to adapt to the environmental and societal changes brought on by the pandemic. Thus, market growth is anticipated to be fueled by increasing digitalization and the adoption of category management software by key players.
Market Growth Factors
Rise In Global Trade Volume And Introduction Of New Products And Services
Nations trade both finished goods and intermediary inputs in the contemporary global economic system. As a result, a sophisticated network of economic connections is built. Additionally, a lot of businesses are growing their geographic reach across numerous countries, which is advantageous to both businesses and the countries.
The requirement for enhancing international logistics and shipment tracking is expanding along with the volume of international trade. Hence, international trade opens up new markets and exposes countries to goods and services that may not be available domestically.
Category Management Aids In Better Supply Chain Management, Vendor Risk Management, And Cost Saving
Tracking, logging, and reporting are made simpler by centralizing and combining the data. Category management excels in these works.
Through this software, one can understand the implications of spend analysis as well. Business look for additional options to outsource if their spend analysis reveals that it would be less expensive. Category management significantly helps in improving supplier connections and supply chain management. Building deeper relationships and gaining a better knowledge of how every category impacts risk control is made easier by helping to structure the procurement team’s resources.
Market Restraining Factors
Businesses Unwillingness To Adopt New Technologies Or Change Existing Systems
Organizations have extensively relied on pre-existing systems like enterprise resource planning (ERP), supply chain management (SCM), and transport management systems to manage business operations. Businesses manage their trade activities manually and with the help of the current management solutions.
The main barriers to the widespread adoption of category management software are acknowledged to be these factors. The poor bandwidth and low budgets of businesses to develop and maintain new technologies, including category management solutions, are another hurdle inhibiting the adoption of this software.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Solution
- Assortment Planning
- Planogram Software
- Floor Planning Software
- Others
- Services
By Application
- Retail
- Distribution
- Consumer Packaged Goods
By Deployment Mode
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/w2bxa1
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SOURCE Research and Markets
