Increasing E-Commerce Activities Augmenting the Retail Sourcing and Procurement Sector Progress
With the rise of e-commerce and m-commerce due to dynamic consumer preference and behavior, rivalry in the retail space has increased, pushing retailers to introduce enhanced technology-driven approaches and business models to remain relevant. Further, the increasing globalization and supply chain complexities are raising the need for better visibility in retail sourcing and procurement, as it offers considerable control over the spending and streamlining operations.
The retail sourcing and procurement sector has been observing growth due to the increasing need for centralized procurement systems that enable retailers to reduce costs and improve productivity. In a bid to streamline purchasing activities, many companies are inclining toward technology-driven centralized procurement to reach cost-effectiveness. The adoption of centralized procurement systems helps in cost reduction by over two times. It further aids in horizontal and vertical and communication improvement, and bringing supply procurement and management under companies’ strategy.
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