Inventory Management Software manages the inventory level of the companies to help them minimize inventory cost and increase inventory accuracy & customer service level. The functions of Inventory Management Software include control of receiving, picking, shipping, inter-store & warehouse movement; maintain vendor returns; match invoice; and providing of cycle counts of physical inventory. Thus, these solutions streamline retail operations of inventory planning and replenishing by providing a visibility in the inventory level.
The retail industry comprises individuals or companies engaged in the business of selling finished goods to the customers. These finished goods reach customers through various sales channels, which include catalog stores, brick & mortar stores, e-commerce or online channels, and so on. The industry is categorized as per various types of products retailed, retail formats, etc.
Even though the retail industry promises to be one of the growth drivers for the global economy in the long term, the industry’s profits are currently affected by the recession. Thus, the retailers are looking forward to expand their markets on a global level, align business strategy according to the customer needs, and build operations around the business strategy. In short, the retail companies are building customer centric business models. This is leading to an increase in penetration of technology in the retail sector. Further, the retail companies are adopting new technologies such as Inventory Management Software to improve efficiency of their customer services and operations in the retail market. Thus, Inventory Management Software is instrumental for enhancing customer satisfaction.
The report by TechNavio Insights forecasts the size of the Global Inventory Management Software market in retail sector 2008-2012. It segments the Global Inventory Management Software market in retail sector into various geographic regions (representing the market size for each of these regions). Further, it discusses the key market trends, drivers and challenges, and profiles some of the key vendors of this market.