The global e-commerce software market size is expected to reach USD 20.6 billion by 2027, expanding at a CAGR of 16.3% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. E-commerce software is used by organizations to offer their products and services online. Various benefits such as cost reduction, enhanced customer experience, and efficient management of inventory is enabling companies to move their business online. This is expected to positively impact growth over the forecast period.
Increasing
adoption of online shopping in developing economies is also anticipated to
boost market growth during the forecast period. According to the India Brand
Equity Foundation (IBEF), the number of online shoppers in India is projected
to reach around 220.0 million by 2025. Furthermore, with the introduction of 5G
technology, online shopping is anticipated to rise over the coming years. Due
to this upsurge, retailers are opting for solutions to meet the customer
requirements, efficiently.
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.
Additionally,
rising proliferation of smartphones and increasing internet penetration is
further creating avenues for market growth. Owing to the ease of doing business
and enabling companies to track their inventory, view orders, and payments on
mobile phones has resulted in increased adoption of e-commerce platforms.
Furthermore, with increasing competition, several businesses are opting for
online business models to gain a competitive edge in the market.
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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/e-commerce-software-market
E-commerce
Software Market Report Highlights
- The cloud
segment is projected to witness the fastest CAGR exceeding 15.0% over the
forecast period. This upsurge is attributed to the increasing adoption of
cloud-based technology across various industry verticals
- The apparel
and fashion segment held the largest market share of 30.8% in 2019. This
share is due to the rising number of web-only merchants in the apparel
sector
- Asia Pacific
is estimated to witness the fastest CAGR of over 16.0% during 2020 to 2027
due to the digitalization initiatives taken by governments of various
countries such as India and China.
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.
For more info visit @ https://www.grandviewresearch.com
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