The North America Retail Sourcing And Procurement Market would witness market growth of 15.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Retail Sourcing And Procurement Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,571.2 Million by 2031. The Canada market is experiencing a CAGR of 17.8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 17% during (2024 - 2031).
This refer to the processes and strategies retailers use to acquire the products and services they sell and the resources needed for business operations. They work together to ensure that retailers can provide customers with desired products at the right time, quality, and price. Integrating digital tools like AI, data analytics, and cloud-based platforms is increasingly transforming sourcing and procurement processes, enabling retailers to make data-driven decisions, optimize costs, and manage complex supply chains more effectively.
The retail sourcing and procurement market is pivotal in modern business operations, enabling retailers to navigate complex supply chains, optimize costs, and deliver quality products to consumers. In a highly competitive climate where customer preferences are always shifting, firms that want to continue to be profitable and relevant are required to employ processes that are efficient in terms of sourcing and procurement.
Traditional retailers in regions like Mexico also invest heavily in sourcing and procurement innovations to keep pace with growing online demand. The Mexican e-commerce market reached USD 26.2 billion in 2022, reflecting a 23% increase from the previous year, as the Mexican Online Sales Association reported. These retailers build robust procurement networks to adapt, allowing greater control over supply chains, from sourcing to order fulfillment. Retailers throughout North America are prioritizing procurement technology that facilitates scalable, adaptable, and responsive supply chains to thrive in the digital era as e-commerce continues to transform the retail sector. Thus, the region will present lucrative growth opportunities to expand the market.
Free Valuable Insights: The Retail Sourcing And Procurement Market is Predict to reach USD 14.5 Billion by 2031, at a CAGR of 15.8%
Based on Deployment, the market is segmented into Cloud and On-premise. Based on Component, the market is segmented into Solution (Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay (P2P), and Other Solution Type) and Service (Implementation, Consulting, and Other Service Type). Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Deployment
By Component
By Enterprise Size
By Country
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