Multichannel Order Management Market - Overview
A multichannel order management solution (MOM) is a business-to-business software developed for various merchants to sell their products and focus on e-commerce. Multichannel order management solution are being specifically designed to help combine orders from various channels into the same catalog and post latest prices across all sales channels during changes in prices. Some multichannel order management solutions are used for basic needs and to act as a commerce management solution. Additionally, with the growth of the online market, organizations, especially retail stores are adopting innovative technologies, such as big data analytics, digital stores, cloud computing, and social media networks to efficiently engage with customers and increase customer base. Organizations are focusing on improving customer experience, as it is a great differentiating factor among a wide range of online shopping choices due to the rise in competition in the organizations. Hence, adoption of multichannel order management software solutions in organizations is high due to its benefits such as faster time to market, simple architecture, easy deployment, improved operational efficiency, and enhanced customer experience.
Multichannel Order Management Market - Drivers and Restraints
Growth in retail sales and online shopping vertical, especially in the emerging economies, is a key driver of the global multichannel order management solution market. According to a report by India Brand Equity Foundation, the e-commerce industry in India is growing at a rapid pace and is expected to surpass the U.S. and become the second largest e-commerce market in the world by 2034. Furthermore, the organizations tend to become more agile and flexible, demand of scalability continue to rise, leading to the continuous upsurge of multichannel selling, thus increasing the need to adopt multichannel order management (MOM) solutions within enterprises. Demand for multichannel order management solutions is increasing globally, as these are less costly than the traditional solutions. Also there continues to be rapid growth in the number of internet users globally, leading to the demand of multichannel order management (MOM) solutions In economies such as India and China, the rate of internet adoption continues to grow at a rapid pace. Advantages of cloud-based solutions such as scalability and low maintenance costs associated is propelling its adoption. This, in turn, is driving the multichannel order management market. This demand is likely to continue in future and is expected to grow during the forecast period.
Multichannel Order Management Market - Segmentation
The global multichannel order management market can be categorized based on solution, deployment type, enterprise size, end-use industry, and region. In terms of solution, the multichannel order management market can be classified into software and services. The services segment can be sub-segmented into professional services and managed services. Based on deployment type, the multichannel order management market can be divided into cloud-based, on-premises, and hybrid. In terms of enterprise size, the multichannel order management market can be bifurcated into large enterprises and small and medium size enterprises (SMEs). Based on end-use industry, the multichannel order management market can be segmented into retail & ecommerce, manufacturing, health care, food & beverage, and others. In terms of region, the global multichannel order management market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Multichannel Order Management Market - Key Players
Major players operating in the global multichannel order management market include Oracle Corporation, HCL Technologies Limited, International Business Machines Corporation, Salesforce.com, Inc., SAP SE, Brightpearl, Inc., Zoho Corporation, Linnworks, and Sanderson. These companies invest considerably in R&D to incorporate new technologies in their solutions and develop new products to gain market share. Additionally, these companies engage in strategic partnerships with local players to expand their presence and gain multichannel order management market share in the region.
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