The Global E-commerce Software Market was valued at USD 5.9 Billion in 2019. It is expected to grow at a compound annual rate (CAGR of 16.4%) between 2022 and 2031
E-commerce software simplifies complicated processes, helps companies manage their inventory, calculate tax, and perform other business-related functions efficiently. E-commerce software is in high demand among retailers due to the increasing adoption of online shopping. According to the U.S. Department of Commerce, e-commerce sales made up 11.0% of total retail sales in the United States in 2019. Market growth is expected to be significant due to retailers like Walmart and Kroger Co. spending heavily on eCommerce to increase sales.
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Adopting online platforms and the ease of running a business online will reduce additional costs. This is expected to maintain market growth between 2022-2031.
E-commerce software can automate business processes and eliminate manual errors. The software allows customers to set delivery dates and times. This improves customer experience. Shopify, for example, integrates Artificial Intelligence (AI), which allows retailers to analyze customer buying patterns and predict future demand for specific products. This combination will increase market growth as more retailers choose e-commerce software. The adoption of online platforms and the ease of running an online business will lead to market growth between 2022 and 2031.
Increased Storage Capacity in Demand from SaaS-Based Platforms
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. The key factors driving this market share are high storage capacity, central access, high speed, and reliability.
Ecommerce platforms can be used to create an online store. Ecommerce is quickly accounting for a more significant proportion of U.S. retail revenue. According to the U.S. Department of Commerce, in 2011, customers spent USD189 Bn online. These spending and trends have led to many small and middle-sized businesses adopting the online platform for all or part of their operations.
Market Key Trends:
In the coming years, the e-commerce software market is set to experience substantial growth. This growth can be attributed to the increasing number of online shops and online/virtual markets worldwide.
Additionally, e-commerce software and small businesses are focusing on advanced solutions. This is mainly to control and manage processes and operations efficiently.
Additionally, the rise in popularity of grocery stores, brick-and-mortar stores, and start-up businesses that are moving towards digitization further support the growth of the e-commerce software market.
Several governments in different countries implemented lockdowns and stay-at-home policies following the COVID-19 pandemic to prevent the spread. The first and second quarters of 2020 closed many shops, retail stores, grocery outlets, and malls. This resulted in bulk buying across a variety of e-commerce platforms. Retailers are adapting their business strategies in response to sudden increases in demand. This is likely a factor that will positively impact the long-term growth potential of the e-commerce software market.
HCL Technologies announced its strategic alliance with Google Cloud in June 2020. HCL Technologies will now be able to provide HCL’s products to Google Cloud, starting with HCL e-commerce. HCL e-commerce’s preferred cloud platform will now be Google Cloud. It provides an adaptable, global infrastructure to help organizations implement their eCommerce strategies. HCL will use Anthos to facilitate multi-cloud and hybrid cloud deployments of HCL E-commerce.
The report includes the following key market players:
- BlueHost + Woocommerce
Key Market Segments:
- Type 1
- Type 2
- Small Business
- Medium-sized Enterprise
- Large-scale Enterprise
Frequently Asked Questions:
- What are the future market sizes and growth rates for the E-Commerce Software Market?
- What are some driving factors that have accelerated the growth in the E-Commerce Software Market?
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- Which segments are included in the E-Commerce Software Market Report?
- Where can I find a sample report/company profile for the E-Commerce Software Market?
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