The Global E-commerce Software Market Will Accelerate at a CAGR of over 16.4% through 2020-2029
In 2019, the Global Ecommerce Software Market had a value of USD 5.9 Billon. It is projected to grow at a compound annual rate of 16.4% between 2020-2029
Growing demand:
E-commerce software makes complicated tasks easier and assists companies in managing their inventory, calculating taxes, as well as performing other business-related functions more efficiently. Online shopping is making e-commerce software more popular among retailers. According to the U.S. Department of Commerce, in 2019, e-commerce made up 11.0% of total US retail sales. The market growth is expected to be substantial due to retailers like Walmart and Kroger Co. spending heavily to increase their sales through eCommerce.
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The ease of operating a business online and adopting online platforms will reduce costs. This will ensure market growth in 2020-2029. E-commerce software automates business processes and reduces errors. The software allows customers to specify delivery dates and times. This enhances the customer experience. Shopify is an example of this. It integrates Artificial Intelligence to allow retailers to analyze customer buying habits and predict future demand. This combination will help increase market growth as more retailers opt for eCommerce software. Market growth will occur between 2020-2029 due to the widespread adoption of online platforms and the ease and convenience of operating an online company.
Driving Factors:
SaaS-Based Platforms Offer Increased Storage Capacity for Customers
The Software-as-a-Service (SaaS) segment holds the largest market share owing to the increasing adoption of cloud-based technology across various industry verticals. These key factors are high storage capacity, central access, and reliability.
Restraining Factors:
Online stores can be made using eCommerce platforms. Ecommerce is rapidly accounting for a more significant percentage of U.S. retail sales. According to the U.S. Department of Commerce, in 2011, online customers spent USD189 Bn. These trends and spending have encouraged many small- and medium-sized companies to adopt the online platform for part or all of their operations.
Market Key Trends:
In the following years, the eCommerce software market will see significant growth. This is partly attributed to the increase in online shops and online/virtual marketplaces worldwide.
Small businesses and e-commerce software are also increasingly focusing on innovative solutions. This is mainly for efficient control and management of processes and operations. Thanks to the increase in popularity of grocery shops, brick-and-mortar stores, and start-ups moving towards digitization, E-commerce software is also growing.
Countries implemented lockdowns and stay-at-home policies following the COVID-19 epidemic to stop the spread. In the first quarter of 2020, many shops, retail stores, and grocery outlets were shut down. This led to large-scale buying through a variety of eCommerce platforms. Retailers are adapting to the sudden increase in demand by changing their business strategies. This is likely to positively affect the long-term growth potential in the eCommerce software market.
Recent development:
HCL Technologies announced its strategic partnership with Google Cloud in June 2020. HCL Technologies will be able now to offer HCL’s products through Google Cloud, beginning with HCL eCommerce. Google Cloud will now be HCL’s preferred cloud platform for e-commerce. It is a global, adaptable infrastructure that helps organizations implement their eCommerce strategies. Authors will be used to enable multi-cloud and hybrid cloud deployments for HCL E-commerce.
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The following market leaders are included in the report:
Wix
Shopify
BigCommerce
BlueHost + Woocommerce
Magento
YoKart
VTEX
WooCommerce
Tictail
ECStore
Key Market Segments:
Type
Type 1
Type 2
Application
Small Business
Medium-sized enterprise
Large-scale Enterprise
Commonly Asked Questions:
- What will be the future market sizes for E-Commerce Software Market, and what growth rates are they likely to achieve?
- What are some of the factors driving the rapid growth in the E-Commerce Software Market Growth?
- Who are the major players in E-Commerce Software Markets?
- Which segments are included in the E-Commerce Software Market Report?
- Where can you find a sample report/company profile for the E-Commerce Software Market?
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