What is E-COMMERCE SOFTWARE?

 


 

 

 Hi, today's topic is about what is eCommerce software . Before getting into the video please like and subscribe if you haven't already. An online store consists of many intricate components and processes, which ecommerce software streamlines through an easy-to-use interface that even non-tech persons can operate. Further facilitating things is the ability of the system to integrate with other platforms and services such as CRM, CMS, ERP, payment gateways, email marketing tools, accounting software, fulfillment services, and social media networks.

What is ecommerce software?

eCommerce software is a tool that drives all online store processes, helping owners manage inventory, add or remove products, process payments, compute taxes, and fulfill orders, among many others. It offers all the things needed to run a retail site, effectively simplifying online store management.

An online store consists of many intricate components and processes, which ecommerce software streamlines through an easy-to-use interface that even non-tech persons can operate. Further facilitating things is the ability of the system to integrate with other platforms and services such as CRM, CMS, ERP, payment gateways, email marketing tools, accounting software, fulfillment services, and social media networks.

In this video, we’ll go beyond answering what is ecommerce software and examine its many aspects from what it does and how it works to its key features and examples of the leading tools on the market. This way, it’s easier for you to discern how you can use it for your operations.Despite the gloom and doom surrounding the pandemic, it has proven to be a mighty catalyst for speeding up digital transformation—59% faster according to IBM’s estimates. The biggest gainers are the ecommerce industry and the underlying fintech industry that supports and enables it.

Numbers vary, but 2020 ecommerce growth rate estimates range from 16.1% (Statista) to 19% (Oberlo) and 27.6% (eMarketer). In the US, Digital Commerce 360 puts the 2020 ecommerce growth rate at an incredible 44% YoY. No matter which figures you might want to favor, it’s clear that ecommerce remains largely unscathed by the pandemic. In fact, the exact reverse is what happened: the pandemic bolstered the credentials of ecommerce going forward.

As of 2020, there were an estimated 2 billion digital purchasers worldwide. More importantly, 93.5% of global internet users have purchased products online. There are around 24 million ecommerce sites across the world. Together, all of them accounted for an estimated global ecommerce sales of $4.2 trillion in 2020. Global ecommerce user penetration will be 50.8% in 2021 and is expected to hit 63.1% by 2025. Meanwhile, ecommerce penetration rate in the US stands at just 21.3%, which means there is still much room for newcomers with compelling products or services to offer.

 Pandemic-proof, colossal growth rate, and with more than ample space for new players, ecommerce is where all the industry action is for a long time coming. If these preposterous numbers are making you itch to get into the ecommerce arena, consider expanding your battle arsenal with the crucial information we’re presenting next.

What are the Types of eCommerce Software?

There are two general classifications of ecommerce software and they pertain to the type of deployment:On-Premise. Installed on a local server or computer and managed on-site by a team that handles manual updates, fix problems, and do general troubleshooting. Online sellers early on initially went with on-premise solutions because they allowed greater hands-on management compared to hosted solutions.

Software as a Service. SaaS or hosted solutions are technically the hands-off option since all updates, patches, and newly-released features are done automatically or with one-click integrations. Hosted ecommerce software has evolved dramatically to allow wide customization and flexibility, previously exclusive to on-premise, making it now a sufficient solution for most online retailers. Furthermore, SaaS software can be launched quickly and comes in affordable packages.

What does ecommerce software do? While ecommerce software in itself can handle most of the important tasks relevant to running your store, it oftentimes integrates with other apps and services to help you do some other things right from within the system. With robust features and functionalities, coupled with powerful integration capabilities, ecommerce software becomes your all-in-one integrated platform that can do the following.

Manage customers and orders. Managing a customer’s order from product selection to payment, to checkout and delivery is vital. Every order is a sales transaction that will impact your bottom line Hence, it must be done efficiently and conveniently for the customer. eCommerce software takes care of managing orders, check order status, and making quick changes if needed. On its own or with some other third-party app or service, it can handle payment processing, keep transaction records, manage customer information, create billing and invoicing, undertake accurate accounting, provide analytics and reporting, among others.

Manage products and inventory. You get product specifics from SKUs and variations (size, color, quantity) to names and images, allowing you to organize and catalog items. You’re also notified and made aware if stocks are low and what particular items are fast-moving and need replenishing.

Simplify marketing. Built-in SEO allows online stores to rank higher in organic search engines for increased online discovery and presence as well as lower customer acquisition costs.Automates shipping and taxation. Printing shipping labels, calculating sales taxes based on customer location, and sending notification emails to customers can be done automatically and more accurately.Enhance customer experience. ecommerce software is meant to enable customers quickly and efficiently find what they need in your store. Hosted solutions offer service-level agreements to guarantee 100% uptime and simple but robust website management, allowing you to provide your customers with the best online shopping experience.

Selling on the internet via your website entails a series of steps and processes that ecommerce software takes care of. What is ecommerce but a system to streamline those steps. How does ecommerce software work? It usually goes like this:A shopper visits your website which displays products and categories that are loaded/stored in the website database.The customer uses a shopping cart to add items and creates an account with all information saved in the database.Once the customer is in the checkout stage, the website normally goes into secure mode displaying a lock symbol and using an SSL certificate.While in checkout the website may utilize third-party software or services to provide the customer with delivery options, shipping rates, and expected delivery date.When the customer enters the credit card number, the information is sent to a payment processor or payment gateway such as PayPal.The customer order is now completed and all sensitive information is stored with the payment processor (not with the ecommerce website).You can have the payment deposited in your merchant account (a service usually provided by a payment gateway) or transferred to your bank account.The steps above, from order to payment processing, can take just minutes to complete giving you and your customer/shopper utmost efficiency and convenience. eCommerce software makes all of the above happen worry-free and hassle-free, which is why you need a fully capable ecommerce platform to make your online store or website operate in the most flawless and responsive manner.

Take note that for your ecommerce site to run successfully, some other components would have to come into play. These include:Web Hosting Service. These companies and service providers offer Web servers to host your website and all the elements and apps that go with it. This is a vital component because having a good online store that is always open, accessible, loads quickly, and is able to handle high traffic depends on a reliable and dependable web host.Product Catalog. The product catalog is what your customers view and learn about the products you’re selling. Similar to a printed catalog, your online catalog is made up of products, pages and information you present to your customers. They must be designed to attract, appeal and entice your customers, and reflect your brand, company, or the theme of your store.Shopping Cart. This is what your customers will use to place their orders where they can add the products they want to purchase, provide information about shipping and payment preferences, and submit the order. The shopping cart component may spell the difference between a completed or abandoned sale. It must, thus, work optimally and smoothly.Merchant Interface. This is the tool you use to manage your online store as well as set up and use all other tools and apps that you may need. The interface must be robust, flexible, customizable while straightforward to operate.

Payment Processing. The backbone of an online store is accepting payment. Simply put, without this component, customers can’t place in their orders. There are several online payment services, payment gateway, and merchant account providers that integrate with ecommerce platforms to ensure safe, secure, accurate, and efficient payment processing.

Order Fulfillment and Shipping. There are many order fulfillment, third party logistics, and shipping services that provide next-day, second-day, and ground shipping services that you can offer your customers, giving them many options which they can avail for prompt and fast delivery. These services remove the heavy lifting from you so you can focus on your selling.eCommerce software ties all of the above components and services to give you one integrated solution to manage and run your online store from end-to-end.

Why use ecommerce software? Because it has plenty of benefits for your business. Here are the advantages using of ecommerce software.Quickly start your online business. Most ecommerce software comes with easy to use online store builders with pre-built templates and an assortment of themes to help you build your store quickly. We’re talking here of minutes, not hours, if you’re familiar with drag-and-drop functions where you just put your store elements into place, add product images, put in descriptions and prices, set up your shopping cart, and you’re basically good to go.Your store is always open. One of the biggest business advantages of using ecommerce software is that it keeps your online store open, 24 hours a day, 7 days a week. Your business hours are not limited by physical location or the working schedule of your staff. Since everything is automated, you are not required to continually monitor your online store through your dashboard.You can sell to anyone, anywhere. In relation to the above, which allows you to sell anytime, you can sell to everyone from any location in the world. You have a global market for your products, unhindered by time, geography, and boundaries. You harness the internet’s connectivity to sell to anyone, wherever they may be. What is ecommerce software? , eCommerce software is a tool that drives all online store processes, helping owners manage inventory, add or remove products, process payments, compute taxes, and fulfill orders, among many others. It offers all the things needed to run a retail site, effectively simplifying online store management.An online store consists of many intricate components and processes, which ecommerce software streamlines through an easy-to-use interface that even non-tech persons can operate. Further facilitating things is the ability of the system to integrate with other platforms and services such as CRM, CMS, ERP, payment gateways, email marketing tools, accounting software, fulfillment services, and social media networks.In this video, we’ll go beyond answering what is ecommerce software and examine its many aspects from what it does and how it works to its key features and examples of the leading tools on the market. This way, it’s easier for you to discern how you can use it for your operation. Despite the gloom and doom surrounding the pandemic, it has proven to be a mighty catalyst for speeding up digital transformation—59% faster according to IBM’s estimates. The biggest gainers are the ecommerce industry and the underlying fintech industry that supports and enables it.Numbers vary, but 2020 ecommerce growth rate estimates range from 16.1% (Statista) to 19% (Oberlo) and 27.6% (eMarketer). In the US, Digital Commerce 360 puts the 2020 ecommerce growth rate at an incredible 44% YoY. No matter which figures you might want to favor, it’s clear that ecommerce remains largely unscathed by the pandemic. In fact, the exact reverse is what happened: the pandemic bolstered the credentials of ecommerce going forward.As of 2020, there were an estimated 2 billion digital purchasers worldwide. More importantly, 93.5% of global internet users have purchased products online. There are around 24 million ecommerce sites across the world. Together, all of them accounted for an estimated global ecommerce sales of $4.2 trillion in 2020. Global ecommerce user penetration will be 50.8% in 2021 and is expected to hit 63.1% by 2025. Meanwhile, ecommerce penetration rate in the US stands at just 21.3%, which means there is still much room for newcomers with compelling products or services to offer.Pandemic-proof, colossal growth rate, and with more than ample space for new players, ecommerce is where all the industry action is for a long time coming. If these preposterous numbers are making you itch to get into the ecommerce arena, consider expanding your battle arsenal with the crucial information we’re presenting next.

What are the Types of eCommerce Software?

There are two general classifications of ecommerce software and they pertain to the type of deployment:

On-Premise. Installed on a local server or computer and managed on-site by a team that handles manual updates, fix problems, and do general troubleshooting. Online sellers early on initially went with on-premise solutions because they allowed greater hands-on management compared to hosted solutions.

Software as a Service. SaaS or hosted solutions are technically the hands-off option since all updates, patches, and newly-released features are done automatically or with one-click integrations. Hosted ecommerce software has evolved dramatically to allow wide customization and flexibility, previously exclusive to on-premise, making it now a sufficient solution for most online retailers. Furthermore, SaaS software can be launched quickly and comes in affordable packages.

Why use ecommerce software? Because it has plenty of benefits for your business. Here are the advantages using of ecommerce software.

Quickly start your online business. Most ecommerce software comes with easy to use online store builders with pre-built templates and an assortment of themes to help you build your store quickly. We’re talking here of minutes, not hours, if you’re familiar with drag-and-drop functions where you just put your store elements into place, add product images, put in descriptions and prices, set up your shopping cart, and you’re basically good to go.Your store is always open. One of the biggest business advantages of using ecommerce software is that it keeps your online store open, 24 hours a day, 7 days a week. Your business hours are not limited by physical location or the working schedule of your staff. Since everything is automated, you are not required to continually monitor your online store through your dashboard.




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