An ecommerce platform is a web application which enables online companies to control their website, marketing, sales and operations. The eCommerce platform enables customer support representatives to have a single platform across all platforms, a centralized order and inventory control structure that can effectively fulfill orders from all of the marketing channels, including physical stores, or use online orders history data to understand customized and appropriate deals. Ecommerce platforms offer the ability to personalize information about the product and how it is demanded to best fit everyone’s own online retail requirements, which can be a mutual benefit for companies and consumers.
360Quadrants, the most granular comparison platform, has released a quadrant on E-Commerce Platforms to help businesses make quicker and more informed decisions. 360Quadrants are generated post analysis of companies (product portfolios and business strategy). Quadrants will be updated every three months based on market and regional analyses and developments in E-Commerce Platforms market. 360Quadrants also list the top 10 best E-Commerce Platforms.
360Quadrants combines inputs from various industry experts, buyers, and vendors, and conducts extensive secondary research inclusive of annual reports, company press releases, investor presentations, white paper, and various directories and databases in order to rate the companies in every quadrant. 360Quadrants conducts an in-depth SWOT analysis and accurately analyses 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.
Augmented Reality Solutions Quadrant Highlights
360Quadrants covers 35 companies evaluated in the Best E-Commerce Platforms space and 21 companies will be categorized as Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
Shopify, WooCommerce, Bigcommerce, Salesforce B2C Commerce and Oracle Commerce have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy.
Shopmatic, Zepo, Zoey, Ecomchain and Storm have been identified as innovators as they have focused product portfolios, but a mediocre business strategy.
Digital River, Handshake, Kartrocket, and Teespring have been identified as emerging companies as they have a niche product offering but poor business strategy.
Ecwid, 2Checkout, Paypro Global, Square E-Commerce, nopCommerce, Sellfy and Prestashop have been recognized as dynamic differentiators as they are largely dependent on their competitive R&D activities
Top 10 e-Commerce Products in 2020
eCommerce platforms help businesses in managing their core processes like the front-end vending of products and services, and the back-end operations of managing inventory and customer order history. 360Quadrants has analysed the e-Commerce market and has identified top 10 products in the market based on various critical parameters. These top products have been highlighted below:
7. Magento Commerce
Top 10 Upcoming e-Commerce Companies in 2020
Due to the fact that businesses today are adopting online channel as on their medium to sell products or services, the day isn’t very far where majority of their businesses will be generated online. With this as an opportunity, a last few years has seen a lot of start-ups and also a few companies coming up due to their technology adoption and their pricing structures. #60Quadrants has identified a few of these upcoming companies which offer latest e-commerce solutions:
6. Digital River
7. Square E-commerce
10. Expedite Commerce
E-Commerce Platform Challenges and Resolutions
1. An Absence of Online Identity Verification
2. Customer sign-ups with incorrect information or COD purchases with fake contact details may lead to huge revenue damages.
3. Checking for any signs of suspicious activity and identifying fake phone numbers and email addresses
4. Sending a verification link when a customer signs up
5. With COD purchases, an automated call could even dial out to the customer, asking them to validate the delivery address.
6. Delivering Omnichannel customer experience
7. Customers today tend to use multiple channels to interact with brands. In this case, any business that isn’t adopting an omnichannel retailing strategy will possible lag behind its online savvy competitors.
8. Latest visual engagement tools allow businesses to help customers across all channels
9. Recognizing key channels
10. Maintaining the context.
11. Shopping cart abandonment
12. Shopping cart rejection is a big problem. Even e-commerce companies find it really hard to deal with this.
13. Reshaping the shopping cart, ensuring that there are no bugs or needlessly long and annoying form filling process.
14. Implementing best live chat solutions
15. Leveraging best visual tools
16. Maintaining customer loyalty
17. Acquiring new customers and then preserving them needs an enormous effort. One of the reasons e-commerce businesses in particular face a trial in building customer loyalty is that the seller and buyer are unknown each other.
18. Identify competitive advantage and nurturing customer service accordingly
19. Display address, and other important contact details
20. Loyalty Programs
21. The scuffle of contending on price and shipping
22. Online merchants often contest on price. Many sellers list the same products on their sites, but the prices may vary. They are competing to upsurge their market share by selling the product. This can particularly impact small e-commerce firms.
23. Inventory Distribution to Fulfilment Warehouses
24. Resourceful Shipping
25. Challenging against retailers and manufacturers
26. Many online stores purchase products wholesale from producers or distributors, selling them with retail online. This is the straight forward business model for online stores. It happens often, that the product manufacturers and retailers start selling straight to consumers.
27. Prioritise the manufacturers who are less likely to sell directly to customers
28. Lower the price or offer additional benefits
29. Set a contract that prohibits manufacturer to sell to the customers directly
360 Scoring Methodology
Top E-Commerce Platforms will be rated using the following methodology -
1. A highly experienced team of researchers and senior analysts conduct extensive research to generate a list of vendors (competitors).
2. A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
a. Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
b. Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
3. Approximately 20+ in-depth parameters will be considered for research for the E-Commerce Platforms market. These parameters will be updated every 6 months to ensure latest developments are taken into consideration.
4. A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
b. Industry Experts
c. 360Quadrants Analysts
d. Vendors (Competitors)
5. The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
6. After the finalization of ratings, each vendor is placed in the most relevant quadrant based on their score.