Retail Sourcing and Procurement Market is Estimated to Reach $11.66 Billion by 2034 - BIS Research

What are Retail Sourcing and Procurement? 

Retail sourcing and procurement involves the digital management of supplier relationships, contract lifecycles, and purchasing processes to optimize cost, enhance agility, and ensure supply chain resilience. It integrates AI-driven demand forecasting, blockchain-enabled traceability, and cloud-based procure-to-pay platforms into a unified system, enabling proactive supplier collaboration and strategic sourcing. 

What is the Current Market Outlook for Retail Sourcing and Procurement? 

The market is in a high-growth phase, driven by accelerated cloud adoption, supply chain disruptions, and rising demand for real-time procurement intelligence. With mid-market and enterprise retailers scaling AI-powered procurement-as-a-service platforms, the market is projected to experience robust growth through the late 2020s. Its market was valued at $5.81 billion in 2024 and is set to reach $ 11.66 billion by 2034, at a CAGR of 7.23%. 

What is the key Innovation & Trends in the Retail Sourcing and Procurement Market? 

Retailers are adopting cloud-native suites, low-code integrations, AI for analytics and sourcing, and blockchain for supplier traceability. Emerging trends include digital twin simulations for supply chain visibility and embedded ESG metrics in sourcing workflows, pushing the transition from transactional to insight-driven procurement. 

How Does This Report Help Organizations Drive Strategic Growth? 

• Analyze demand for strategic sourcing, supplier management, and spend analysis 
• Track AI and blockchain innovations transforming procurement decision-making 
• Understand adoption of cloud-based vs. on-premises platforms 
• Evaluate market trends across North America, Europe, and Asia-Pacific 
• Identify integration challenges and solutions for legacy ERP systems 

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What Are the Key Demand Driver and challenges Retail Sourcing and Procurement Market? 

Drivers: 

• Cloud-based procurement platforms enable real-time sourcing efficiency 
• Digital transformation demands smarter, agile procurement operations 
• AI-powered analytics improve forecasting and supplier risk management 
• Omni-channel retail complexity accelerates e-procurement adoption 
• Rising demand for sustainability-linked and traceable sourcing practices 

Challenges: 

• High upfront costs limit access for mid-sized retailers 
• Legacy ERP integration delays procurement modernization efforts 
• Fragmented platforms hinder seamless omni-channel system interoperability 
• Shortage of skilled professionals in digital procurement technology 
• Complex compliance landscapes challenge cross-border sourcing optimization 

What is the Market Segmentation in the Retail Sourcing and Procurement Market? 

By Application 

•  Solution 

•  Service 

By Deployment 

•  On-Premise 

•  Cloud-Based 

By Region 

•  North America - U.S., Canada, and Mexico 

•  Europe - Germany, France, Italy, Spain, U.K., and Rest-of-Europe 

•  Asia-Pacific - China, Japan, South Korea, India, and Rest-of-Asia-Pacific 

•  Rest-of-the-World - South America and Middle East and Africa 

What Is the Competitive Landscape in the Retail Sourcing and Procurement Market? 

Key Players 

• Kinaxis 

• Proactis Holdings Plc. 

• Coupa Software 

• HighJump Software 

• Basware Corporation 

• SAP SE 

• Oracle Corporation 

• IBM Corporation 

• Epicor Software Corporation 

• JDA Software Group, Inc. 

• JAGGER, Inc. 

• Infor Nexus 

Strategic Initiatives 

Leading retail chains are deploying cloud-based platforms with embedded AI assistant bots to automate spend analysis, contract negotiation, and supplier scoring, reducing cycle times while enhancing strategic procurement outcomes. 

Here Are Some Case Studies and Success Stories in Retail Sourcing and Procurement Market 

A major U.S.-based retailer implemented a blockchain-integrated sourcing platform to trace suppliers across apparel and food categories. The system improved traceability compliance by 60% and reduced supplier onboarding time by 35%, demonstrating the power of integrated procurement-tech in building supply chain transparency and consumer trust. 

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About BIS Research 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.   

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.    

BIS Research offers syndicate and custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.   

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