Multichannel Order Management Market Key Developments, Company Overview, Competitive Landscape, Demand and Trends by Forecast to 2027
The multichannel order management market is expected to grow at a CAGR of 12.7% between 2021 and 2027. During the forecast period, the multichannel order management market is expected to grow from USD 2.07 billion in 2020 to USD 4.94 billion by 2027. The increasing number of internet users and the expansion of multichannel selling are the factors for the growth of the multichannel order management market. However, security and privacy concerns are likely to stymie the growth of the multichannel order management market. Furthermore, the growing potential for increasing online sales is opening up possibilities in the multichannel order management market.
Multichannel Order Management (MOM) solutions are business-to-business (B2B) software designed for companies or brands that primarily sell online. MOM offers a popular manual ordering interface that can be used to place orders, handle refunds, and execute exchanges, among other order-related operations. Product inventory data such as committed, quantity available, on order, backorder, in-transit, work-in-progress, and available to promise can also be accessed by businesses. By leveraging enterprise visibility, retailers can improve operational profitability and accelerate fulfilment. It enables retailers to smoothly process returns, exchanges, and manage credit and disposition processes, regardless of where the goods were originally purchased. When goods are returned, core factors are automatically updated, and sellable items are returned to the available to promise category.
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The increasing number of Internet users and the increase in multichannel sales are the major factors driving the expansion of the multichannel order management market. However, the global market's growth is expected to be hampered by a lack of technical expertise. Nonetheless, the emerging potential for online sales is likely to provide lucrative growth opportunities for multi-channel order management vendors.
The development of a multi-channel sales strategy entails managers seeking convergence, or at the very least some level of consistency, between the various channels. This method can help to facilitate the successful integration of global channels into a single, reliable distribution system.
The multichannel approach entails shifting the emphasis within the channel, as well as shifting the emphasis from direct sales to professionals to direct sales to end users. Customers appear to have shifted from a sales function to a role as a source of individualised assistance in the domains of company growth, team management, salon promotions, and merchandising as a result of the multi-channel evolution. The expansion of the multi-channel sales strategy implies that executives must seek convergence, or at the very least consistency, among the various channels.
The multichannel order management market has been classified based on deployment mode, component, vertical, organization size, and region. Based on the component, the multichannel order management market has been segmented into software, solution, and service. Based on the deployment mode, the multichannel order management market has been segmented into cloud and on-premises. Based on the organization size, the multichannel order management market has been segmented into small and medium-sized enterprises (SMEs) and large enterprises. Based on the vertical, the multichannel order management market has been segmented into e-commerce, retail, and wholesale, healthcare and life sciences, manufacturing, food and beverages, and other verticals.
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Based on regions, multichannel order management market has been segmented into Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Because of the faster adoption of advanced technologies in the region's developed countries—the United States, Canada, and Mexico—North America is likely to be the dominant regional market. This is primarily due to the region being one of the most technologically advanced, with a large number of market players such as IBM Corporation (US), Oracle Corporation (US), Salesforce.com, Inc. (US), and Brightpearl (US) (US). Because of the increasing use of technologies, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. The growing adoption of modern technologies and the increasing number of SMEs are expected to influence regional market growth. The Asia-Pacific market will benefit from increased technological adoption, a focus on innovations derived from R&D and technology, more IT organisations, and ongoing projects.
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