Global In Store Inventory Management Market: Snapshot
Global in store inventory management market is gaining momentum owing to the rising demand for keeping track of business’ resources and goods. The market is also growing as a result of rising demand for monitoring products’ weight, dimensions, amounts, and location. The goal of in store inventory management market solutions is to reduce the cost of maintaining the inventory by alerting the stakeholders when it’s time to replenish products, or buy more materials to manufacture them.
How Inventory Management Saves Money for the Business?
1.No Dead Stock: Dead stock is an item that has no demand and can no longer be sold. It is not necessarily that the product is not selling because its broken, there are chances that it could have gone out of season, out of style, or otherwise become irrelevant. With the help of solutions from global in store inventory management market the store can be alerted when the product is about to expire or is about to go out of season. This helps businesses to save a ton of money.
Reduced Storage Cost: Warehousing is regularly a variable cost, which means it varies depending on how much item a business is putting away. When a business stores excessive amount of item or end up with an item that is hard to sell, its costs will go up. Maintaining a strategic distance from this will set aside you cash. With the help of advanced solutions from global in store inventory management market all of this can be avoided and lots of money can be saved.
Visibility of in store inventory has always been a black hole for the supply chain in retail sector. While manufacturing brands as well as retailers have already bet on multiple combinations involving cameras, robots, smart shelf technologies, and others for effective in store inventory management, there is always a room for brittleness and inaccuracy, in addition to the longstanding challenge of a high price point.
Brick-and-mortar stores aspiring high operational efficiency are thus rapidly shifting to modern in store inventory management practices that complement the evolving demands of today’s omnichannel marketplace. These trends are likely to influence the growth of in store inventory management market.
Spiking Investments in Technological Integrations Are Governing Competitive Landscape of In Store Inventory Management Market
In a highly fragmented competitive landscape of global in store inventory management market, the likes of IBM, Oracle, Microsoft, and SAP SE continue to dominate and dictate the course of competition. There have been a number of active regional as well as multinational players in the in store inventory management market, which are prioritizing major investments in product innovations and R&D of robust solutions facilitating robust in store inventory management.
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Integration of sophisticated technologies such as AI, IoT, and Big Data Analytics into in store inventory management software is also identified to be among the top developmental strategies adopted by a large number of leading companies operating in in store inventory management market. While Zebra Corporation, Zoho Corporation, SAGE Group Plc, and industry giants are embracing the technological integration strategy, a few in store inventory management market players are also planning investments in strategic M&As to explore their inorganic growth potential and expand in terms of capabilities.
- Oracle Corporation recently announced the launch of their new cloud service for in store inventory management. This service allows store owners to monitor in store inventory on the basis of basic attributes such as color and size.
- The NYC-based Infor recently released a next-gen SCM solution to enable businesses achieve real-time visibility of their inventory and supply chain control. With this, store operators can more efficiently manage inventory, as the solution is integrated with predictive ETAs and 3D warehouse visualization capabilities.
- Strategic integration of the in store inventory management solution of Boston-based OneView Commerce and IBM’s Watson Commerce Insights has been a classic example of super productive real-time in store inventory management analytics.
- The US-based Bill’s Gun Shop and Range has selected RTG’s (Retail Technology Group) Axis POS & Range Management S/W for in store inventory management and improved online sale.
- For efficient in store inventory tracking, an Austin startup Pensa Systems has tapped in to the usage of autonomous drones that promote detailed understanding of on-shelves inventory. Post trialing the computer vision algorithms for in store inventory management and recently having invested fresh capital in an acquisition, Pensa is set to explore the potential of autonomous drone in highly efficient in store inventory management.
Several companies are targeting the use of computer vision technologies for picking and transporting inventory items.
- The global commerce giant, Walmart has entered a partnership with Massachusetts-based Alert Innovation for the AlphaBot deployment that has been responsible for efficient pickup and transport of volumes of inventory items, especially grocery.
- Another innovator based in Massachusetts, Takeoff Technologies, has been serving C-stores, retail pharmacies, and QSR operators in effective in store inventory management, while dually functioning as a pickup station.
- The UK’s Ocado, one of the largest (only) on-line grocery retail chains across the globe, is currently using a packaging system based on a computer vision algorithm.
An Urge to Save on Huge Labor Costs Is Compelling Retailers to High Tech In Store Inventory Management Practices
It has become imperative for retailers to better integrate multiple shopping and delivery channels and accurately keep track of the available inventory, in order to better serve their customers. Research reveals that an average of 20 hours are spent per week in stock counts (in terms of manual labor), for shelf-based retail goods such as grocery items. As the potential of AI enabled tools is discovering more exposure, power of computer vision is being trialed in several use cases, and tracking technologies such as RFID are being used for a higher ROI, retailers are soon projected to reach 100% accuracy in terms of in store inventory management – saving significantly on the labor costs.
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Strong Support by Technology Leaders Is Pushing In Store Inventory Management Market Growth
To survive competition that involves Ecommerce as well as offline/physical retail stores, companies are switching to advanced technology tools for efficient, streamlined, yet cost effective in store inventory management. Leading technology innovators from across the globe are playing a crucial role in supporting retailers with technologies required to implement digitization and automation, further pushing the growth of in store inventory management market.
Segmentation – Global In Store Inventory Management Market
Taxonomy of the global in store inventory management market classifies the landscape on the basis of system type, organizational size, model of deployment, application, and end use industry.
Classification of In Store Inventory Management Market on the Basis of Type of System –
- Manual Inventory Management System
- Advanced RFID (Radio Frequency Identification) System
- Barcode Scanning System
Segmentation of In Store Inventory Management Market by the Size of Organizations –
In Store Inventory Management Market Segmentation Based on the Deployment Model –
Categorization of In Store Inventory Management Market by Application –
- Inventory Optimization
- Service Management
- Order Management
- Product Differentiation
- Asset Tracking
In Store Inventory Management Market Classification Based on End Use Industry –
- Healthcare & Medicine
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