In the past decade, cutting-edge tech solutions have enabled many retail industry players to boost their operational efficiency. To this end, the retail execution software (RES) allows users to manage, plan, and optimise their entire in-store operations and sales. It utilises advanced retail business analytics and real-time image recognition technologies to achieve this. It significantly improved upon the redundant process of manual compilation of retail data. This data is collected via snapshots using mobile devices or fixed cameras. These analytics and insights can then be used by field teams and management to boost the quality of service. The increasing integration of modern digital and cashless payment options is creating new opportunities to support the adoption of sophisticated RES systems. Such developments are projected to prolong the growth trajectory of the global retail execution software market.
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Increasing Online Payment Options in Retail to Create Promising Business Opportunities in Retail Execution Software Market Expansion
Many modern retailers are now offering digital payment options on their retail fronts. This allows customers to make payments via smartphone devices and other cashless mediums. Many retail industry entities are leveraging this opportunity and offering multiple payment gateways. The growing integration of smart payment gateway systems with retail execution software solutions is expected to create notable market opportunities. In addition, the growing trend of online shopping and billing methods is further stimulating the global retail execution software market expansion. Many government bodies are framing supportive regulations to boost cashless transactions which, in turn, helps them improve transparency and tax revenue.
Growing Demand for Field Service Management to Stimulate Retail Execution Software Market Expansion
As the global retail execution software industry continues to grow, many notable subsets are gaining traction including field service management (FSM). This enables retail owners to actively track and monitor field operations in a centralised manner. The growing implementation of automation in the field services industry is further supporting its demand creation. Many cutting-edge Cloud, IoT, AR, and AI technologies are being integrated with modern FSM systems to improve their effectiveness. Such developments are expected to enhance customer satisfaction and improve real-time control of field operations. The economic benefits of implementing field service management solutions are expected to boost the demand for RES solutions in the coming years.
North America Retains Lead in Retail Execution Software Market on Account of Paced Digitalization of Retail Industry
Increasing integration automation technologies, the presence of thriving retail and IT industries, and relatively deep internet penetration are maintaining North America as the leading retail execution software industry region. In addition, the region has a high concentration of several key industry players. Industry stakeholders are actively evaluating the benefits of employing RES including real-time delivery of data and functionality to end users. Meanwhile, Asia Pacific is expected to become the fastest market region amidst the rapid employment of new technologies in the retail sector and thriving software industry.
Most Competitive Players
The most active participants currently functioning in the global retail execution software industry include Spring Mobile Solutions, Inc., EdgeCG (StayinFront, Inc.), Intelligence Retail, Mobisoft POPProbe, Valomnia, Bizom (Mobisy Technologies Private Limited, Trax Technology Solutions Pte Ltd.), Kantar Group, and WINIT.
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