eCommerce CRM Market Anticipated to Grow at a Significant Pace by 2030
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eCommerce has seen exponential growth across all regions over the past five years. Increasing penetration of the internet in countries such as India, China, Indonesia, and Brazil (which hold more than 50% of global population) has driven the demand for eCommerce across the globe. The need to improve customer experience has also increased with the increasing number of alternatives to the eCommerce portal. eCommerce analytical CRM helps an enterprise to gather customer data and to use the data to improve the customer shopping experience. The rising competition and increasing need to personalize & customize the shopping experience is driving the growth of the eCommerce CRM market.
The initial capital investment for integration of eCommerce CRM for a small & medium size enterprise is high, which is impacting the adoption of eCommerce CRM. Integration of the system with the enterprise workflow would incur capital expenditure as well as productivity loss for some time till the complete integration of the whole system. In the current market scenario, SMEs are highly skeptical about new investment with regards to workflow transformation, which would impact the growth of the market in the next two years.
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In terms of region, the global eCommerce CRM market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the eCommerce CRM market during the forecast period as the number of enterprises within the eCommerce industry within this region is very high and on the other hand, with the increasing focus by governments toward digitization, adoption of eCommerce CRM is likely to increase in the region.
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The COVID-19 pandemic is expected to moderately impact the global eCommerce CRM market. Lockdowns across the globe have led to financial losses in the eCommerce industry. Startups and SMEs which work within the eCommerce industry have suffered losses which has impacted upcoming investments specific to work flow transformation. At present, companies are looking for a stable revenue flow and minimize the overall cost to sustain within the competitive eCommerce market.
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