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.
The E-commerce platforms help businesses in handling the online store processes, right from their inventory, to adding or eliminating products, to calculating taxes and fulfilling orders in the best possible way. The Best e-commerce platformsmarket 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.
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.
best e-Commerce platforms also be termed as a shopping cart solution, shopping cart software, ecommerce website builder, online store builder or ecommerce platform and it caters a sole purpose that is to help businesses in selling their products online. Ecommerce platform comprises customizable site templates, a unified shopping cart, SEO, email marketing, inventory management and analytics.
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.
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 ecommerce market in the near future.