Category management software helps retailers optimize their product assortments across categories based on sales performance, customer demand, and market trends. The software allows retailers to effectively manage inventory levels, plan shelf allocation, and launch targeted promotions. It generates precise forecasting models by leveraging analytics of point-of-sale and other customer transaction data. Retailers use category management software to gain a demand-driven view of categories and make data-driven merchandising decisions.
Global Category Management Software Market is estimated to be valued at US$ 1.71 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 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, and Symphony RetailAI. These players are focusing on developing advanced software with predictive analytics and machine learning capabilities.
The demand for Category Management Software Market Share is growing due to the adoption of data-driven decision making approaches by retailers. Omni-channel retailing is also driving the need for centralized category optimization software to manage inventory and plan assortments across all selling channels.
Major retailers are expanding globally to boost their revenue growth. Category management software allows multi-national retail chains to optimize category operations efficiently across international markets according to regional demand patterns. This is expected to support the global expansion of the category management software market.
Market Drivers
The growth of omni-channel retailing is a major driver of the Category Management Software Market Demand. Omni-channel operations involve maintaining centralized inventory pools and presenting consistent pricing and promotions on all selling channels. This requires advanced software to optimize category operations effectively according to demand patterns across stores, online, and other channels. Category management software solutions are enabling retailers to gain a unified view of customers and categories to improve omni-channel merchandising decisions.
Get more insights on Category Management Software Market
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)
