Ecommerce Software And Platform Market Outlook
The global ecommerce software and platform market is anticipated to be worth US$ 3.81 Bn in terms of revenue in 2022. The market is projected to expand at a CAGR of 12.5% to reach a market size of US$ 12.37 Bn by 2032.
Ecommerce Software and Platform Market CAGR
Ecommerce Software and Platform Market (2022)
US$ 3.81 Bn
Ecommerce Software and Platform Market (2032)
US$ 12.37 Bn
Developing Nations Provide Development Prospective to the Market
Ecommerce software and platforms simplify complicated procedures and aid businesses in properly managing inventories, calculating taxes, and other business-related operations. Owing to the convenience and cost-effectiveness of online platforms, businesses have seen a growth in client preference for online purchases. This has prompted businesses to implement ecommerce software and platforms to improve the customer purchasing experience and expand their exposure to reach distant clients and boost sales of their products and services.
Furthermore, by connecting mobile, offline, and online retail channels, e-commerce software and platforms deliver a unified consumer experience. The growing number of e-tailers is expected to drive significant demand for ecommerce software and platforms throughout the projection period. E-tailers sell their goods and services to clients through online platforms rather than owning or renting a physical store. When compared to other merchants, their reliance on e-commerce software and platforms is substantial.
Owing to the increasing e-commerce sector in emerging nations such as India and China e-commerce software and platforms market players are likely to witness significant growth prospects. Cryptocurrency and block-chain have significantly impacted the e-commerce business, fueling demand for e-commerce software and platforms. They are estimated to account for 60% of the global demand for e-commerce software and platforms.
Increase in the Number of Online/Virtual Markets to Provide Growth Opportunities
Ecommerce software and platforms allow retailers to provide all of their goods and services on a unified platform, boosting customer satisfaction. This aspect will very certainly drive the adoption of ecommerce software and platforms over the forecast period. Furthermore, e-commerce software and platforms offer buyer satisfaction analysis, which businesses can employ to discover different prospects and boost profitability. Merging Big Data analytics with e-commerce is expected to boost demand for e-commerce software and platforms considerably, creating market opportunities over the forecast period.
Sales of ecommerce software and platforms via the B2B model are predicted to rise at a rapid pace during the forecast period because of the high order amounts and rising conversion rates. Additionally, the increasing prominence of brick-and-mortar retailers, grocery stores, and start-up firms on digitization, as well as profiting from online selling, is predicted to contribute to the expansion of the ecommerce software and platform market.
Market Players Are Focusing on Offering Customized Experiences to the Clients
Market leaders such as Shopify have customized their software to run on these devices because of the growing popularity of mobile phones for online shopping. With such a high penetration of the internet and a growing number of smartphone users, online shopping via these platforms is only going to become widely held.
eCommerce software and platform market leaders are focusing on providing customized platforms based on important clients' needs, which has contributed to the implementation of new techniques that can allow reaching a larger marketplace to maximize client base. Market players are also deploying ecommerce software and platforms via SaaS, which is gaining substantial popularity in recent times and is expected to remain so in the future.
Ecommerce software enables the functioning of an online store, makes inventory management easy, adds or removes products, calculates taxes, and does other tasks required to manage a website and fulfill client orders. Ecommerce software can also be called as a shopping cart solution, shopping cart software, ecommerce website builder, online store builder or ecommerce platform and it serves a sole purpose that is to help clients sell their products online.
Ecommerce platform includes customizable site templates, an integrated shopping cart, search engine optimization (SEO), email marketing, inventory management and analytics. The customer needs to create an account and use store management tools to customize their ecommerce business.
Ecommerce software and platform Market: Drivers & Restraints
The global ecommerce software and platform market is driven by the ecommerce software which are user-friendly, affordable for a small business entity. The cost of adding an ecommerce component to existing business and penetrate in newer market ranges between US$ 100 to US$ 150 per month and enables expansion through online business.
Ecommerce platforms provide the basics requirements to start online business. Ecommerce is rapidly accounting for a bigger proportion of overall retail sales in U.S. According to the U.S. Department of Commerce, customers spent approximately US$ 194 Bn online in 2011. With this kind of spending and trend, increasing number of small and mid-size businesses are taking the online platform for all or some of its operations.
Ecommerce software and platform Market: Overview
The two major categories of e-commerce platforms are hosted and self-hosted. Hosted means the company will host client’s store, while self-hosted means the company will provide the client a software and the client needs to get their own Web hosting. Hosted ecommerce software or solution provides domain name registration and all other tools needed to build an ecommerce website particularly for small to medium-sized businesses (SMBs).
Hosted ecommerce software are low cost, do not require IT assistance and are designed to grow with business as the customer does not pay for specifications and features which are not used by them with availability of upgrade services of features needed.
Ecommerce software and platform Market: Region wise Overview
Geographically, global ecommerce software and platform market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA).Global ecommerce software and platform market is in its growth phase and its adoption is gaining momentum.
Ecommerce software and platform providers are accumulated in the U.S., U.K., Canada and few other APAC countries. As a result, North America, Western Europe and APAC regions are expected to account for more than half the share in the ecommerce software and platform market.
Ecommerce software and platform Market: Key Players
Some of the major ecommerce platforms are Shopify, Volusion, BigCommerce, The Winner, Magento, 1ShoppingCart, Aabaco, Wix, X-Cart Cloud, 3dcart, PinnacleCart, Etsy, Squarespace to name a few. The competition among the ecommerce software and platform market players is fierce in terms of pricing, user-friendliness, features and online shopping cart is particularly the area of interest of most of the clients in the market.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, accessories and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Rest Of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain, Rest Of Western Europe)
- Eastern Europe (Russia, Rest Of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC countries, S. Africa and Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Ecommerce software and platform Market: Segmentation
The global ecommerce software and platform market is classified on the basis of software platform, ecommerce software type and region.
Based on software platform, the global ecommerce software and platform market is segmented into the following:
- Hosted Ecommerce Platforms
- Self-Hosted Ecommerce Platforms
Based on ecommerce software type, the global ecommerce software and platform market is segmented into the following:
- SaaS (Software as a Service)
Frequently Asked Questions
The market is likely to register a CAGR of 12.5% through 2032.
The market is currently valued at US$ 3.81 Bn in 2022.
The market is likely to grow to a valuation of US$ 12.37 Bn by 2032.
North America is likely to be a leading market during the forecast period.