The global Multichannel Order Management Market size to grow from USD 2.3 billion in 2021 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. Various factors such as COVID-19-led acceleration of organizations for new customer engagement through digital experiences, booming retail and eCommerce vertical, growth in multichannel selling, low operational and initial costs, and rapidly growing number of internet users are expected to drive the adoption of multichannel order management solutions and services.
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There will be a long-lasting impact of COVID-19 on the warehouse. As the virus spread throughout the world, it made a ripple effect. An outbreak or transportation delay that occurred in one part of the world had a destructive impact globally, causing shutdowns due to warehouse closures or missing or delayed supplies. The global supply chain struggled to keep up as the virus spread. While the COVID-19 pandemic was not responsible for starting the eCommerce boom, it is certainly responsible for the recent surge in demand. Hence, omnichannel distribution also started booming. As the warehouse shifts from picking full cases for retail locations to picking individual items for end customers, they also need to manage multiple delivery options. Omni-Channel includes letting the customer purchase from anywhere (in-store, online) and delivering the products where they like (ship to home, pick up in-store, curbside pickup). This also includes the return of the product (ship to return or return in-store). Customers have always been demanding, but with the COVID-19 surging eCommerce demand, the omnichannel distribution trend will stay for a longer time. This leaves warehouses and distribution centers looking for advanced processes, technologies, and software to support omnichannel distribution.
The services segment to hold higher CAGR during the forecast period
Based on components, the multichannel order management market is segmented into software and services. Further, the services segment has been divided into professional and managed services. These services play a vital role in the functioning of multichannel order management solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of multichannel order management software is expected to boost the adoption of professional and managed services.
According to MarketsandMarkets, multichannel order management is arranging and managing all business processes related to orders generated from sources or channels. Multichannel order management simplifies the process by maintaining all the order data in a single place, thereby eliminating the need to login into multiple platforms to fulfill requested orders. Multichannel order management automation solutions are used by Business-to-Business (B2B) and Business-to-Customer (B2C) or by both vendors. It also facilitates inventory information management, customer database, vendors’ database, billings and payments, customer returns and refunds, and order processing records. The multichannel order management market comprises multichannel order management services and software solutions embedded with advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), analytics, IoT, and techniques that help in maning customers orders from multiple platforms in real-time.
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Some of the key players operating in the multichannel order management market include IBM (US), Oracle (US), SAP (Germany), Salesforce (US), HCL Technologies (India), Zoho (India), Brightpearl (US), Stitch Labs (US), Selro (England), Linnworks (England), Vinculum (India), Freestyle Solutions (US), Aptean (US), Etail Solutions (US), SellerActive (US), Delhivery (India), Cloud Commerce Pro (England), QuickBooks Commerce (India), Unicommerce (India), SalesWarp (US), Contalog (India), Browntape (India), Multiorders (England), ManageEcom (India), Evanik (India), GeekSeller (US), SkuSuite (US), Newfold Digital (US), and EMERGE App (Singapore). These multichannel order management vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global multichannel order management market.
Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases, middleware software, and application software. It provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals. Oracle offers a comprehensive and broad portfolio of cloud solutions for business functions, such as Enterprise Resource Planning (ERP), Human Capital Management (HCM), customer experience, and Supply Chain Management (SCM). It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals.
IBM is a multinational technology and consulting corporation founded in the year 1911 and is headquartered in New York, US. It offers infrastructure, hosting, and consulting services and operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM’s product portfolio comprises various segments, such as IoT, analytics, security, mobile, social, and Watson. It caters to various industry verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, the MEA, and Asia Pacific and clients in more than 175 countries. In the multichannel order management market, IBM offers IBM Sterling Order Management platform to offer seamless omnichannel customer experience.
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