Rapid Digitalization projected to boost the growth of Bookstore Software Market

Global Bookstore Software Market

The global Bookstore Software Market is estimated to be valued at US$ 2.00 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bookstore software is designed to simplify the management and inventory functions of bookstores whether online or brick-and-mortar. The software provides tools to help manage bookstore inventory, process orders, generate reports, handle payments and more. Modern bookstore management software comes with features like integrated point-of-sale (POS) systems, ecommerce capabilities, inventory tracking, customer relationship management tools,built-in reporting and analytics and more. This allows bookstore owners to streamline operations, boost sales and gain deeper customer insights.

Market key trends:
One of the key trends in the bookstore software market is the shift towards adoption of cloud-based solutions. Cloud-based bookstore software offers benefits like easy data accessibility from any system, automatic updates, scalability and reduced IT costs. This makes them attractive option for bookstores. Rising adoption of ecommerce is another major trend driving the demand for feature-rich bookstore software. Digitalization of bookstores to offer omnichannel experience to customers is fuelling adoption of integrated software solutions. Growing focus on analytics is prompting bookstore owners to adopt data-driven software for better visibility into sales, inventory and customer preferences.

Porter’s Analysis

Threat of new entrants: The Global Bookstore Software Market poses a low threat of new entrants given the presence of major established players and high initial investment required to establish a new software solution.

Bargaining power of buyers: There exists moderate bargaining power of buyers in this market given the availability of numerous bookstore software options to select from with varying price points and feature sets.

Bargaining power of suppliers: Major software developers have significant influence over this market given specialized skills required for development of advanced bookstore management software.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes that can provide equivalent functionality to manage physical/online bookstores.

Competitive rivalry: High.

Key Takeaways

The global bookstore software market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing demand for automation and digitization of bookstore operations.

The North America bookstore software market is expected to dominate the global market over the forecast period, owing to the presence of major bookstore software providers and heightened focus on streamlining bookstore management in the region. The Asia Pacific market is anticipated to exhibit the fastest growth rate during the forecast period, supported by growing e-commerce activities in the retail sector across developing nations such as China and India.

Key players operating in the bookstore software market are Square Inc., Lightspeed POS Inc., Booklog, Capterra, Librairie, Basil Bookseller Software, BookNet Canada, Booker Software, Booklogix, Alfa Ebooks Manager, IBID Info, Bookmanager, EPOS Now, BookSeller, IndieCommerce. Square Inc. and Lightspeed POS Inc. are recognized as the prominent players owing to their extensive product portfolio and global customer base.

 

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