The E-Commerce software industry has seen a boom in these pandemic times with many companies opting for state-of-the-art eCommerce technologies to enhance their business processes.
By 2024, it is expected that the eCommerce industry will grow at a rate of 6% y-o-y. With such immense growth, undoubtedly, this will rise to numerous software eCommerce trends.
We will walk you through all of those important trends which an eCommerce business must have an eye on, so as to get an edge over the market.
So, let’s discuss some of the paramount software eCommerce trends, predominantly prevailing in the market.
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Adoption of Digitization
Before actually digging deep into software eCommerce trends, let’s discuss the behaviour that has led to such exorbitant growth in the eCommerce software industry.
Recently, remote work, enhanced and more advanced digital communication, and dynamically challenging sales conditions have skyrocketed the demand for B2B solutions.
With the cut-throat competition in the market, the companies have directed their focus towards optimizing efficiency, productivity, and flexibility. Over 90% of sales activities are done remotely. This is the level of digital adoption, the companies have made.
According to a survey, 46% of businesses claimed that they prefer to use commercial software for carrying out their day-to-day business operations and 60% of companies have undergone a digital transformation and have created a new business model.
Now that we have discussed the reasons that why the software eCommerce industry has seen such a boom in recent years. Let’s jump straight to the recent software eCommerce trends.
Worldwide eCommerce Software Market Size
The acquisition of merchandise or services over the web is largely alluded to as eCommerce. In 2019, absolute incomes from online business-related deals added up to over 3.5 trillion U.S. dollars and online business represented more than 14% of retail deals throughout the planet.
This pattern is determined to proceed in the coming times too with online business deals arriving at 6.5 trillion dollars or around 22% of all worldwide retail deals by 2023. As worldwide web access keeps on growing, customers from around the world are finding the upsides of shopping on the web.
Amazon.com is the most famous stage in the U.S., while Alibaba fills in as the leader in numerous Asian markets. Amazon’s internet business stage has gotten more than 200 million clients in the U.S. alone, and other online stores, for example, Walmart.com, eBay, Target, and Apple accumulates a huge number of guests.
Estimations suggest that the eCommerce software market will get over 6.53 billion U.S. dollars of income in 2021. Somewhere in the range of 2019 and 2024, analysts foresee that the overall market income would increment by over 1.3 billion dollars.
Impact of Covid-19 on eCommerce Software
The local economies are presently resuming in the U.S., taking customers back to retail facades and employees back to the workplace. In any case, the COVID-19 pandemic has caused profound and enduring changes in the retail business in the course of recent months. Private ventures, neighborhood physical stores specifically, have been absolutely affected during the worldwide pandemic.
Numerous organizations were forced to close down their businesses temporarily or forever because of the absence of business due to the outbreak of covid-19. Analysts say that there could be between 20,000 – 25,000 retail facade terminations in the U.S. in 2020 because of the epidemic.
Although the US retail spending was decreased due to the outbreak of covid-19, the eCommerce industry did saw an uptrend in its market size. Many local retailers are giving thought to take their retail stores on the internet as more and more consumers are shifting to online websites to buy groceries, electronics, and apparel for that matter.
According to TrustRadious, the eCommerce software category got increased by 85% within the time frame of January to May 2020. The main reason for such a sharp spike in the eCommerce software category is that many businesses are directed towards purchasing the eCommerce platforms so as to meet the dynamically changing demands of the pandemic.
Market Share of Top eCommerce Platforms
In the year 2020, the eCommerce revenue skyrocketed to $787.9 billion. This was more than a 30% increase than what was in the year 2019. It is very crucial for an eCommerce business to stay updated with the modern technologies prevailing in the market so as to ensure better productivity and efficiency as compared to its competitors in the market. Let us walk you through some of the powerful eCommerce platforms which are currently dominating the software eCommerce market.
Woocommerce is one of the robust and high-rated platforms for eCommerce website development with more and more businesses adopting it with the time. This platform consistently brings forth state-of-the-art functionalities and features that allow businesses to deploy an efficient and attractive eCommerce website.
WooCommerce comes up with a free WordPress plugin, which is the widely used content management system, globally.
WooCommerce holds the highest market share of 30%. WooCommerce has seen an abrupt growth within 3 years, as the market share of WooCommerce in 2018 was 21%.
Shopify is the second-most popular eCommerce platform with a market share of 18%. Shopify is dominating the second position since 2018. The reason which makes Shopify one of the popular eCommerce platforms is its user-friendly interface. Shopify has been successfully holding its position in the market because of the crucial steps taken by the company over time. For example, the company integrated with Amazon which boosted its market share along with the user base.
It has excellent marketing functionalities which allow businesses to enhance their brand image and position their brand in the market. Shopify comes with numerous online as well as offline functionalities which makes it easy for the user to work on their eCommerce store 24/7.
Magento has a market share of 9% among global eCommerce platforms. It is fully SEO – centric and consists of various robust marketing functionalities which allow businesses to pull more organic traffic to their website.
Magento has many functionalities which Shopify fails to provide and that’s why it has a separate customer base that is loyal towards it. Magento comes up with advanced analytics features along with conversion optimization functionalities and is compatible with OOP and MVC architecture which is very favorable from a technical perspective. Magento can turn out to be the best eCommerce development platform if you golf the expertise in technical stuff.
4) Other E-commerce Platforms
Apart from the popular eCommerce platforms that we discussed above, there are also many flexible and efficient eCommerce platforms that may actually fit your business plan. These eCommerce platforms are leaving no stones unturned to provide the best eCommerce support to businesses and get an edge over the market. Many of them have already entered into the territory of rivalry. This list includes Squarespace, BigCommerce, 3dCart, Zyro, Opencart, Salesforce Commerce Cloud.
Top 10 eCommerce Platforms comparisons
According to the analysis done by Trustradius, salesforce Commerce cloud and Shopify were mentioned three times in the comparisons which silently hints towards the marketing and operational efforts of these companies which are making them popular, lately. Below is the list of comparisons along with the stats for a better understanding:
- Shopify vs. Stripe: 292
- OpenCart Vs. Prestashop: 232
- Salesforce Commerce Cloud vs. SAP Commerce Cloud: 211
- Stripe vs. WooCommerce: 208
- Salesforce Commerce Cloud vs. Salesforce Marketing Cloud Email Studio: 107
- Big Cartel vs. Wix: 97
- Salesforce.com vs. Salesforce Commerce Cloud: 95
- Salesforce.com vs. Shopify: 83
- Oracle ATG vs. Oracle Commerce Cloud: 81
- OpenCart vs. Shopify: 76
Regardless to say, an eCommerce business should always be well-versed with the latest trends prevailing in the market which helps them in keeping up with the competition and implementing the new technologies to their business with the time.