Global eCommerce CRM Market: Introduction
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.
Global eCommerce CRM Market – Dynamics
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
- In September 2020, Avalara, Inc. announced the release of 16 newly certified integrations with accounting, ERP, e-commerce, point-of-sale, mobile commerce, and CRM software applications.
Global eCommerce CRM Market: Segmentation
The global eCommerce CRM market can be segmented based on:
- Business Type
- Enterprise Size
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:
- Small & Medium Enterprise
- Large Enterprise
Global eCommerce CRM Market, by Industry
In terms of industry, the global eCommerce CRM market can be segregated into:
- IT & Telecom
- Logistics & Transportation
Regional analysis of the global eCommerce CRM market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Customer Relationship Management
- Sales Management
- B2B Gateway
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.