Retail Task Management Software Statistics 2024

In the dynamic world of retail, task management software has emerged as a central player in optimizing operational efficiency and enhancing customer experiences. As we approach 2024, understanding the latest statistics on retail task management software is crucial for grasping the broader business landscape. These figures provide deep insights into market trends, operational challenges, and the technological advancements shaping the retail sector. With retailers striving to streamline processes and meet the ever-evolving demands of consumers, staying informed about these statistics is more essential than ever.

Key stakeholders—ranging from retail executives and managers to IT professionals and business analysts—will find this data particularly valuable. By elucidating how retail task management software is being adopted and leveraged across the industry, the statistics shed light on best practices and emerging trends that could define the future of retail operations. Moreover, understanding the impact of these technologies on productivity and profitability helps stakeholders pinpoint opportunities for improvement and innovation.

Armed with comprehensive and up-to-date statistics, decision-makers can craft informed strategies that not only keep pace with industry changes but also set new benchmarks for success. As the retail landscape continues to evolve with rapid technological advancements, leveraging data-driven insights will be pivotal in steering the industry towards sustained growth and operational excellence.

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Top Retail Task Management Software Statistics 2024

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Market Size And Growth

• The global task management software market size was USD 1,713.0 million in 2018 and is projected to reach USD 4,535.5 million by 2026, exhibiting a CAGR of 13.3% during the forecast period [?].
• In 2018, North America generated a revenue of USD 578.4 million and is expected to reach up to USD 1,406.0 million by 2026 [1].
• As of 2019, the task management software market value was USD 1,889.5 million, anticipated to reach USD 4,535.5 million by 2026 at a CAGR of 21.6% during the forecast period [1].
• According to a survey in 2022, it was found that around 60% of corporate data is stored in the cloud, as companies are shifting toward cloud deployment due to improved security, reliability, and business agility [10].
• In 2020, there were around 212.98 million SMEs globally, expected to boost demand for task management software [10].
• The task management software market is projected to grow from USD 2.5 billion in 2023 to USD 7.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.90% during the forecast period [5].

Key Players And Developments

• In January 2020, Upland Software, Inc. launched Upland Intelligent Capture, a solution for end-to-end document workflow automation [1].
• In May 2018, RingCentral, Inc. collaborated with BridgeClimb to enable multichannel communications and customer service [1].
• In June 2018, Quick Base launched Quick Base Automations to enhance the ability of task management solutions by automating workflows [11].
• In February 2018, Workfront launched a mobile application for marketers to manage their work from cell phones with the capability to assign work and monitor tasks and workflows [11].
• On February 21, 2023, Zebra Technologies Corporation announced that German fashion retailer Bonita is set to implement Zebra’s task management solution to transform its retail operations [9].

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Adoption And Integration

• 69% of retail employees are still using paper forms, more likely to be damaged, lost, or buried under a mountain of documents [6].
• The number of organizations using project management tools has increased significantly, with 87% of in-house creative teams using them as of 2022, up from 62% in 2010 [17].
• More than 200 retailers, including SMCP Group, Gant, Adore Me, Boots, The Kooples, Vans, and Lancôme, use YOOBIC’s AI-powered digital workplace tool to streamline and optimize retail task management [6].
• A survey in 2022 found that the tool frontline workers most desired to improve their productivity was a task management app [6].

Efficiency And Productivity

• The automated process significantly reduces time, taking it down from 36 hours to a mere 4 hours [2].
• Research suggests 90% of employees are frequently burdened with monotonous or low-value tasks. Mundane, repeatable tasks that could be automated are estimated to cost businesses 19 working days of productivity per employee each year [3].
• With 20 years of experience, OpenText, EXFO, and Cisco Systems have been developing product positioning, sales enablement, and market intelligence for StoreForce, showing significant improvement in store performance and execution [8].
• According to a survey, 90% of automation projects fail due to technical issues, implementation costs, and lack of overall vision or strategy [21].

User Experience And Satisfaction

• 69% of consumers prefer to shop with brands that offer consistent customer experiences, yet the majority of frontline teams are still using error-prone and unreliable tools for task management [15].
• In 2022, the average worker spent 51% of every workday on low to no-value tasks [16].
• 82% of individuals lack a structured time management system, leading to inefficiencies [16].
• 73% of employees believe automation will help them do their work more efficiently, while 65% believe technology will improve their future job prospects [21].

Technological Integration

• The software segment is expected to dominate the task management software market in 2018, while the services segment is expected to grow at a higher CAGR during the forecast period [11].
• The market has also been segmented into five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America [11].
• In 2024, several key payment types will expand, including installments, biometrics, and real-time payments. As more merchants offer buy now, pay later at checkout, both in-store and online, the number of people using installments globally is expected to more than quadruple [12].

Future Trends And Predictions

• The global autonomous last-mile delivery market is projected to reach $90 billion by 2030 [4].
• At the same time, online marketplaces will account for 45% to 50% of online spend by 2025 [4].
• By 2026, a mix of transactional and experiential benefits will displace programs that solely focus on just offering points [12].
• By 2024, 75% of businesses will have deployed multiple data hubs to drive business-critical data and analytics sharing and governance [21].

Challenges And Barriers

• The 3rd biggest challenge to implementing automation is resistance to change [21].
• 90% of automation projects fail because of technical issues, implementation costs, and lack of overall vision or strategy [21].
• 69% of HR professionals that use automation in hiring stated that it drastically decreased the time spent on this process [21].
• 73% of IT leaders credit automation for helping employees save 10-50% of the time they previously spent on manual tasks [21].

Regional Insights

• Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029) [18].
• In 2024, North America accounts for the largest market share in the Test Management Software Market [18].
• In 2023, the Test Management Software Market size was estimated at USD 0.83 billion, expected to reach USD 2.63 billion by 2029, growing at a CAGR of 20.80% [18].

Customer Insights

• 45% of customers expect the store associate to have the ability to order the product online and offer to have it delivered [19].
• 50% of customers using digital assistants experience an increase in high-quality leads [22].
• 73% of users expect websites to feature chatbots for convenient interactions [22].
• 44% of retail employees in the UK reported using outdated tech as their biggest workplace frustration [23].

Cost And Investment

• In the Industrial Automation Services Market, the expected growth is from $147.06 billion in 2019 to $264.69 billion by 2026 [21].
• The chatbot market is set to expand at a remarkable 23.3% annually, reaching $15.5 billion by 2028 [22].
• Global spending on digital transformation is set to reach $1.8 trillion by 2022 and is predicted to increase to $2.8 trillion by 2025 [20].
• The worldwide digital transformation market was valued at $998.99 billion in 2020 and is forecast to increase to $2744.68 billion by 2026 [20].

Automation And Efficiency

• Stores see annual revenue surge by 7 to 25% when effectively utilizing bots [22].
• 87.2% of consumers rate their interactions with bots as either neutral or positive [22].
• 62% of respondents prefer engaging with customer service digital assistants rather than waiting for human agents [22].
• Digital assistants are most frequently employed in sales (41%) and client services (37%) [22].

Employee And Manager Insights

• 64% of organizations surveyed have only just begun their digital transformation journey, landing in the Limited and Invested levels [7].
• 51% of workers waste at least two hours per day on repetitive, inefficient tasks [7].
• Managers reported wanting to defend an additional 9.4 hours every week for each of their individual direct reports to work on tasks [14].
• On average, users report spending 10.8% of their workweek recovering and catching up after having to reprioritize their work [14].

Projected Impact And Growth

• Retail media will be the fastest-growing ad channel in the US in 2024, rising 26.0% to reach nearly $55 billion in ad spend [13].
• In 2024, total BNPL spending in the US will grow 12.3% YoY to $80.77 billion [13].
• According to Mordor Intelligence, the global task management software market will grow from USD 2.2 billion in 2022 to USD 7.1 billion by 2032 [9].
• In 2024, the Test Management Software Market size is expected to reach USD 1.05 billion [18].

Conclusion

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