Although hundreds of products offer features for online shopping, they are not all e-Commerce platforms. The simple e-Commerce devices are widely referred to as shopping cart apps, and their roles are restricted to building the online store, inserting items, and integrating the cart on a website.
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The global market size of best E-Commerce Platforms has been estimated at USD 6.5 billion in 2019 and is expected to rise at a compound annual growth rate (CAGR) of 16 per cent between 2020 and 2027. E-commerce tech simplifies complicated procedures and lets firms control their inventory, measure taxes and efficiently handle certain business-related functions. Growing people’s embrace of online shopping has contributed to a need for many retailers for e-commerce apps.
The best e-Commerce platform is a comprehensive software tool that allows merchants to build and manage a digital storefront for their products or services. Because best e-Commerce platforms create a centralized, digital hub for product and customer data, they allow eCommerce businesses to do things like customizing product information, manage web content and layout, allow online transactions to occur, and adjust the platform according to businesses’ online needs.
e-Commerce Platform: Drivers and Limitations
The international e-Commerce platform market is driven by the software that is user-friendly and also inexpensive for small scale businesses. The price of adding an ecommerce constituent to present business and enter in a newer market falls anywhere between US$ 100 to US$ 150 per month and it allows expansion through online business.
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e-commerce is quickly accounting for a larger quantity of the total retail sales in the U.S. According to the U.S. Department of Commerce, customers spent about US$ 194 billion online in 2011. With this kind of consumption and trend, a growing number of small and mid-size companies are taking the online platform for all or some of its operations.
However, higher prices of hybrid and cloud based software and low internet penetration rate in emergent countries are some of the important factors which are likely to restrict the growth of global e-commerce market in the near future.
The market is categorized in five major regions that include North America, Asia Pacific, Europe, Middle East & Africa and Latin America regions. Amongst these regions, Asia Pacific is likely to lead the overall ecommerce platform market over the next few years. Increasing number of business formations is providing the best opportunities for the e-commerce platform service providers.
Based on type of platform, the market is classified into, commerce, order management, business intelligence, shipping and others, amongst which, commerce is accounted for the biggest market share in complete worldwide ecommerce platform market.