Market Trends of Retail Sourcing and Procurement Industry
This section covers the major market trends shaping the Retail Sourcing & Procurement Market according to our research experts:
Contract Management to Dominate the Market
- Today’s retailers compete in a highly fluid market with tight margins. In order to compete, companies must have full visibility into supplier relationships and sales performance to reduce leakage and optimize operations. Contracts are key to meeting these challenges.
- In the retail industry, paperwork is done daily for a large number of cashier operations With the right cloud-based contract management solution, it can be faster, cheaper, and safer to manage a company’s contract portfolio.
- This traditional paper process leads to significant costs (consumables, printing and sometimes sending) and generates some delays. There is a need for efficient centralization of contract documents by printing, signing, scanning and storing them.
- The latest trend pertaining to contract management is electronic hand signatures. Signature pads are the best choice for capturing electronic handwritten signatures at teller and counter locations. These reliable devices guarantee a low total cost of ownership (TCO).
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North America to Occupy Major Share
- According to Business.org, the top 20 startups of ecosystems are located in North America, for instance, Austin and Texas have more than 5,500 start-ups, as well as big- tech giant firms, like Facebook, Google, and Apple.
- Owing to this, Retail Enterprises (SMEs and Large) are investing heavily in the North America region and aiding the significant demand for retail sourcing and procurement.
- Furthermore, factors, such as the diverse packaging that increases demand for better network infrastructure, digital penetration in logistics and support, technological advancements are also aiding the market to grow in the region.
- Improved technology and streamlined global supply chains/ logistics have unchained the United States manufacturing from the limitations of geography.
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