E-commerce Software and Platform Market Exhibits Higher Growth Prospects during 2018-2028 | Key Players are IBM Corporation, Magento, Salesforce.com inc., WooCommerce, etc.

FactMR has actively published a new research study titled “E-commerce Software and Platform Market Exhibits Higher Growth Prospects during 2018-2028 | Key Players are IBM Corporation, Magento, Salesforce.com inc., WooCommerce, etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the ecommerce software and platform market during the period from 2018-2028. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global ecommerce software and platform market is expected to showcase impressive growth at 12.5% CAGR during the period until 2028.

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Pervasiveness of e-commerce has transformed the retail sector by introducing online platforms for purchasing commodities and goods. Retailers have witnessed increased inclination of customers toward online purchasing on the back of high convenience and cost effectiveness of online platforms. This aspect has triggered retailers to adopt e-commerce software and platform to enhance customer shopping experience and increase their visibility to reach remote customers to increase sales of their products and services. Moreover, e-commerce software and platform provides seamless customer experience by linking mobile, offline and online shopping channels.

Robust growth of Big Data analytics has resulted in paradigm shift in the e-commerce industry. Data is now looked upon not as a bi-product of a business, but considered as a vital asset offering insights on customer behavior in terms of purchasing patterns, frequency and choice. It is now used as an important performance measure of a business that can be leveraged to enhance business activities and profits. In a bid to simplify complexities associated with Big Data analytics, providers of e-commerce software are integrating AI and data analytics with e-commerce software and platform. This integration has enabled enhanced customer traffic, in turn facilitating high revenue generation and improved sales.

Moreover, e-commerce software and platform also provides analysis on customer satisfaction than can be used by retailers to explore new opportunities and increase profitability. Big Data analytics integration with e-commerce has significantly propelled the demand for e-commerce software and platform, in turn favoring their market’s growth during the period of forecast, 2018-2028.

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On-going technological advancements have raised the competitiveness of the retail market as increasing number of retailers are focusing on leveraging online platforms to capture new customer segments. A paradigm shift from on-premise deployment toward adoption of cloud-based deployment has resulted in vendors offering XaaS (Everything as a Service) that includes SaaS (Software as a Service), PaaS (Platform as a Service) and IaaS (Infrastructure as a Service). In a bid to retain customer loyalty, players are focused on using cloud based platforms such as SaaS as an effective deployment model for e-commerce software and platform.

Scalability and flexibility of the e-commerce software and platform is largely impacted by the network infrastructure and the ability to handle increased traffic and rising demand for bandwidth. Increasing traffic is likely to result in software failure, which is expected to confine the growth of the e-commerce software and platform market. However, vendors of e-commerce software and platform are focused on enhancing network infrastructure to overcome this challenge. Increasing cybercrimes worldwide has posed a significant setback to the IT sector. Growing hacking threats and phishing attacks can potentially result in security breaches, and confidential data leak. This can further lead to misuse of customer data in turn inducing a dent in customer confidence resulting in high attrition rate. This aspect continues to challenge the demand of the e-commerce software and platform and its overall market’s growth.

Sales of e-commerce software and platform are represented by US$ Mn. The growth rate of the e-commerce software and platform market is presented in terms of CAGR for the 2018-2028 timeline. The report on e-commerce software and platform market also includes vital metrics such as market attractiveness index, absolute dollar opportunity, year-on-year growth rate, and supply chain analysis and value chain assessment.

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