The Multichannel Order Management market size is set to grow from its current value of $2.3 billion to $3.9 billion by 2026, according to a new report.
That’s an annual increase of 11.2%.
It analyzed retail and ecommerce as well as manufacturing and healthcare, looking at the impact from Covid, their organization size, and software and services.
The pandemic has had an obvious impact on order management systems, including the acceleration of new customer engagement strategies and fulfilment options; rapid and sustained ecommerce growth; and broader multichannel purchasing.
With digital heightened, ripple effects are harder and wider. If there are widespread warehouse bottlenecks or a transportation delay, it could cause mid-level chaos across the world.
As Covid was kicking in ecommerce was rising. And omnichannel distribution lifted off. Warehouses had to redirect picking products to send to retail locations to picking products to send directly to customers, given that so many stores had been shuttered.
Omnichannel makes it possible for customers to buy products (whether it be in store or online) and get them to customers in whichever way they want (whether it be home delivery, curbside, click and collect) as well as provide the ability to return a product.
The biggest and best omnichannel order management systems right now include Salesforce Order Management, which bridges commerce, service, and fulfillment capabilities and then unites them under one powerful platform. This gives users a fully-rounded perspective of each customer.
Other big OMS vendors include Oracle Order Management, IBM Sterling Order Management, SAP Order Management, and HCL Technologies.
The trends in omnichannel shopping that were developed in the pandemic have already been cemented into the norms of shopping behavior. This has distribution centers and warehouses scrambling for more advanced digital solutions, better tech, and enhanced software.
The largest market size
When it comes to market sizes, the largest are those in ecommerce, retail, and wholesale.
Multichannel order management can greatly benefit ecommerce by handling the orders that are inbound from multiple channels. And with the rise in ecommerce and its sustained levels, best-in-class solutions like Salesforce Order Management broadens a business’s visibility in real time to the whole order process. Updates on tracking, managing, processing are all aspects of the cycle where clarity is most critical and in which the best OMS highlights.
How about small and medium-sized businesses?
Despite the market share of large enterprises being higher, the share among small and medium-sized businesses is forecast to have a higher yearly growth rate. Challenges such as the sustainability of business models, processing data, reporting, and the requirements of auditing are all aspects that smaller-sized businesses are increasingly managing through multichannel order management solutions.