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What are the Types and Market Overview of Best E-Commerce Platforms Â– 360quadrants
, November 26, 2020 ) 360Quadrants, the most granular comparison platform, has released a quadrant on
Best E-Commerce Platforms
to help businesses make quicker and more informed decisions. Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the
space. 360Quadrants conducts an in-depth SWOT analysis and accurately analyzes the companies considered for evaluation. This helps service providers in learning about new opportunities and areas where they lag behind their peers. It also helps clients in choosing the most appropriate vendor for their requirements.
Market Overview in Depth:
E-commerce 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.
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.
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Types of best E-Commerce Platforms;
There are two general classifications of best E-Commerce Platforms and they pertain to the type of deployment:
On-Premise – Loaded on local servers and devices, and operated on-site by a team that manages manual upgrades, solves bugs, and does general problem-solving. Initially, on-site solutions were used by online sellers because they enabled more hands-on coordinated control to host systems.
Software as a Service – Technically, SaaS or managed applications are the hands-off choices because all upgrades, fixes, and freshly added enhancements are handled automatically or through one-click integrations. Hosted e-commerce software has advanced radically to enable massive, previously exclusive on-premise customization and versatility, rendering it now a necessary solution for most online retailers. In comparison, the SaaS platform can be easily deployed and comes in inexpensive bundles.
Why Use Best E-Commerce Platforms?
E-commerce sites are the most valuable for small to large businesses who offer their goods or services in many countries or industries and have diverse operations. Many of the features mentioned above might not be appropriate for small businesses but some of them may be required for medium-sized companies.
The key goals that E-Commerce sites will help businesses accomplish are to: Manage retail retailers and other associated data such as product specifics and inventory, prices and promotions, consumer addresses, and payment records. Attract customers, and convince them to purchase the company’s goods and services. Resolve post-purchase problems such as errors in returns, shipping or payment, and inconsistencies between what customers expected and what they obtained. Track the quantity and profitability of online purchases, as well as lost opportunities including discarded carts. Comply with the electronic protection requirements to stop computer vulnerabilities to cyber threats or theft online.
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Mr. Aashish Mehra
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