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The category management software market is helping retailers
optimize product assortments, shelf space allocation and pricing. Category
management software helps retailers effectively manage categories, assortments,
pricing, promotions and supply chain operations to maximize profits. Insights
from category management software helps retailers make more informed category
reviews, shelf space allocation and pricing decisions.
The Global
Category Management Software Market is estimated to be valued at US$ 1.71
Billion in 2024 and is expected to exhibit a CAGR of 10.% over the forecast
period 2024 to 2031.
Key Takeaways
Key players
operating in the category management software market are Aptos, LLC, Board
International S.A., Cognizant, IBM Corporation, INTERACTIVE EDGE, Infor, Mi9
Retail, Microsoft Corporation, Oracle Corporation, Retail Insights, Retek,
Revionics, SAP SE, Softvision, Symphony RetailAI. Category management software
helps retailers optimize revenues, profit margins and inventory levels by
making data-driven category, pricing and promotion decisions. With growing
retail sector global expansion into emerging markets presents significant
growth opportunities for players in the category management software market.
Market Drivers
The primary driver boosting the Category
Management Software Market Trend is the need for a collaborative,
data-driven approach to retail planning and execution. Category management
software helps retailers improve sales and profits by optimizing pricing,
promotions, sourcing and shelf space allocation based on market insights and
analytics. To differentiate in an increasingly competitive retail landscape,
retailers are relying more on data analytics and category management software
to manage complex category reviews, assortments and pricing strategies more
efficiently.
PEST Analysis
Political: Category management software enables retailers and consumer goods
manufacturers to adhere to government regulations related to labeling and
packaging of products. The software helps keep track of product specifications
and ensures compliance.
Economic: Fluctuations in overall economic conditions influence consumer
spending which directly impacts retail sales and inventory management. Category
management software allows organizations to analyze economic trends and demand
patterns to make informed decisions.
Social: Changing customer preferences and lifestyle trends require retailers to
frequently refresh product categories. The software facilitates evidence-based
category review to identify top-selling items and adjust assortments based on
social factors.
Technological: Advanced technologies like big data analytics, cloud computing
and AI are being integrated into category management platforms. This allows
extraction of deeper insights from large datasets, offers flexibility of cloud-based
deployment and enables automated decision making.
Geographical concentration
In terms of value, the category management software market is concentrated
in North America and Europe. Established retail industries, organized retail
sector and presence of global retailers have led to higher adoption of
tech-enabled category management practices in these regions.
Fastest growing region
Asia Pacific region is poised to grow at the fastest pace for the category
management software market during the forecast period. This can be attributed
to rising incomes, expansion of modern retail formats, increasing digitization
of emerging economies and growing e-commerce Sales in countries like China and
India. Continuous economic development is encouraging retailers to invest in
innovative solutions for better planning and assortment optimization.
Get more insights on Category
Management Software Market
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About
Author:
Ravina
Pandya, Content
Writer, has a strong foothold in the market research industry. She specializes
in writing well-researched articles from different industries, including food
and beverages, information and technology, healthcare, chemical and materials,
etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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