Best eCommerce Platforms Of 2024

By Riddhiman Roy, Technical Content Writer at SelectHub

Are you tired of managing your retail website with scattered systems? Well, fear not, eCommerce platforms are here to save the day! They offer everything from site designing and inventory management to payment processing, order tracking and fulfillment. And the best part? You can centralize your entire business data to analyze it and find growth opportunities.

In this guide, we’ll explore how eCommerce platforms can benefit your business and help you quickly launch an online storefront. We’ll also introduce you to the best solutions in the market to kickstart your search. Finally, we’ll cover the latest trends and offer tips and tools to help you compare top eCommerce systems and make an informed decision. Let’s get cracking!

Executive Summary

• Ecommerce software allows businesses to sell products virtually and unify the in-store and online sales experience.
• It provides businesses with a global customer base, 24/7 business hours and efficient workflows.
• It has basic features like website design, inventory management and payment processing. Some tools also provide advanced features like embedded AI, built-in CRM, CPQ and more.
• Due to the global lockdown and the pandemic, the eCommerce industry is growing fast, and now is a great time to put up an online storefront.
• Ecommerce software pricing can vary greatly — software comparison requires proper scrutiny of business goals to choose a platform with all the necessary features.
• Preparing a list of questions to ask yourself and vendors before the selection process can help narrow down options.

What Are Ecommerce Platforms?

Ecommerce platforms are a set of comprehensive tools that let you effectively design, manage and maintain an online storefront. Think of them as a digital shopping mall where anyone can set up stores and sell their products. They provide all the necessary tools to manage inventory, create catalogs, accept payments and handle shipping. You can do all of this without leaving the confines of your home while the platform keeps you updated in real time.

These solutions are useful for businesses of all sizes and can cater to every industry looking to digitize operations and sell online. There are a few types of eCommerce platforms based on software architecture and integrations. The major ones are:

Open-source

These are free eCommerce platforms that have their source code publicly available. You can modify every aspect of the code to suit your business requirements. It’s a flexible option that allows developers to design custom features and integrate third-party apps to enhance the platform’s capabilities.

But you should note that you’re responsible for hosting, maintaining and securing the system. The cost of these solutions can be deceiving as the total cost of ownership significantly goes up due to security and maintenance charges.

Headless

These specialized solutions separate the backend features from the frontend, allowing you to run multiple online storefronts using a centralized backend platform. Typically, the backend consists of features that help run the store, like shopping carts, order management, customer experience management, product information management and fulfillment. It decouples these features from the frontend, which are your website design and interface.

It allows you to design multiple storefronts and use API to connect them with the centralized backend module. This architecture is extremely useful for enterprises and large businesses that handle multiple brands and need separate websites. You can also create unique frontends for different types of web-browsing devices like desktops, mobile apps, mobile web pages and IoT experiences.

Traditional

Traditional systems have the quickest time-to-market. They are ideal for small and medium-sized businesses looking to quickly design an eCommerce site and start selling their products.

It doesn’t offer unlimited customizations like headless and open-source platforms as the vendor takes charge of hosting the software, compiling features and updating systems. Its unique selling point lies in simplicity and comprehensiveness, which lets you quickly launch an eCommerce website in exchange for a monthly subscription fee.

Deployment Methods

With the ongoing boom in the eCommerce software market, there is an ever-increasing demand for diverse deployment. Comparing each of these options and choosing the best fit for your business can be a daunting task. Here’s a quick look at the benefits and drawbacks of each option:

On-premise

With this method, your business purchases the software or its license and installs it on proprietary computers; on-premises deployment doesn’t need internet access to work. Large businesses with personal servers, infrastructure and IT specialists usually opt for this option.

It gives businesses absolute control over the software and any proprietary data it collects and manages. This is the ideal option for ensuring compliance with applicable government rules and regulations for data protection and security.

Although this option offers a comparatively lower cost over time due to no subscription fees, it has a lot of costs that aren’t related to purchasing the software itself. Expenditures for hardware, maintenance, hiring and training IT professionals, upgrading, and scaling the software later all contribute to the hidden costs of on-premise deployment, making it quite an expensive investment with a higher cost of entry. This is another reason why larger enterprises are usually the ones to opt for on-premises software since they already have IT resources in place to justify these costs.

Cloud-based

In this model, the software package and its associated data are stored in third-party cloud servers and are accessible through the internet. Most cloud-based solutions are available as Software as a Service (SaaS), which bundles all the infrastructure, hosting and functionality into one package.

However, nowadays, you can pick and choose which elements to host in the cloud. Essentially, enterprises can outsource whatever limitations they might have with this flexible deployment method. Some of the variants:

• IaaS: Infrastructure as a Service (IaaS) outsources the infrastructure required to run the software, such as networking, storage and servers from third-party providers. Meanwhile, you maintain control over the application, data, runtime and operating system. This option is for businesses looking for maximum control of the software environment; an example of IaaS would be Amazon Web Services (AWS) providing the database to Netflix for housing all of its content.
  This model is for big enterprises seeking complete control over business processes and data handling. It’s also beneficial for growing companies due to its flexible scalability — you can scale servers up and down on demand according to business growth.
• PaaS: Although not that prevalent in the eCommerce industry, Platform as a Service (PaaS) outsources the infrastructure as well as the software environment, including databases, runtime, middleware and more, while maintaining control over the application and its data only. Examples include Magento, Windows Azure and AWS Beanstalk.
  If your business is using a self-hosted CMS or a custom-developed website and wants access to the website’s backend for additional integrations, PaaS will be ideal for you.
• SaaS: As mentioned previously, SaaS outsources everything, including the entire software package, data and servers. This is the most popular cloud deployment option in the online retail industry. Third-party vendors are responsible for running the software, managing and maintaining infrastructure, storing and securing data, optimizing runtime and scaling the software when requested. Some examples are Oracle Commerce, Etsy, Sell on Amazon and more.
  This model is perfect for businesses not quite ready to invest huge sums of money on digital infrastructure but looking to have a website up and running as soon as possible.

Pros and Cons of Cloud Deployment

Nowadays, cloud deployment for eCommerce software is generating lots of hype. It provides consistent website speed, performance, uptime and availability. It eliminates the responsibility of handling maintenance and gives easy visibility into business processes, providing you with the time and actionable insights necessary to react to trends, solve problems and grow operations.

But it’s not all rainbows; cloud deployment has its cons as well. As an external business will be managing your infrastructure, it requires a lot more scrutiny and efficient security management to counter unauthorized access and territorial breaches. In addition, cloud deployment limits structural control over day-to-day activities and can be a nightmare for businesses not wanting to deal with external stakeholders in their operational workflow.

Now, which deployment method will work best for your organization depends on your unique business needs and available infrastructure, personnel and budget.

Growing businesses with limited resources might prefer an all-inclusive SaaS cloud-based deployment where the vendor handles everything for them. Larger enterprises with in-house servers and IT resources might benefit from an on-premise deployment with absolute control over privacy and application functionality.

However, these rules aren’t set in stone — it’s important to thoroughly consider your unique business requirements before choosing which deployment option is right for you.

Primary Benefits

Sell 24x7

One of the prime advantages of having an online store is the capability to sell to customers 24 hours a day, 7 days a week. Business hours are no longer restricted by physical locations and staffing concerns. Customers can digitally place orders at their leisure, from any timezone.

Expand Customer Base

Sell your products and services to customers all over the world, unhindered by time, geography and boundaries. Harness the power of the internet in this digital age to reach even the most remote location and trade with people from different parts of the world.

Minimize Costs

If you tally up all the expenses and costs of running a business, managing an online store is comparatively cheaper than running a brick-and-mortar store. Ecommerce eliminates rent, worker wages and utility bills, among many other things. Factoring in the additional functionalities offered by eCommerce software, paying a monthly subscription fee is more economical and manageable.

Centralize Management

Monitor and run the entire business from a single screen. Manage inventory, optimize marketing, receive payments, track and fulfill orders, provide shipping options, deal with chargebacks, store customer data and interact with customers, all within the same software.

Sell Unlimited Products

In contrast to a traditional retail location, which has limited storage space to accommodate a finite number of products, an online store has no limitation on the number of products that you can carry, display, and sell. Sell an unlimited number of products and services; organize them into catalogs and directories for quick search and navigation, which result in shorter selling cycles and provide maximum revenue with minimal investment.

Increase Efficiency

Ecommerce software can drastically increase productivity and efficiency via automation and accessibility. Users of all technical knowledge levels can design stores and customize their functionalities. The platform automates a large part of marketing campaigns, streamlines site administration and simplifies region-specific tax calculation. It subsequently simplifies work processes and frees up associates to focus on problem-solving.

Implementation Goals

Before selecting software, outline the goals, benefits and expected return on investment (ROI) for your eCommerce website by creating a business case. It should include both long-term and short-term goals and specify targets.

For example, you should decide beforehand whether the company is shifting to eCommerce to reduce cost-per-transactions or to generate incremental revenue across a broader geography. Having this business case ready will help you prioritize the right software based on your unique KPIs.

As examples, we have listed a few implementation goals to follow during the selection process, but these are very broad rules - proper evaluation of company expectations and resources on a case-by-case basis is imperative when selecting software.

Basic Features & Functionality

The above list will provide you with a framework for choosing the unique features you’ll need in your solution. There are a lot of features packed in eCommerce software these days, but identifying your fundamental requirements sets a solid foundation for the selection process. Here’s a list of some basic features to start:

Advanced Features & Functionality

Although not present in every solution, these features go above and beyond to streamline business processes; consider them if your company has nuanced requirements.

Current & Upcoming Trends

Ever since the COVID-19 pandemic, businesses have been scampering to set up online storefronts. Many consumers have picked online shopping as their preferred mode of shopping as eCommerce ushers in an era of ease and convenience. According to a survey, the pandemic accelerated 70% of the creation of new digital models and revenue streams. On top of that, annual eCommerce revenue in the U.S. is expected to grow at an 11.51% CAGR to reach $1,563 billion by 2027.

Another report shows that in 2022, over 2.3 billion customers made at least one online purchase — putting this into perspective, one out of every three people you meet is an online buyer!

With changes occurring at such a high pace, it’s important to track trends and keep a finger on the pulse of the industry.

In this section, we’ll discuss four upcoming trends crucial for online entrepreneurs in 2023. If you want a more in-depth take, consider checking out our article on eCommerce trends.

Omnichannel Strategies

With the end of the pandemic, we witnessed 50% fewer physical store closings and 1% more openings compared to 2021. It makes 2022 the only year to record net-positive store openings since 2016! You can no longer afford to only stick to online channels to sell your products.

As shoppers return to physical stores, you should focus on offering a consistent brand experience across both online and offline channels. In 2023, reports suggest that 54% of consumers will likely search online and buy in-store, while 53% will do the opposite.

As an entrepreneur, you must aim to create a fluid omnichannel experience as customers like to engage with businesses on different channels pre- and post-purchase.

Mobile Shopping

Shopping via mobile devices allows customers to purchase from anywhere in the world. If your eCommerce platform doesn’t support mobile responsive design, you’ll be missing out on big opportunities. In 2022, mobile devices accounted for 74% of retail website traffic and generated 63% of the total online shopping orders. Not only that, reports suggest that mCommerce or mobile commerce can account for 69.9% of total retail eCommerce sales by 2024.

In this day and age, it’s crucial to optimize your websites and offer smooth navigation, responsive designs and easy payment options for customers visiting your site via mobile devices. You can also consider using progressive web apps (PWA) to offer a smooth and consistent brand experience.

Social Commerce

Social commerce is when you use social media platforms to sell your products. Till now, we’ve used these platforms as a marketing tool — integrating brand and user-generated content to offer personalized marketing campaigns for customers based on their history and interest on social media. But now, it’s time to facilitate direct online purchases from social media using marketplace features like buy buttons, checkout options and shopping links.

We saw $992 billion in global eCommerce sales via social media platforms in 2022, which can nearly triple by 2026! On top of that, studies reveal that the social commerce market can grow three times faster than the traditional eCommerce market.

You must consider social media platforms as online channels to sell your products, or your business might get left behind. Ecommerce platforms can streamline social commerce by integrating with every social media platform and allowing you to share your campaigns, catalogs and products on each channel with a few clicks.

Personalization and Ban of Third-party Cookies

A recent Salesforce report revealed that 73% of consumers prefer it when businesses understand their needs and expectations, and 62% expect them to anticipate their needs based on search and navigation history. Also, 88% of customers mentioned that the experience a company provides is as important as its product or services.

But there are online privacy concerns worldwide, and 35% of U.S. customers across generations are highly concerned about data privacy. This has led to Google Chrome, Apple Safari and Mozilla Firefox banning third-party cookies, which were the primary way for businesses to collect customer data and determine what they want to personalize their journeys.

As an online entrepreneur, it’s high time to rethink how your business engages with customers and offer relevant experiences with tightening regulations and the death of third-party cookies.

The same Salesforce report found that a trust-based economy is the way forward. 88% of consumers believe trust becomes more important in times of change, like a global pandemic or climate change. 77% of customers want businesses to make honest claims about their products, 75% want actions with customers’ best interests in mind, and 68% expect them to tell the truth.

Software Comparison Strategy

The eCommerce industry is growing by leaps and bounds. With retail sales expected to reach $8.1 trillion by 2026, there couldn’t have been a better time to be in this industry. But due to the growing popularity, there are several options when it comes to eCommerce platforms.

Comparing software to find the right eCommerce tool for your business can be tricky, but it doesn’t have to be. One good place to start is checking your competitors’ preferences; what tools are they using? However, we recommend starting with a requirements checklist. Gather your business executives and department heads to discuss and prioritize the top functions you’d need from an eCommerce platform. It helps sift through the options and identify the ideal ones that fit your business needs.

A few additional factors to consider while evaluating software are:

• Deployment mode: Choose a suitable deployment option based on your business’s IT infrastructure and expertise.
• Integrations: The platform must connect with your existing software stack. Otherwise, you’ll have to manually enter data in disparate systems.
• Support programs: Choose a vendor that offers adequate support throughout their association with your business.
• Acceptable payment modes: Make sure the software can manage every payment mode your business accepts, especially if you offer unique fulfillment solutions like BOPIS and curbside pickups.
• Marketing channel integrations: Not every software connects with every marketing channel and marketplace. You must ensure the system of your choice connects with every channel, social media and marketplace your business chooses to market and sell on.
• The number of products: Some platforms put a cap on the maximum number of products you can sell. Make sure you can onboard and manage your entire product catalog comfortably.

Beyond the requirements checklist, you can consider reading product reviews online, contacting past customers and requesting product demos or free trials before the final purchase. Remember, eCommerce software selection is an extensive process, but ultimately, implementing the right tool is worth taking the extra time.

Cost & Pricing Considerations

The cost of eCommerce software can vary greatly depending on the features provided. This is where assembling your requirements list comes in handy; while searching for the right eCommerce tool, you can compare offerings against your needs and make sure you only pay for exactly what modules and functionalities are necessary.

It’s also useful to fix a budget before starting the selection process, as the sheer number of features and add-ons available in the market can sway your decision otherwise. Depending on your budget, you need to choose a package that delivers all the features you need in your eCommerce software; any add-ons or extensions will cost you extra.

Another thing to look out for is the support provided by the vendor for both onboarding and maintenance. If you do not have in-house IT specialists to help with onboarding, site design and server maintenance, you may want to invest in a vendor that provides extensive customer support and well-structured training programs.

Questions To Ask Yourself

Use these questions as a starting point for internal conversations:

• Do you have a physical store, or are you planning on running a digital store only?
• What’s your deployment strategy?
• Do you have an in-house IT team to provide technical support?
• What shipping options will you implement?
• What other software integrations do you need?

Questions To Ask Vendors

Use these questions as a starting point for conversations with vendors:

About the Software

• Is the software code written on an open application programming interface?
• Are the websites optimized for mobile devices? Does the software have a mobile app?
• What are the levels of compliance maintained by the software?
• Does it provide adequate marketing tools that align with business growth plans?
• What are the costs of integrating add-ons and extensions?

About the Vendor

• What technical support options are available?
• Is there a comprehensive training program?
• How frequently are there software updates?
• What’s the response time for the vendor support team?
• Is there third-party auditing for customer data stored by the vendor?

Next Steps

All in all, now is a lucrative time to shift your business online or set up a virtual storefront for your brick-and-mortar store. To assist in that venture, it’s important to choose the most suitable eCommerce software for your business. Hopefully, this guide can help you streamline your approach, recognize your unique needs and identify the features necessary to fulfill them.

You can also jumpstart your software selection journey with our free comparison report that lets you compare the industry’s top software based on features, pricing and other criteria. Happy selecting!

Product Comparisons

• Shopify vs. BigCommerce
• BigCommerce vs. Adobe Commerce
• Adobe Commerce vs. Optimizely
• Oracle Commerce Cloud vs. Adobe Commerce
• Optimizely vs. Oracle Commerce Cloud

Additional Resources

• Ecommerce Fulfillment
• Ecommerce System Requirements
• Ecommerce Features
• Types of Ecommerce