Market prnews

Inventory tracking system market is forecast to reach $6.2 billion by 2025, at a CAGR of 6.30% during 2020-2025. Increasing adoption of smartphones and other mobile devices, a rapidly evolving global e-commerce landscape and the increasing need to control and reduce supply chain inefficiencies by offering an Omnichannel shopping experience, retailers are designing a cohesive user experience for their customers on various platforms such as physical stores, online stores, social media channels and rising need to control inventory shrinkage in supply-chains are the key factor facilitating the market growth. According to the National Retail Federation’s National Retail Security Survey (NRSS) on retail theft, global retailers incurred shrinkage losses amounting to $50.6 billion in 2018. The four major sources of inventory shrinkage in the retail industry include shoplifting, employee theft, supplier fraud, and paperwork errors. As inventory shrinkage can significantly affect profit margins...