E-Commerce Platform Software Market Size, Share, Growth and Industry Analysis by Type (Cloud Based, And, Web Based) By Application (Large Enterprises, And, SMEs) Regional Forecast By 2031

Updated On: 08 April 2024

E-Commerce Platform Software Market Report Overview

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The global E-commerce platform software market size is anticipated to be worth USD 7.16339 billion in 2022. As per our research, the market is projected to touch USD 24.05 billion by 2031 with a CAGR of 12.98% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An e-commerce platform software is primarily a content management system (CMS). It is also a commerce engine website which can be used for various purposes. E-commerce softwares can be used for registering purchase, managing catalogued products, and maintaining relationships with customers and online retailers.  With increasing scope for technology, E-commerce platform softwares are experiencing tremendous growth.

Smart gadgets are increasingly being used. Availability of affordable and easily accessible data and internet facilities have created a lot of opportunities to E-commerce platforms. This is identified as the latest trend in the market.

Easy management of inventory, proper booking of an order, adding and removing products as per customer requirement, packaging and fulfilling an order within less time are some benefits of the software. They efficiently manage multiple softwares at once. All the above-mentioned factors have played an important role in accelerating the development of E-commerce platform software market share.

COVID-19 impact: Online Accessibility to E-commerce Platforms Increased Market Growth

The pandemic of COVID-19 created a lot of problems to every business industry across the world. While some sectors experienced a decline in their market value, a few industries observed exceptional growth during pandemic time. E-commerce platform softwares are one among them. The demand for such platforms increased especially during pandemic due to several reasons.

E-commerce platforms are available very easily through internet. A person does not have to move from his current location to another place to make a purchase. Buying something can be done from where ever, the person is located. This solved the major problem of mobility during the pandemic. Several other benefits provided by these platforms included discounts, on time delivery, and good customer service. These factors increased the demand for the software during the pandemic period.

LATEST TRENDS

"Increasing Usage of Smart Gadgets to Drive Market Growth"

Smartphones, tablets, laptops, computers, MacBook’s, and other smart gadgets are being increasingly used in various places. This is a highly supportive factor to the E-commerce platform softwares, as they can be easily accessed with the help of such smart gadgets.

Integration of new technologies like artificial intelligence, and machine learning into these platforms in order to provide personalized services to customers has increased the popularity of E-commerce platforms. Easy and cheap accessibility to internet and data is another development that is favoring the market growth.

E-Commerce Platform Software Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Cloud based, and, web based. The cloud-based segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Large enterprises, and, SMEs. The large enterprise segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Various Benefits of Using E-commerce Platforms to Accelerate Market Growth"

Many vendors, retailers, and customers are opting out for E-commerce platform softwares to buy and sell goods because of the various benefits offered by these platforms. E-commerce platforms work very efficiently to meet the expectations of both the buyer and seller. This is attracting more and more customers towards these platforms.

Some of the benefits provided by E-commerce softwares include easy management of inventory, proper booking of an order, adding and removing products as per customer requirement, packaging and fulfilling an order within less time, managing and maintaining a separate website for conducting the operations. The most important benefit of using these platforms is that they provide personalized experience to customers by providing suggestions and recommendations to the users based on their previous purchases. All of these benefits have propelled the E-commerce platform software market growth.

"Increasing Number of Small Businesses and Start-ups to Propel Market Growth "

Small businesses and start-ups are gaining popularity in the recent times. Such businesses focus on building a successful E-commerce website or software to reach out to as many customers as possible across the globe. Having an E-commerce software can help in increasing customers as compared to owning a shop in a particular place.

These softwares allow companies to manage multiple applications all at once. They also provide data and analytics regarding the performance of the company, as well as the presence and performance of competitors. A holistic evaluation and analysis of the market is possible through these softwares. Channel management, catalogue management, social media marketing, E-mail marketing, inventory management, and multi-store management can all be performed single-handedly with the incorporation of E-commerce platforms. The efficiency of these platforms are propelling businesses to opt for E-commerce softwares.

RESTRAINING FACTOR

"Risk of Breach of Personal Data to Decrease Market Growth"

In spite of providing several advantages, E-commerce platform softwares can always become a possible threat to the customers. While using such platforms it becomes necessary for users to provide their personal information to the softwares. This information can get leaked online. The privacy of a customer can get greatly affected due to such occurrences.   

There is risk involved while making money transactions as well. Frauds can result in loss of money. Technical issues and product quality are other issues that may arise while using E-commerce platforms. The products purchased might not be exactly how it was shown on the website. These factors can reduce customer satisfaction and can lead to the deterioration of market share.

E-Commerce Platform Software Market Regional Insights

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"Asia Pacific to Dominate Market in Upcoming Years"

Asia Pacific is predicted to provide many growth opportunities to the E-commerce platform software market. Nearly half of the market share is occupied by Asia Pacific. This development can be attributed to the increasing number of start-ups and businesses that are coming into existence. People preferring to shop online are also increasing in this region.

Digitalization and improving technology also have an important role in the growth of the market. Investments are being made in E-business models by top companies of these regions. Various benefits provided by e-commerce platforms is increasing the customer base for these softwares in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Wix Stores (Israel)
• 3dCart (U.S.)
• VTEX (U.K.)
• Weebly (U.S.)
• IBM Digital (U.S.)
• Shopify (Canada)
• PrestaShop (France)
• BigCommerce (U.S.)
• Salesforce (U.S.)
• WooCommerce (U.S.)
• Squarespace (U.S.)
• Magento (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations