Internet proliferation has provided a backbone to the e-tailing solutions market, providing service providers an opportunity to reach a wider target audience. Unwavering support from the e-commerce sector has enabled brands to position their products within reach of potential consumers
DUBAI, UAE / ACCESSWIRE / June 17, 2020 / The global e-tailing solutions market shall expand at a double-digit CAGR during the forecast period 2020-2030. Continuous leverage provided to e-commerce platforms by virtue of incorporating artificial intelligence, analytics and machine learning to provide enhanced customer experience has greatly widened market scope. Application of big data analytics has significantly elevated the e-tailing solutions market on a higher pedestal. A major breakthrough associated with this application is the emergence of product recommendation systems. This interface allows consumers to browse for their favorite products under the headings ‘you may also like' or ‘inspired by your browsing history'. This is being followed by the e-retail giant Amazon. This not only streamlines product delivery but also allows consumers to choose from a wide array of choices.
These seminal big data insights allows e-commerce category managers and enables them to analyze the most trending products and build up adequate inventory for current and future use. Additionally, artificial intelligence has customized understandings to provide accurate results of the desired products on the virtual platform. Artificial intelligence has improved machine learning to improve tagging and to offer correctly-labelled visual searches. Such technological advancements have greatly compelled customers to rely more on e-tailing for meeting their shopping requirements. This trend is anticipated to become the new normal, especially in the wake of the current COVID-19 pandemic crisis as people prefer to stay indoors as an attempt to maintain social distancing in order to prevent the spread of infections.
"Incorporation of digital payment methods such as virtual wallets and digital currency and the simplicity associated with them is expanding the influence of e-tailing. Additionally, implementation of blockchain technologies in the form of cryptocurrencies such as bitcoin has enhanced safety, security and reliability of e-commerce platforms, attracting more customers," concludes a prominent FMI analyst.
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E-Tailing Solutions Market- Key Takeaways
- South Asia & Pacific are anticipated to expand the fastest, attributed to the ubiquity of the e-commerce sector. A burgeoning tech-savvy population pool has led to greater e-commerce penetration, leveraging the market.
- B2B transactions largely dominate the e-tailing solutions market. However, entry of e-commerce giants such as Amazon has led to the B2C mode of transactions to gain the upper hand.
- Food & Beverages segment shall continue to soar on popularity due to proliferation of online grocery sales. The segment is expected to capture over 30% of the e-tailing solutions market.
- Technological advancements such as blockchain and internet of things are greatly augmenting the e-tailing solutions market.
E-Tailing Solutions Market- Key Driving Factors
- Increasing smartphone and tablet usage has widened the proportion of digital literacy among consumers. This is facilitating greater awareness about online shopping, catapulting the e-tailing solutions market.
- Utilization of smart technologies to assess consumer behavior has been a primary concern for e-commerce companies. This has prompted greater investments in e-tailing solution innovations.
E-Tailing Solutions Market- Key Constraints
- In spite of a spike in digital literacy, a major chunk of the world's population across the developing world have limited or no access to internet, thereby limiting market penetration.
- Logistical difficulties during the COVID-19 pandemic as a result of lockdowns have led to delays in processing orders via virtual platforms. This is due to the unavailability of adequate transport.
Anticipated Impact of the COVID-19 Outbreak
The coronavirus pandemic has led to a clarion call for a drastic shift in purchasing behavior amongst consumers. A tipping point has been reached wherein the B2C and B2B business channels are poised to supersede traditional retailing. Ranging from groceries to personal protective equipment, the e-tailing solutions market has shot up exponentially since the past few months. However, sales of non-essential goods through online retail platforms such as toys, books, electronic gadgets and clothes have nosedived due to unavailability of proper transport or logistical arrangements for such goods. Government regulations have only permitted the transportation of essential goods. In the coming months, as social distancing remains imperative to ensure individual safety, e-tailing solutions will prove to be an essential service which would have far-reaching impacts on retailing.
It is expected that economic conditions will alleviate significantly during the third quarter of 2020, with various countries relaxing lockdowns which is enabling the resumption of industrial production. This is narrowing the gaps encountered in the demand-supply equation during the initial phases. As travel restrictions are relaxed, transportation will resume its normal course enabling the supply of essential as well as non-essential consumer goods across national and international borders. Consumers will continue to rely on online sales channels to secure the delivery of their products, thereby burgeoning the scope of the e-tailing solutions market for the remainder of the forecast period. Based on these speculations, analysts predict a 30% revenue increase by 2021. In the post-pandemic scenario, online sales will continue gathering unprecedented momentum.
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Competition Landscape
The e-tailing solutions market is characterized by the presence of numerous market players, which include but are not limited to: Oracle, Digital River, Inc., Salesforce.com Inc., Adobe, eComchain, VTEX, WooCommerce, Shopify, Inc., Sitecore, SAP, Kentico Software, Skava, Elastic Path Software Inc. and Wix.com, Inc. These market players rely on big data analytics to deconstruct complex consumer behaviors to provide precise and exceptionally customized search results to provide better services. Additionally, the incorporation of blockchain technology has provided an impetus to e-tailing solutions.
More Valuable Insights on E-tailing Market
Future Market Insights offers an unbiased analysis of the global e-tailing market, providing historical data for 2015-2019 and forecast statistics from 2020-2030. To understand opportunities in the e-tailing market, the market is segmented on the basis of solution (e-commerce platform, e-commerce API and services (professional services (design, integration & implementation, consulting, and support & maintenance, and managed services), vertical (food & beverages, fashion & apparel, health & beauty, electronics, automotive, home & furniture, and others), and regions and region (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East & Africa).
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