Order Management software enters information of the customers who have placed their orders through data entry system or website. The software provides information regarding products, vendors, customers, and prospects. The software also manages order through control of processes; such as inventory availability & sourcing, purchasing & receiving, marketing, order entering, customer servicing, financial processing, order processing, data analyzing & reporting, etc.
The retail industry comprises individuals or companies engaged in the business of selling finished goods to the customers. These finished goods reach customers through various sales channels, which include catalog stores, brick & mortar stores, e-commerce or online channels, etc. The industry is categorized as per various types of products, types of retail formats and so on.
Even though the retail industry promises to be one of the growth drivers for the global economy in the long term, the industry’s profits are currently affected by recession. Thus, the retailers are looking forward to expand their markets on a global level, align business strategies according to the customer needs, and build operations around the business strategy. The retail sector is witnessing an increase in the penetration of technology.
The retail companies are adopting new technologies to increase & analyze their customers, operations and market dynamics. In the retail industry, Order Management software improves operational efficiency and organizational intelligence. The software tracks the orders from customers, maintains stock level, and packages & ships to customers.
The report by TechNavio Insights forecasts the market size of the Global Order Management software in the retail sector over the period 2008-2012. Further, the report discusses the segmentation of the total Order Management software market into various geographic regions. It also identifies the major market trends, drivers, and challenges existing for Order Management software in the retail industry.