The global E-commerce software market is expected to reach at USD 20.6 billion by 2027 with a CAGR of 16.3%, according to a new report by Grand View Research, Inc. Increase in the development of business infrastructure, availability of technical support, and quality customer service is likely to enhance the market growth throughout the forecast period. Moreover, E-commerce software has effectively reduced the tax complexity, boosts inventory management, and precisely manage other business functions.
Inclination towards E-commerce software is largely witnessed in the SMEs and large-scale enterprises. The basic objective is to enhance and scale their expandibility and reach remote areas. Therefore, these portals facilitate trade relationships and enhance the way of business transactions worldwide. On the other hand, increase in smartphone technology and penetration of app culture boosts the market growth. Dominance of smartphone and E-commerce companies in the international market thereby triggers a fierce competition to grab a huge share in consumer market.
The growing trend of online shopping led by heavy discounts from the E-commerce companies encourages buyers. On the other side, E-commerce companies are heavily investing in the R&D to enhance the portal design and expand their technological and customer space.
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Covid-19 Effect:
The novel coronavirus has touched the E-commerce sector throughout the world. Although, there have been partial restrictions and lockdown to cope up with the pandemic in the casual and festive season, some retail sectors within E-commerce witnessed a rise in their sales percentage amid the lockdown. For instance, the apparels section received an overwhelming response throughout the month of April, May, and June. Therefore, shift in buying trends, adherence to safety policies and limitations to access the market is proving a booster for buyers to adopt online buying based on overall good experience.
Further findings from the report suggest:
l Based on deployment, the cloud technology is expected to account for the large share in the near future. Cloud-based deployment has also received a huge attention from investors and stakeholders based on their features and efficiency
l On-premise segment held a huge share in the past few years and estimated to witness a constant growth on Y-o-Y basis throughout the forecast period. Growing competition and limitations to handling user database are some constraints for on-premise deployment
l Based on end-use, the fashion and apparel segment attributed for a significant share in the recent years. Increase in adoption of online shopping of jewelery, accessories, and bags are some of the major features
l The key players are focusing on innovation and business enhancements by collaborating with technological startups
E-commerce software portals play a pivotal role, help SMEs and large-scale enterprises reach remote areas, and are gradually becoming a way of doing business worldwide. These portals facilitate in establishing new trading relationships between companies in addition to supporting existing relationships. Moreover, e-commerce platforms enable businesses to lower down their marketing expenses, better management of the suppliers and customers, and boosts sales engagement.
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Reduction in additional costs due to the adoption of online platforms combined with the ease of online business is expected to upkeep market growth from 2020 to 2027. Furthermore, e-commerce software automates business processes by eliminating manual processing errors. The software also provides customers with options to customize delivery date and time, which enhances customer experience. Companies such as Shopify are integrating Artificial Intelligence (AI) tools to help retailers analyze the customer’s buying pattern and estimate the future demand for various products. Owing to these advantages, the number of retailers opting for e-commerce software is bound to rise over the coming years, thereby resulting in market growth.
Major Players:
l Salesforce.com Inc.,
l Pitney Bowers Inc.,
l Shopify
l Oracle
l Amazon
Amid the COVID-19 outbreak, governments of various countries have implemented stringent lockdown regulations to prevent the spread of the virus. Shops, malls, and other retail outlets have shut down, which has resulted in bulk buying over online platforms. Limiting shopping of all but life-essential products are becoming a new normal. Retailers are modifying their business strategies accordingly to meet the sudden changes in demand for these products. This factor is likely to have a positive impact on the growth of the market for e-commerce software over the long term.
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The outbreak of COVID-19 pandemic has resulted in an unprecedented impact on the global economy. People across the globe have shifted to online shopping of groceries and healthcare products as brick-and-mortar stores are shut-down to combat the virus spread. Market players are focusing on offering investments for retailers to start their business online. For instance, 3dcart introduced its COVID-19 e-commerce Assistance Fund plan committing USD 2.5 million for small businesses that are planning to bring their operations online. It is expected that the online shopping trend will continue over the long-term, due to which the market will rise.
Grand View Research has segmented the global e-commerce software market on the basis of deployment, end use:
E-commerce Software Deployment Outlook (Revenue, USD Million, 2016 – 2027)
- Cloud
- On-premise
E-commerce Software End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Apparel & Fashion
- Food & Beverage
- Automotive
- Home & Electronics
- Healthcare
- BFSI & Technology
- Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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