Market Overview
Ecommerce platforms help businesses in handling the online store processes, right from their inventory, to adding or eliminating products, to calculating taxes and fulfilling orders in the best possible way. 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. With the fast growth of e-commerce sales, international retail e-commerce sales are predicted to reach 6.6 trillion U.S. dollars by 2023.

Read more on https://www.360quadrants.com/software/e-commerce-platforms

High spending capacity combined with an increase in spending on apparel is expected to upsurge the growth of the global eCommerce platform market over the next few years. Furthermore, the eCommerce industry has grown unusually well in the earlier years and is expected to witness exponential growth in the upcoming years.

Market Segmentation
The market is categorized in five major regions that include North America, Asia Pacific, Europe, Middle East & Africa and Latin America regions. Amongst these regions, Asia Pacific is likely to lead the overall ecommerce platform market over the next few years. Increasing number of business formations is providing the best opportunities for the ecommerce platform service providers.

Based on type of platform, the market is classified into, commerce, order management, business intelligence, shipping and others, amongst which, commerce is accounted for the biggest market share in complete worldwide ecommerce platform market.

Technology Overview
best eCommerce platforms also be termed as a shopping cart solution, shopping cart software, ecommerce website builder, online store builder or ecommerce platform and it caters a sole purpose that is to help businesses in selling their products online. Ecommerce platform comprises customizable site templates, a unified shopping cart, SEO, email marketing, inventory management and analytics.


eCommerce Platforms: Drivers and Limitations
The international eCommerce platforms market is driven by the software that is user-friendly and also inexpensive for small scale businesses. The price of adding an ecommerce constituent to present business and enter in a newer market falls anywhere between US$ 100 to US$ 150 per month and it allows expansion through online business.

ecommerce is quickly accounting for a larger quantity of the total retail sales in the U.S. According to the U.S. Department of Commerce, customers spent about US$ 194 billion online in 2011. With this kind of consumption and trend, a growing number of small and mid-size companies are taking the online platform for all or some of its operations.

However, higher prices of hybrid and cloud based software and low internet penetration rate in emergent countries are some of the important factors which are likely to restrict the growth of global ecommerce market in the near future.


Top 10 eCommerce Products in 2020
eCommerce platforms help businesses in managing their core processes like the front-end vending of products and services, and the back-end operations of managing inventory and customer order history. 360Quadrants has analysed the eCommerce market and has identified top 10 products in the market based on various critical parameters. These top products have been highlighted below:

Shopify
WooCommerce
BigCommerce
Miva
2Checkout
nopCommerce
Magento Commerce
SuiteCommerce
Ecwid
FastSpring

Top 10 Upcoming eCommerce Companies in 2020
Due to the fact that businesses today are adopting online channel as on their medium to sell products or services, the day isn’t very far where majority of their businesses will be generated online. With this as an opportunity, a last few years has seen a lot of start-ups and also a few companies coming up due to their technology adoption and their pricing structures. 360Quadrants has identified a few of these upcoming companies which offer latest ecommerce solutions:

Volusion
Sellfy
Slatwall
3dcart
Handshake
Digital River
Square Ecommerce
Storbie
TrueCommerce
Expedite Commerce
ECommerce Platforms Challenges and Resolutions
An Absence of Online Identity Verification
Customer sign-ups with incorrect information or COD purchases with fake contact details may lead to huge revenue damages.
Checking for any signs of suspicious activity and identifying fake phone numbers and email addresses
Sending a verification link when a customer signs up
With COD purchases, an automated call could even dial out to the customer, asking them to validate the delivery address.
Delivering Omnichannel customer experience
Customers today tend to use multiple channels to interact with brands. In this case, any business that isn’t adopting an omnichannel retailing strategy will possible lag behind its online savvy competitors.
Latest visual engagement tools allow businesses to help customers across all channels
Recognizing key channels
Maintaining the context.
Shopping cart abandonment
Shopping cart rejection is a big problem. Even ecommerce companies find it really hard to deal with this.
Reshaping the shopping cart, ensuring that there are no bugs or needlessly long and annoying form filling process.
Implementing best live chat solutions
Leveraging best visual tools
Maintaining customer loyalty
Acquiring new customers and then preserving them needs an enormous effort. One of the reasons ecommerce businesses in particular face a trial in building customer loyalty is that the seller and buyer are unknown each other.
Identify competitive advantage and nurturing customer service accordingly
Display address, and other important contact details
Loyalty Programs
The scuffle of contending on price and shipping
Online merchants often contest on price. Many sellers list the same products on their sites, but the prices may vary. They are competing to upsurge their market share by selling the product. This can particularly impact small e-commerce firms.
Inventory Distribution to Fulfilment Warehouses
Resourceful Shipping
Challenging against retailers and manufacturers
Many online stores purchase products wholesale from producers or distributors, selling them with retail online. This is the straight forward business model for online stores. It happens often, that the product manufacturers and retailers start selling straight to consumers.
Prioritise the manufacturers who are less likely to sell directly to customers
Lower the price or offer additional benefits
Set a contract that prohibits manufacturer to sell to the customers directly