Retail Inventory Software – Is your future in the Cloud?
The superior benefits of on-demand-solutions coupled with the proliferation of ecommerce and the growing preference for multi-channel retailing are fueling renewed interest in cloud-based retail inventory software.
In this article, you will learn why the growing preference for cloud-based retail inventory management software is moving many retailers across the globe to replace their conventional on-premise solutions with on-demand cloud-based solutions.
Retail Inventory Software – the big picture
Several studies have been published by well-known market research organizations on the global retail inventory management software market. These studies were aimed at breaking down the market into distinct segments to provide a more in-depth view of the market.
In the report published by Credence Research, the market was analyzed in terms of the deployment model (on-premise or on-demand), end-user (traditional retailers or off-price retailers) and geography (North America, Europe, Asia Pacific and the rest of the World).
The target audience for the report was Industry Investors, Inventory Management Software Solution Providers, Distributors, and End-users. The report provided the target audience with in-depth insights to enable them to make informed strategic decisions related to opportunities in this market space.
Based on information from this report and others like it, the target audience now has a better understanding of where the market is going and what it will take to be competitive and successful. This renewed focus on the global retail inventory management software market by key players will ultimately benefit your business by delivering competitive products and services from which to choose.
The current state of the market for retail inventory software
Up until recently (pre-2016), on-premise inventory management systems were by far the most dominant solution for retail operations with approximately 75% global market share.
This was the dominant solution in the global market during this time because there were virtually no vendors offering cloud-based solutions. So, retailers continued to be heavily reliant on on-premise systems. These systems allowed them to have superior control over their critical business information albeit at a pretty significant cost.
If we fast forward to the present day, the situation has changed drastically. Everywhere you look, vendors are offering cloud-based solutions that have low or no upfront costs, easy maintenance and a powerful set of features that make it difficult to resist.
It is time to move your retail inventory software to the cloud
It is not surprising that the North American market (U.S. and Canada) followed by Europe and Asia Pacific markets respectively, is the largest retail inventory management software market worldwide.
The primary reason for the dominance of the North American market is the presence of a large base of established retailers, the explosion of ecommerce and the rapidly expanding trend for multi-channel distribution.
With these factors evolving at a rapid pace, the need for inventory management systems and tracking software is required which will stimulate market demand for the move to the cloud.
So what does this mean for your business? You may not be a huge business “yet” but that does not mean that you are not unique in the fact that there is a need for synchronized and instantaneous information about your products that need to be shipped to your customers.
After all, that is why you purchased the retail inventory software in the first place. To keep your retail inventory systems lean and your bottom line growing while taking away the guesswork involved in planning, you need to consider moving to the cloud.
With features like flexible scalability, affordable pricing models, management across multiple distributed devices, anywhere, anytime, this is the path you should be on. It is not a matter of if you should move to the cloud it is a matter of when.
To be on top of multi-channel distribution, talk to an expert to get advice on the right software for you.