An e-commerce software system is a tool that drives all online store processes, serving to owners, manage inventory, add or remove the product, process payments, figure taxes and fulfill orders, among several others. It offers all the items required to run a retail web site, effectively simplifying online store management. E-Commerce is a booming industry at the moment. The quickly increasing internet population is making a large demand for online shopping channels. It is easier to promote your business online. It helps your e-commerce website business gain visibility across top e-commerce platforms and reaches out to more customers. You can instantly produce buzz on huge day sales, discounts, and events.
The e-commerce software system may be known as-as a shopping cart solution, shopping cart software, e-commerce website builder, online store builder or e-commerce platform and it serves a sole purpose that is to help clients sell their products online. E-commerce platform includes customizable site templates, an integrated shopping cart, search engine optimization (SEO), email marketing, inventory management, and analytics.
Types of e-commerce software:
E-commerce software is of two types which are as follows:
- On-premise: Installed at the local computer at the local server and managed by on-site by developers who facilitates manual updates, fix problems, and manage other manual updates.
- SaaS: Software as a service: The hosted e-commerce tools are commonly used which is based on the cloud model. It is managed in a service provider’s data center. It is affordable, easily scalable, hosted and upgraded on a regular basis by the service provider.
- Open source e-commerce: This is one of the best e-commerce software for small business as it is a free platform allowing users to install, maintain, secure and configure the software on their own servers. This type of software comes with a number of plugins, add-ons, and extensions.
The key features of the best E-Commerce Software are:
- Automation- The checkout process including accurate computation of pricing, taxes, shipping rates, and handling costs are automated.
- Website builder-E-commerce software can help you build one from the ground up. It provides design templates for you to quickly create a professional-looking website and storefront.
- Central database- A centralized location for easy storing, access and retrieval of product information, customer data, accounting transactions, product listings, browsing histories, and payment and shipping status.
- Search function- E-commerce platforms are capable of listing, categorizing and updating new products together with descriptions, pictures, and feature lists.
- Integration- Most E-commerce solutions are ready to integrate with numerous business apps and third-party platforms and services to permit you to handle numerous tasks.
- Marketing tools-E-commerce software is used to enhance your website’s marketing, promotion, and branding. You can utilize an array of tools to come up with targeted campaigns, SEO (Search Engines Optimization) optimization strategies and branding/image reinforcement.
- Analytics and reporting- E-commerce software system will assist you to research and determine trends and patterns that have an effect on client buying habits, providing you insights and stats on customer demographics, keywords, and clickstreams.
The key benefits of an E-Commerce Software are:
- Save time, money and resources: When you calculate your expenses, you will find that it costs you less operating an online store than running a brick-and-mortar store where you will have to rent expensive space in a prime location, employ sales staff, and pay for utilities, among others.
- Online payment and shipping: E-commerce software and shopping cart platforms are equipped to process online payments, either as a built-in feature or integrated with a payment gateway service, allowing for safe and secured online transactions.
- Built-in promoting tools: Many E-commerce software systems are loaded with powerful promoting tools and SEO options to assist your store rank higher in search engine results and attract potential customers. There are also built-in analytics and statistical tools that can provide you with real-time analytical data.
- Simplify marketing: Built-in SEO and easy optimization allow the online store to rank higher in the organic search engine at lower customer acquisition cost.
Potential Issues Faced:
- Absence of online identity verification - Once a visitor visits an e-commerce web site and signs up, the portal is unaware of the customer except for the information he/she entered. The customer is genuine or not is questionable. This creates large revenue losses for an organization once a client makes a Cash-On-Delivery (COD) purchase and also the data entered like telephone number, the address is invalid or fake.
- Competitor Analysis - There will be too many competitors who will be offering the same products and service as you. Unless you have the simplest strategy that differentiates yourself from different competitors; it'll become tough to survive.
- The headache of product return and refund - When the product is returned, due to whatsoever reason, whether a customer was dissatisfied or the product was damaged, the business suffers a heavy loss of shipment and reputation. Cost of logistics and shipping have forever been alarming for those e-commerce sellers who deliver the product for free of charge.
- The problem of Data Security - Security issues over the web can lead to a nightmare. Fraudsters post lot of spam and they might attack the web host server and infect all websites with viruses. They can get access to all your confidential information about your customer’s telephone number, card details, etc.
Market Trends Followed:
As you evaluate E-Commerce software packages, consider these current market trends:
- Video Content - E-Commerce websites sell the products by showing pictures of the product from different angles. However, images cannot depict all the features of the products or address all the queries of the users. Thus, this led to the inception of the concept of videos. Product videos give a piece of better information about the products compared to the images and these even win the trust of the customers.
- Application of Artificial Intelligence (AI) - The e-commerce industry is technology-driven. An array of top e-commerce software is already leveraging the power of Chabot’s powered by AI to address the queries of customers 24*7 and to offer them a better customer experience.
- Delivery by Drones - The drones will be sent from the warehouse to the delivery address and in this way, the delivery can be made even within 30 minutes of placing an order. Apart from quicker delivery, other advantages of drone delivery are its low operational cost compared to delivery executives and reduced hassles of logistics.
- Pop Up Shops - The modern-day customers are clever and they always prefer doing good research before buying a product. Most of the customers swivel between ‘web rooming’ and ‘showrooming’ before making a buying decision. Pop up shops can address such situations. It is a cost-effective way of reaching to larger masses and acquiring new customers.