This report covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies
PUNE, INDIA, November 11, 2019 /EINPresswire.com/ — The eCommerce landscape has evolved exponentially in the past decade. In 2018, the industry was worth $2.86 trillion, a good 15.3% increase from 2017. Projections state that by the end of 2019, the eCommerce market will grow to $25.038 trillion. Such an exponential growth has been fueled by the entrance of small businesses into the digital environment. At the start of 2018, less than 64% of small businesses claimed to have a website. But as awareness about the benefits of eCommerce and small business eCommerce software steadily increase, 94% of small businesses are expected to move online by year end 2019.
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eCommerce software have made online business extremely hassle-free for small businesses. Start-ups and companies with very small operating budgets have numerous resource constraints that make it challenging for them to actively monitor the functioning of their business. eCommerce software makes it exceptionally easy for small companies to manage inventories, staff, time and money, without inconveniencing the customers. With the introduction of SaaS and cloud-based eCommerce software hosting, small businesses have the added benefit of better safety, greater agility, higher resource flexibility, better performance, lower expenses and shorter time to market. These factors have increased adoption rate of eCommerce software.
The small business eCommerce software market is also expected to grow tremendously because of the presence of AI. It is forecast that the size of the AI-integrated eCommerce market will see a CAGR of 42.8% and revenues of $19.37 billion between 2019 and 2025. The integration of AI into small business eCommerce software allows companies to personalize the online shopping experience for the customer. It also enables real-time tracking of customer purchase decisions and allows small businesses to create more customer-focused products and services. Analysis of customer sentiments and emotions is another area that is growing at a tremendous pace.
The key players covered in this study
Yahoo Small Business
The small business eCommerce software market is segmented based on two criteria – product and application.
The range of products in the small business eCommerce software market are growing at an exponential rate. There are two types of eCommerce software available today. First are on-premise software which are managed on-site at the company by developers. Second are cloud-based software, which are managed remotely on the cloud. For the sake of this report, we have considered the adoption rate, challenges and potential for each product.
In terms of application, the small business eCommerce software is used extensively by three parties. Retailers, catering & hospitality companies and other small businesses all use these software for their day-to-day operations.
The findings of this report have been complied after exhaustive research about small business eCommerce software market conducted across various regions of the world. These regions include North America (United States & Canada), Europe, Southeast Asia, South & Central America, Japan, China and India.
Of all regions, North America has seen the highest eCommerce software adoption rate. eCommerce is growing in the US 23% YOY and the adoption of software is expected to grow tremendously. In stark comparison, only 16% of European SME’s sold online by the end of 2018 and their software adoption rates are lower. However, a spike in numbers is expected.
The biggest strides are taking place in Asia. As India and China experience stronger internet connectivity and deeper penetration rates, more small companies are migrating online.
Latest industry trends
Research shows that the number of internet users will rise to 6 billion by 2022 and 7.5 billion by 2030. This will lead to an increase in the number of eCommerce-based small businesses.
It is estimated that the small business eCommerce software market will increase to USD 5,139.84 million by 2025, from the USD 699.32 million it was at during 2016. The CAGR for the market is pegged at 43.95% from 2018 to 2026.
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Source: EIN Presswire