Retail e-commerce software is used in various e-commerce activities to streamline operations. E-commerce is basically used in the selling and buying of products & services which involves a huge amount of data and fund transfer through electronic media. The business transactions involved in the process include customer to customer (C2C), customer to business (B2C), business to business (B2B), and business to customer (B2C). Hence, there is a huge need for retail e-commerce software to deal with these transactions effectively. Also, this software simplifies the complex processes along with managing their inventory and other business-related functions effectively.
The surge in online shopping among people is the primary reason propelling the growth of the global retail e-commerce software market. Furthermore, the elimination of additional costs in the adoption of online platforms along with the convenience offered is likely to keep up the market during the forecast period. The e-commerce software automates the operations by removing the manual processing, which in turn saves on cost and damage caused by manual errors. The software also facilitates customers with a wide variety of options to customize delivery time and date along with some other factors, which in turn will boost the customer experience. Nowadays, several other leading retail e-commerce companies are adopting artificial intelligence tools to analyze customers’ behavior and buying patterns, thereby generating data on the future demand of various products. All these factors will significantly accentuate the growth of the global market in the forthcoming years. However, the increasing penetration rate of smartphones along with high-speed networks has significantly contributed towards the growth of e-commerce shopping and hence it is likely to induce retailers to adopt such software in order to deal with huge data.
The global retail e-commerce software market can be segmented into end-user, deployment, and region.
By end-user, the market can be segmented into BFSI & technology, healthcare, home, automotive, food & beverage, apparel, and others. The apparel segment accounts for the largest share in the global retail e-commerce software market.
By deployment, the market can be segmented into on-premise and cloud. The cloud segment holds the largest share in the global retail e-commerce software market.
North America accounts for the largest share in the global retail e-commerce software market due to the presence of prominent market players in the region. Moreover, the growing trend of online shopping in the region is further likely to fuel the growth of the regional market in the forthcoming years.
Some of the significant players in the global retail e-commerce software market are Volusion, LLC., ValueCoders, Salesforce.com, inc., Shopify Inc., Shift4Shop, PinnacleCart, Inc., Miva, Inc., FastSpring, Ecwid, Inc., and BigCommerce Pty. Ltd. To cite, BigCommerce and Shopify are providing free trials of their software to the merchants to increase acknowledgement of the needs of such software among merchants.