The e-commerce platform market 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.
Global Market Overview:
Although hundreds of products offer features for online shopping, they are not all e-Commerce platforms. The simple e-Commerce devices are widely referred to as shopping cart apps, and their roles are restricted to building the online store, inserting items, and integrating the cart on a website.
The best e-Commerce platform is a comprehensive software tool that allows merchants to build and manage a digital storefront for their products or services. Because best e-Commerce platforms create a centralized, digital hub for product and customer data, they allow eCommerce businesses to do things like customizing product information, manage web content and layout, allow online transactions to occur, and adjust the platform according to businesses’ online needs.
Latest Trends:
Emerging innovations, such as artificial intelligence (AI), and changes in consumer behaviour, will impact the development of best E-Commerce Platformss.
Artificial Intelligence (AI) may be used to optimize the customer experience or build bots which can direct buyers through the buying phase. AI can also help detect malicious activities and cyber threats that can result in loss of sales and breaches of privacy.
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Changing customer behaviour is pushing eCommerce firms and retailers to transition to different forms of shopping.
For starters, millennial and Gen Z participants prefer to mix several methods of identifying, evaluating, selecting and buying goods. They may use online or offline channels (such as stores, events, or public advertisements) for each step of their decision process. best E-Commerce Platforms providers and their customers will have to find ways to engage and influence online and offline buyers alike.
Subscription management typically applies to facilities and applications but this distribution approach is often utilized by certain organizations for goods. A few types of items offered as a package include toiletries or grooming goods that are purchased by customers on a daily basis. The eCommerce websites lets users subscribe to such goods.
Multi-channel shopping – The reason why websites like Amazon are common as they sell goods from numerous retailers and vendors. You can find a large variety of exclusive products from various vendors on these websites. Yeah, on this one platform you will do all of your shopping without having to move over to another. Vendors now know that by selling their goods on platforms, including Amazon and Etsy, they will make a lot of income.
Sell on social media – Initially, social networks had been mainly used to get reviews and opinions from users about the product or service. Selling on social networking sites is now the standard. Twitter and Pinterest, for example, have launched buttons which can be used to post and sell the items directly to the supporters. In fact, leading e-commerce sites such as BigCommerce and Shopify offer automated sales on Facebook.
Use of Beacon technology – This new tech unites online and offline sales platforms and brands use it to deliver mobile pleasantries and deals when a buyer enters a store. Enhanced digital mobile devices are adjusted to search for beacons and actual shops use these detectors to offer customers promotions and deals as they enter their store.
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Recent Developments:
# In October 2019, Shopmatic which is the best e-commerce platforms acquired Combinesell to enhance automation and simplify the selling processes
# In September 2019, Shopify a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses acquired 6 River Systems to redefine fulfilment automation for e-commerce and retail operations.
# In March 2019, Shopmatic which is an e-commerce platform acquired Octopus Retail Management to help retailers synchronise inventory, on-board customers through mobile platform.
# In November 2018, Shopify acquired Tictall which is a global community to discover the world’s independent brands.
# In June 2018, Shopify acquired Return Magic which allows merchants to build loyalty while making shopping more convenient for consumers.
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