e-Commerce Software and Platform Market
e-Commerce Software and Platform Market Analysis By Deployment Outlook (SaaS, On-premise), By End Use (Apparel, Electronics, Travel & Tourism, Home & Furnishing), By Business Model (B2B, B2C, Marketplace) and Region - Global Market Insights 2023 to 2033
Analysis of e-Commerce Software and Platform Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
e-Commerce Software and Platform Market Outlook (2023 to 2033)
The global e-Commerce software and platform market is valued at US$ 4.3 billion in 2023 and is projected to expand at a high-value 12.8% CAGR over the next ten years. Worldwide e-Commerce software and platform demand is estimated to reach a market value of US$ 14.4 billion by 2033-end.
The buying and selling of goods or services online is called e-Commerce. The increasing penetration of the Internet in all walks of life and growing digitization have put the ball in the court of the e-Commerce industry. An increasing number of people preferring to shop online has led to a surge in demand and availability of different types of e-Commerce platforms.
Starting an e-Commerce business requires an e-Commerce website builder to create an online shopping platform, which is then connected to e-Commerce hosting and e-Commerce payment gateway companies to run efficiently. High consumer awareness regarding the profits from e-Commerce business models is forecasted to benefit market growth in the long run.
Choosing the Best e-Commerce Software
- Evaluate the features of e-Commerce software as per your business needs
- Check for availability of integrations with e-Commerce software
- Check for customization features of e-Commerce software
- Evaluate the scalability of e-Commerce software
- Read reviews of e-Commerce software
- Compare the features of e-Commerce software with other available options
“Big Data Supercharging e-Commerce Growth Potential”
The robust growth of Big Data analytics has resulted in a paradigm shift in the e-Commerce industry. Data is now looked upon, not as a by-product of a business, but considered as a vital asset offering insights into customer behaviour in terms of purchasing patterns, frequency, and choice.
Data is now used as an important performance measure of a business that can be leveraged to enhance business activities and profits. In a bid to simplify complexities associated with Big Data analytics, e-Commerce software providers are integrating AI and data analytics with e-Commerce software and platforms.
This integration has enabled enhanced customer traffic, in turn facilitating high revenue generation and improved sales. Moreover, e-Commerce software and platforms also provide analysis of customer satisfaction that can be used by retailers to explore new opportunities and increase profitability.
Integration of Big Data analytics with e-Commerce has significantly propelled the demand for e-Commerce software and platforms, in turn opening up new avenues of business opportunities.
|e-Commerce Software and Platform Market Size (2023)||US$ 4.3 Billion|
|Projected Market Value (2033F)||US$ 14.4 Billion|
|Global Market Growth Rate (2023 to 2033)||12.8% CAGR|
|B2B Business Model Market Share (2033)||60%|
|SaaS Deployed e-Commerce Software and Platform Market Share (2033F)||80%|
|Key Companies Profiled||
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How Should New Companies Step into the e-Commerce Game?
“e-Commerce Start-ups Should Raise Capital to Support Innovation”
Aspiring companies looking to penetrate the e-Commerce space should have a huge amount of capital investment if they want to succeed or even survive in the marketplace. The intense competition and high costs associated with the development of e-Commerce software and platforms are pushing new market players to raise new capital through financing rounds and other methods.
- In May 2023, Sabi, a B2B e-Commerce start-up based in Lagos, announced that it had raised US$ 38 million in a Series B funding round. The company offers digital commerce infrastructure in the African region to digitize and benefit from Africa’s informal economy, which has a lot of digital potential.
- In August 2023, Levit, a Korean e-Commerce brand, announced that it had closed its Series B funding led by DST Global Partners at US$ 46 million. Back in 2021, Levit launched an application called Alwayz where people could buy clothes and food at low costs with free shipping.
Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this e-Commerce software and platforms industry study by skilled analysts at Fact.MR.
What’s Causing Unrest in the World of e-Commerce?
“Cybersecurity, Scalability, and Flexibility Issues”
The scalability of e-Commerce software and platforms is largely impacted by the network infrastructure and the ability to handle increased traffic and rising demand for bandwidth.
Increasing traffic is likely to result in software failure, which is estimated to confine the growth of the e-Commerce software and platform market. However, vendors of e-Commerce software and platforms are focused on enhancing network infrastructure to overcome this challenge.
Increasing cybercrimes worldwide has posed a significant setback to the IT sector. Growing hacking threats and phishing attacks can potentially result in security breaches and confidential data leaks. This can further lead to misuse of customer data in turn inducing a dent in customer confidence resulting in a high attrition rate. Suspicions regarding e-Commerce compliance and the security of e-Commerce software could impede market development going forward.
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Underdeveloped and developing countries with large population bases such as India, China, and Brazil are estimated to provide highly attractive business opportunities. The competition in developed economies will be high and market players could face difficulties in expanding their business scope in such spaces.
Will the United States Be an Opportune Market for e-Commerce Solution Providers?
“Better Internet Infrastructure Setting the Tone for Market Growth”
Demand for e-Commerce software and platforms in the United States is poised to experience impressive gains across the study period. Sales of e-Commerce software and platforms via business-to-business model are predicted to rise at a significant pace throughout the assessment period, on the back of large order values coupled with increasing conversion rates in the country.
The fast pace of e-Commerce software and platforms in the United States has enabled quick business-to-business order fulfilment, in turn facilitating better customer experience. e-Commerce software for large and medium businesses is projected to be the most sought-after in this country. Developed internet infrastructure in the country is a major prospect driving market growth.
- According to Fact.MR, Fact.MR, a market research and competitive intelligence provider, the United States e-Commerce software and platform demand is forecasted to account for more than 40% of the global market share by the end of the study period.
Which Asian Countries Should Companies Invest In?
“India and China to Remain Investor’s Favourites in APAC”
Emerging countries of India and Greater China are anticipated to present potential growth pathways for vendors of e-Commerce software and platforms owing to the growing e-Commerce industry in this region. Cryptocurrency and blockchain have significantly transformed the e-Commerce space in turn fuelling demand for e-Commerce software and platforms.
Blockchain is involved in managing transactions and currencies without bank interference, which is forecasted to emerge as a potential trend revolutionizing the demand for e-Commerce software and platforms. The presence of robust manufacturing sectors in India and China is creating a demand for e-Commerce software for manufacturers and e-Commerce software for wholesalers at present.
- Sales of e-Commerce software and platforms in the Asia Pacific region are estimated to bring in more than US$ 4 billion in revenue by the end of 2033.
How Will Demand for e-Commerce Platforms Fare in the United Kingdom?
“Adoption of Omnichannel Strategies and Popularity of Buy Now Pay Later Services”
Retailers in the United Kingdom are opting for omnichannel strategies to boost and optimize the user experience across all channels. e-Commerce software is capable of omnichannel marketing and this is why its adoption is slated to increase in the country going forward. Moreover, e-Commerce companies are introducing attractive services such as buy now pay later, and subscriptions that allow users to purchase products without having to worry about payment right away thereby attracting more people to shop from online channels.
SaaS-based e-Commerce software and platforms are estimated to be a hit amongst business-to-business models and this is where market players should invest if they want the best returns.
Which Business Model Brings in More Cash?
“B2B Models to Maintain Hegemony through 2033”
Sales of e-Commerce software and platforms via a business-to-business model are predicted to increase at a significant pace throughout the assessment period, on the back of large order values coupled with increasing conversion rates.
The fast pace of e-Commerce software and platforms has enabled quick business-to-business order fulfilment in turn facilitating better customer experience.
- B2B business models are estimated to bring in around 60% of the global e-Commerce software and platform market revenue by 2033-end.
What is the Most Preferred Type of Software Deployment?
“SaaS-based (Software-as-a-Service) Deployment Holds Dominion”
The software-as-a-service (SaaS) segment holds a significant market share owing to the increasing adoption of cloud-based technology across various industry verticals. Benefits such as high storage capacity, centralized access, high speed, and reliability are the main driving factors.
A paradigm shift from on-premise deployment toward the adoption of cloud-based deployment has resulted in vendors offering XaaS (everything as a service) that includes SaaS (Software as a Service), PaaS (Platform as a Service), and IaaS (infrastructure as a service). In a bid to retain customer loyalty, players are focused on using cloud-based platforms such as SaaS as an effective deployment model for e-Commerce software and platforms.
Moreover, vendors of e-Commerce software and platforms are focused on offering customized platforms based on the critical requirements of customers, which has led to the adoption of a new methodology that can facilitate tapping a wider marketplace to enhance the customer base. Against this backdrop, the deployment of e-Commerce software and platforms through SaaS models has gained significant traction in the past few years and is likely to retain its status quo in the years to follow.
- e-Commerce platforms based on the SaaS mode of deployment are anticipated to account for more than 80% of the total market revenue share by the end of the study period.
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Leading e-Commerce software and platform providers are focusing on the incorporation of AI and other automation trends to amplify their revenue generation capacity on a global scale.
- In January 2022, YesStyle.com, a leading e-Commerce platform for fashion, beauty, and lifestyle products owned by YesAsia Holdings Ltd. selected Oracle Fusion Cloud Customer Experience (CX) to automate its marketing platform with flexible and reliable AI-driven technology solutions.
- In November 2021, Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys announced that the Finacle Digital Banking Solution Suite will be available on Red Hat OpenShift and IBM Cloud for Financial Services. This collaboration will help banks scale business transformation, become more agile, and power their growth with an on-demand portfolio of products and services
Key Segments of e-Commerce Software and Platforms Industry Research
By Deployment Outlook :
By End-use Outlook :
- Travel & Tourism
- Home & Furnishing
By Business Model :
By Region :
- North America
- Latin America
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The global e-Commerce software and platform market stands at US$ 4.3 billion in 2023.
By 2033-end, e-Commerce software and platform sales are forecasted to reach US$ 14.4 billion.
From 2023 to 2033, e-Commerce software and platform demand is projected to increase at an impressive 12.8% CAGR.
B2B models are estimated to account for 60% of global e-Commerce software and platform market revenue by 2033.
Around 80% of all e-Commerce software and platforms will be deployed as SaaS by the end of 2033.
Shopify, Magento, Wix.com, Salesforce.com Inc., SAP SE, and WooCommerce are leading e-Commerce software and platform providers.