Global Multichannel Order Management Market
Global Multichannel Order Management Market Size Set to Cross USD 5.3 Billion by 2029
Published | 10 February 2023
Global multichannel order management market is flourishing owing to growing retail and online shopping sectors, technology advancements in digital transformation, increasing smartphone usage globally, rising internet users, and the use of various sales channels by several enterprises across the world.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global multichannel order management market size at USD 2,706.25 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global multichannel order management market size to grow at a significant CAGR of 9.4% reaching a value of USD 5,324.04 by 2029. The market growth is fueled by the expanding retail and e-commerce industries as well as the expanding number of internet users. The growth of multichannel selling is one of the additional factors fostering market expansion. Demands for scalability are rising as businesses become more flexible and agile. Businesses now need to implement multichannel order management (MOM) because of the rise in multichannel selling. Global demand for multichannel order management is rising as a result of these systems' low cost compared to conventional ones. However, lack of data safety is anticipated to restrain the overall market growth.
Global Multichannel Order Management Market – Overview
Business-to-business software called a multi-channel order management solution (MOM) enables different dealers to promote and sell their products online. Most multichannel requests for the executive's arrangements are specifically made to assist in combining orders from different channels into a single list and posting the most recent costs across all business diverts during cost changes. The executive's arrangements are used by the board to conduct business as well as some multichannel requests for necessities. To effectively attract customers and expand their clientele, businesses, particularly those in the retail industry, are implementing cutting-edge technologies like big data analysis, computerized stores, distributed computing, and web-based media organizations.
Opportunity: Rapidly growing digital retail and e-commerce industries
Digital media, with its massive consumer reach, has played a critical role in transforming the retail industry. Consumers are becoming more selective about when and how brands can reach them. With the world's retail and e-commerce markets rapidly expanding, there is a growing demand for multichannel order management solutions, primarily for scaling all functions and orders at every granular level, which assists organizations in forming efficient system optimization and organization.
Challenge: Inadequate data security
It is critical to consider the security and confidentiality of corporate data when reducing new technology. Businesses will seek increased confidentiality and security as IoT and cloud technology proliferate to protect against cyberattacks and security issues. As cloud-based and IoT-enabled services become more popular, the issue of information security and privacy becomes more serious. Security and confidentiality concerns are expected to grow as more IoT-enabled devices enter the market and become more vulnerable to hazards and attacks. Handheld devices can aid in the retrieval of corporate data. It is necessary to properly implement digital advance technology as well as appropriate information security protection.
Impact of COVID-19 on Global Multichannel Order Management Market
Warehouses all over the world were significantly impacted by the COVID-19 pandemic. The virus quickly spread throughout the world, causing a rippling effect. An outbreak or a hold-up in transportation that happened in one area of the world affected the entire world, forcing warehouses to close or completely halt or delay supply. The world's supply chain was unable to keep up with the virus's rapid spread. The massive expansion of eCommerce was not sparked by the COVID-19 pandemic, but it was the reason for the recent rise in demand. Distribution across all channels increased significantly as a result. The strategy used by warehouses changed from picking products for end users to accepting full cases for retail locations; they also had to deal with a variety of delivery options.
Global Multichannel Order Management Market – By Organization Size
The global multichannel order management market is divided into two segments based on organization size: Large Enterprises and SMEs. Large enterprises are expected to dominate the market during the forecast period. Every large organization that is rapidly expanding must overcome the challenge of managing orders across multiple channels. The main challenges early on are marketing and product design. Managing large order volumes across multiple channels while maintaining a high level of customer service is a new concern for emerging brands. As large enterprises use innovative processes and merchandising techniques such as pre-orders, bundling, and geo-routing orders across an increasing number of channels, this becomes increasingly difficult. As a result, the multichannel order management industry has benefited from increased demand for pre-sales and multi-channel management.
Global multichannel order management market is fiercely competitive. Prominent players in the market include Algopix Holdings Ltd., Browntape Technologies Pvt. Ltd., Cloud Commerce Group Ltd., Constellation Software Inc., Delhivery Pvt. Ltd., GeekSeller LLC, HCL Technologies Ltd., International Business Machines Corp., Linnworks Software Inc., Newfold Digital Inc., Oracle Corp., Sage Group Plc, Salesforce.com Inc., SalesWarp, SellerActive Inc., Selro Ltd., Vinculum Solutions Pvt. Ltd, and Zoho Corp. Pvt. Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Multichannel Order Management Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Multichannel Order Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Multichannel Order Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- Multichannel Order Management Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Software, Services); By Application (Order Fulfillment, Inventory Management, Channel Integration, Workflow Automation, Integrated POS); By Organization Size (Large Enterprises, SMEs); By Deployment Mode (On-Premises, Cloud); By Vertical (Retail, Ecommerce & Wholesale Manufacturing, Transportation &, Logistics); By Region (North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA))
Publish Date: February 2023
Increasing multichannel sales, rising in internet users, and growing technology advancements are projected to propel the expansion of global multichannel order management market during the forecast period between 2023 and 2029.
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