eCommerce CRM which is also known as ECRM is a customer relationship management system developed to help eCommerce businesses manage customer contact information, purchasing behavior, and other analytics data. Three types of CRM are majorly available, which include collaborative, operational, and analytical CRM. Collaborative CRM improves information sharing between various business units, such as the sales, marketing, technical, and support teams. Analytical CRM helps in collection and analysis of customer data to improve their experience. Operational CRM is primarily used by sales, marketing, and service teams to streamline the business growth.
Increased focus on Improving Customer Experience Driving Growth of the eCommerce CRM Market
eCommerce has seen exponential growth across all regions over the past five years. Increasing penetration of the internet in countries such as India, China, Indonesia, and Brazil (which hold more than 50% of global population) has driven the demand for eCommerce across the globe. The need to improve customer experience has also increased with the increasing number of alternatives to the eCommerce portal. eCommerce analytical CRM helps an enterprise to gather customer data and to use the data to improve the customer shopping experience. The rising competition and increasing need to personalize & customize the shopping experience is driving the growth of the eCommerce CRM market.
Initial Capital Outlay with regards to eCommerce CRM Integration
The initial capital investment for integration of eCommerce CRM for a small & medium size enterprise is high, which is impacting the adoption of eCommerce CRM. Integration of the system with the enterprise workflow would incur capital expenditure as well as productivity loss for some time till the complete integration of the whole system. In the current market scenario, SMEs are highly skeptical about new investment with regards to workflow transformation, which would impact the growth of the market in the next two years.
Asia-Pacific to Dominate the Global eCommerce CRM Market
In terms of region, the global eCommerce CRM market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the eCommerce CRM market during the forecast period as the number of enterprises within the eCommerce industry within this region is very high and on the other hand, with the increasing focus by governments toward digitization, adoption of eCommerce CRM is likely to increase in the region.
COVID-19 Impact on the Global eCommerce CRM Market
The COVID-19 pandemic is expected to moderately impact the global eCommerce CRM market. Lockdowns across the globe have led to financial losses in the eCommerce industry. Startups and SMEs which work within the eCommerce industry have suffered losses which has impacted upcoming investments specific to work flow transformation. At present, companies are looking for a stable revenue flow and minimize the overall cost to sustain within the competitive eCommerce market.
Global eCommerce CRM Market – Competition Landscape
The global eCommerce CRM market can be segmented based on:
Global eCommerce CRM Market, by Business Type
In terms of business type, the global eCommerce CRM market can be segregated into:
Global eCommerce CRM Market, by Enterprise Size
In terms of enterprise size, the global eCommerce CRM market can be segregated into:
Global eCommerce CRM Market, by Industry
In terms of industry, the global eCommerce CRM market can be segregated into:
Regional analysis of the global eCommerce CRM market includes:
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