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.
The e-commerce platform market has an estimated value of around 5.6 billion U.S. dollars in 2020 and is estimated to grow to approximately 6.7 billion U.S. dollars by 2023.
With the fast growth of e-commerce sales, international retail e-commerce sales are predicted to reach 6.6 trillion U.S. dollars by 2023.
High spending capacity combined with an increase in spending on apparel is expected to upsurge the growth of the global eCommerce platform market over the next few years. Furthermore, the eCommerce industry has grown unusually well in the earlier years and is expected to witness exponential growth in the upcoming years.
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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.
The emerging players are specialized in offering highly niche and tailor-made solutions and services to their clients. A majority of the emerging vendors have been undertaking multiple acquisitions and boosting their sales capabilities in various regions to offer their integrated services to a wide range of clients.
Emerging innovations, such as artificial intelligence (AI), and changes in consumer behaviour, will impact the development of best E-Commerce Platforms.