New York, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Category Management Software Market Size, Share & Industry Trends Analysis Report By Offering, By Application, By Deployment Mode, By Enterprise Size, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06352711/?utm_source=GNW
The retail team’s ability to acquire products, uphold supplier/buyer relationships, and carry out the procurement process can all be improved with the aid of category management.
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.
Offering Outlook
On the basis of offering, the category management software market is fragmented into solution and services. The solution segment acquired the maximum revenue share in the category management software market in 2021. Many large enterprises like to employ category management software solution to streamline their functioning, and planning proactively to manage categories. The provision of in-depth analysis with the help of graphs and charts have made these solutions a much preferred technique to sort the departments effectively.
Deployment Outlook
Based on deployment, the category management software market is divided into on-premise and cloud-based. The cloud-based deployment recorded the maximum revenue share in the category management software market in 2021. It is due to the suppliers’ growing use of cloud-based category management software. Cloud-based category management software’s pay-as-you-use features, superior scalability & integration, and low entry costs are the main drivers of the segment’s growth.
Enterprise Size Outlook
On the basis of enterprise size, the category management software market is segmented into large enterprises and small & medium enterprises. The small and medium enterprises segment procured a substantial revenue share in the category management software market in 2021. Small and medium-sized businesses are implementing category management systems to improve their brand assortment planning in order to stimulate the growth of in-store shopping. As a result, the segment is rising due to the growing usage of this software by SMEs.
Application Outlook
Based on application, the category management software market is classified into retail, distribution, and consumer packaged goods. The consumer-packaged goods segment procured a promising revenue share in the category management software market in 2021. The segment is expanding due to the rising need for management of supply chain software that is technologically integrated. Consumer product suppliers, wholesalers, and retailers are adjusting to shifting consumer preferences while continuing to develop steadily.
Regional Outlook
Region-wise, the category management software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region acquired the maximum revenue share in the category management software market in 2021. Major drivers of the market growth include the increasing desire from retailers to link customer information to their distribution chain as well as the high priority given by European merchants to selection management.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Epicor Software Corporation, Aptos, LLC, Board International S.A., Interactive Edge, 42 Technologies, Inc., Cognizant Technology Solutions Corporation, GEP Worldwide, Jagger LLC, and DotActiv (Pty) Ltd.
Strategies deployed in Category Management Software Market
Jul-2022: JAGGAER unveiled the 22.2 version of the JAGGAER ONE suite. The version covers the enhancement of the entire source-to-pay spectrum, designed to ensure frictionless transacting on both the buyer and supplier sides. Taken in their totality, the product also moves JAGGAER closer to its vision of Autonomous Commerce, with solutions that are networked, intelligent, comprehensive, and extensible.
Jun-2022: Epicor acquired Data Interchange, a UK-based provider of Electronic Data Interchange (EDI) cloud technologies and managed services. From this acquisition, Epicor aimed to expand its reach in European markets and added to the company’s portfolio of B2B integration technologies, empowering customers to connect businesses and trading partners, increase efficiency, and drive value in the supply chain.
Sep-2021: Epicor took over CBC Computer Systems, one of the UK’s leading end-to-end technology solutions providers. Under this acquisition, Epicor took hold of CBC Computer Systems’ industry-leading Decor Fusion Point-of-Sale software for paint and decorating retailers thus strengthening its offerings in the paint and decorating market. The Decor Fusion product was offered as part of Epicor Retail’s solution set to help elevate retailer performance, boost profits, simplify processes, and captivate customers.
May-2021: Epicor acquired KBMax, a Configure Price Quote (CPQ) and visualization software provider. From this acquisition, Epicor integrated its ERP system with KBMax’s next-gen CPQ tools which enabled vital connectivity points to its customers across inventory, costs, pricing, and customer data. Additionally, the integration of KBMax’s technology into the platform enabled customers to create an information-rich and immersive online buying experience.
Feb-2021: Aptos acquired LS Retail, a company specializing in developing all-in-one software systems for retail, food service, pharmacy, and hospitality businesses. From this acquisition, the combination of Aptos and LS Retail aimed to create a retail technology powerhouse that is uniquely equipped to support retailers across all tiers, verticals, and geographies with advanced and innovative unified commerce solutions.
Aug-2020: Aptos took over Revionics, the leading provider of science-based pricing, promotion, and competitive insight for innovative global retailers. Under this acquisition, Revionics’ cloud-based price optimization solutions served as a powerful and natural extension to Aptos’ Merchandise Lifecycle Management suite, allowing retailers to optimize every aspect of the product lifecycle.
Jun-2020: Epicor partnered with ETQ, a leading provider of quality management solutions (QMS). Through this partnership, Epicor delivered Epicor QMS, powered by ETQ Reliance, a powerful, flexible, and easy-to-use QMS solution available to mid-market organizations. The partnership allowed Epicor to extend what they were doing from a quality perspective for customers and introduced deep cross-industry expertise with a strong focus in the medical device, electronics, and manufacturing industries.
Jul-2019: Epicor took over Majure Data, a leading provider of warehouse management solutions. From this acquisition, Epicor aimed to strengthen its ability to deliver innovative technology that would accelerate sales growth, improves productivity, and enhances customer loyalty. The combination of Majure Data’s deep industry functionality and Epicor’s scale of technology provided a premier business growth platform for lumber and building materials businesses.
Scope of the Study
Market Segments covered in the Report:
By Offering
• Solution
o Assortment Planning
o Planogram Software
o Floor Planning Software
o Others
• Services
By Application
• Retail
• Distribution
• Consumer Packaged Goods
By Deployment Mode
• Cloud
• On premise
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• 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.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06352711/?utm_source=GNW
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