by The retail execution software (RES) market is poised for substantial growth, driven by the seamless integration of payment gateways and a surge in online shopping. RES empowers consumer-packaged goods companies to optimize sales and in-store operations through real-time data analytics and image recognition, streamlining retail processes and enhancing customer experiences.
Revolutionizing Retail with RES
Retail execution software (RES) combines real-time image recognition and retail analytics, providing an alternative to manual data compilation for retailers and consumer packaged goods (CPG) companies. By capturing real-time snapshots at physical outlets via mobile devices or fixed cameras, RES offers a swift and efficient solution for data collection. This data is then transformed into actionable insights presented as preinstalled reports, enabling field teams and headquarters to make informed decisions on the fly.
The Role of Payment Gateways
The integration of payment gateway systems with RES is on the rise, fueled by the global shift towards online payments. As more consumers utilize digital payment methods, payment gateway companies are collaborating with RES vendors to keep pace with evolving technology. The advancements in payment gateway technology, coupled with the proliferation of mobile wallets, are driving the expansion of the retail execution software market.
E-commerce and Digital Payments
The digital payments industry is set to reach a total transaction value of USD 8.71 trillion in 2022, with digital commerce accounting for $5.49 trillion of that figure. The continuous growth of e-payment services is creating a robust demand for retail execution software. Governments worldwide are promoting digitalization in payment processes, recognizing its potential to boost economic growth, transparency, tax revenue, financial inclusion, and economic options for end-users. Initiatives like Digital India and Unified Payments Interface (UPI) are catalyzing the transition to digital payments, further propelling the retail execution software market.
Field Service Management Takes Center Stage
Field service management (FSM) is a dominant segment within the RES market, driven by technological advancements in tracking operations. The demand for real-time visibility, mobility, and automation in field services has led to increased adoption of FSM solutions, particularly those leveraging IoT, AI, AR, and VR technologies. Real-time field service solutions are becoming indispensable across various industries, enhancing customer satisfaction by connecting them with nearby service providers and enabling quicker issue resolution.
North America Leads the Charge
North America is at the forefront of the retail execution software market, driven by a robust economy, rapid technological adoption, and high internet penetration. The regions thriving retail and e-commerce sector, with millions of online shops and shoppers, is a significant driver of RES adoption. Retail execution software offers real-time data and functionality, empowering businesses to enhance productivity and streamline processes. North America is also witnessing advancements in airport infrastructure, further boosting the demand for RES solutions.
Asia Pacific: A Hotbed of Growth
The Asia Pacific region is expected to experience the fastest growth in the retail execution software market. The adoption of new technologies in the retail industry, particularly in India and China, is driving the uptake of RES. These countries are witnessing exponential growth in retail and e-commerce, with a significant portion of retail sales occurring online. As internet penetration continues to rise, online shopping trends are reshaping the retail landscape, propelling the demand for RES in the Asia Pacific.
Competitive Landscape
Key players in the retail execution software market are actively introducing new products and forming alliances to enhance their offerings. For instance, StayinFront extended its partnership with Field Sales Solutions in December 2020, providing field sales teams with real-time analytics and insights. Intelligence Retail collaborated with IBM in July 2020 to track key store audit metrics in real-time using IBM Watson Analytics technologies.
Prominent market players in the retail execution software market include EdgeCG (StayinFront, Inc.), Intelligence Retail, Bizom (Mobisy Technologies Private Limited, Trax Technology Solutions Pte Ltd.), Mobisoft POPProbe, Valomnia, Spring Mobile Solutions, Inc.,
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
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COMTEX_442051989/2840/2023-10-18T00:27:44
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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