The COVID-19 pandemic in Europe has had a diverse impact on various nations, since only a few nations have reported an increase in the number of virus-infected cases, resulting in stringent and long-term lockdown periods or social isolation standards. Germany, Italy, France, the UK, and Ireland have witnessed huge decline in their respective trade businesses. In the wake of COVID-19 outbreak, the retail sector experienced various ups and down in sales and investments in boosting their channel, which restricted the investments in promotion activities. On the contrary, the western European countries have matured IT infrastructure owing to the high awareness related to the advanced technologies, strong internet infrastructure, and capital investment capability among companies in the region. All mentioned factors are boosting e-commerce in Europe. In 2019, the e-commerce market of B2C in Europe was majorly dominated by the UK, France, Sweden, Germany, and Russia. As e-commerce marketing is a practice of utilizing promotional tactics to drive customer traffic into online store and converting them into buyers, the use of trade promotion management software is expected to act as a fruitful tool. Amid COVID-19 pandemic, the use of this software is helping to manage the e-commerce traffic.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the trade promotion management software market. The Europe trade promotion management software market is expected to grow at a good CAGR during the forecast period.
The trade promotion management software market in Europe is expected to grow from US$ 276.90 million in 2021 to US$ 546.88 million by 2028; it is estimated to grow at a CAGR of 10.2% from 2021 to 2028. Trade promotion acts as a marketing tool, and therefore, it is a part of revenue management, which indicates marketing campaigns for retailers/wholesalers. The use of best-in-class trade promotions strategies by consumer goods companies has the potential to give five times better results than earlier trade promotions methods. These companies across the world invest nearly 20–23% of their top-line revenue in trade promotions annually that is creating a need to evaluate whether the trade spent meets an objective of maximizing return on investment. Concerning expenditure, the consumer-packaged goods companies have increased their spending on trade promotion to handle diminishing customer loyalty and private labels growth. This factor propels the demand for efficient trade promotion strategies and plays a positive role in creating the development of software for managing trade promotions. Consumer goods manufacturers face pressing trade investment requests from their retail partners to drive an increase in both revenues and margins.
Based on application, the large enterprises segment led the Europe trade promotion management software market in 2020. Organizations with employee strength of more than 500 are categorized as large enterprises. Large enterprises have their clients across various regions; and they account for high market shares, technical capabilities, and effective business strategies. These large enterprises are known to invest in innovative and latest technologies to operate their business effectively. With the growing capabilities of trade promotion management software tools across various industries, the adoption of these tools has gained traction over the past few years. Large enterprises are utilizing various analytical tools such as trade promotion management software, to effectively streamline business operations.
The COVID-19 pandemic in Europe has had a diverse impact on various nations. Only a few nations have reported an increase in the number of virus-infected cases, resulting in stringent and long-term lockdown periods or social isolation standards. Germany, Italy, France, the UK, and Ireland have witnessed a huge decline in their respective trade businesses. In the wake of the COVID-19 outbreak, the retail sector experienced various ups and downs in sales and investments in boosting their channel, which restricted the investments in promotion activities. On the contrary, the western European countries have matured IT infrastructure, owing to the high awareness related to the advanced technologies, strong internet infrastructure, and capital investment capability among companies in the region. All these factors are boosting e-commerce in Europe. In 2019, the e-commerce market of B2C in Europe was majorly dominated by the UK, France, Sweden, Germany, and Russia. As e-commerce marketing is a practice of utilizing promotional tactics to drive customer traffic into an online store and converting them into buyers, the use of trade promotion management software is expected to act as a fruitful tool. Amid the COVID-19 pandemic, the use of this software is helping to manage the e-commerce traffic.
Th overall Europe trade promotion management software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market. The process also serves the purpose of obtaining an overview and forecast for the Europe trade promotion management software market with respect to all the segments pertaining to the region. Furthermore, multiple primary interviews have been conducted with industry participants to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe trade promotion management software market. Accenture; Aera Technology; Cornerstone; Deloitte; Exceedra by TELUS; o9 Solutions, Inc.; Oracle Corporation; Palantir Technologies; SAP SE; and UpClear are among the major players operating in the Europe trade promotion management software market.| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 276.90 Million |
| Market Size by 2028 | US$ 546.88 Million |
| Global CAGR (2021 - 2028) | 10.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Deployment Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |