As more companies sell online, competition has increased significantly in the e-commerce platforms market in recent years.
Since COVID-19, the number of products in our E-commerce Platforms category has grown from 88 at the beginning of 2020 to 382 as of July 2024. Also, 107 products are included in the category Grid® and reports, meaning they have at least ten reviews in the category.
When looking at product rankings, I noticed significant changes compared to the previous season and the previous year, but the top products remain the same.
Top e-commerce platforms in summer 2024
The top five products overall and by company size are the same solutions; only their rank varies. The only exceptions are Wix, which is only included in the top five for small businesses; Netsuite, in the top five for mid-market companies; and SAP Commerce Cloud, in the top five for enterprises.
I also added a column for the top products based on the G2 momentum score. As the name implies, this score shows the products that experienced the most growth in terms of the number of employees, number of reviews, and so on.
The products with top momentum scores are very similar to those in the top five for small businesses but in a different order. This shows that the small business market segment is more dynamic than the other segments.
How the top e-commerce platforms vary by region
The top e-commerce products also vary by region. G2 publishes reports for three main regions: the Americas, Asia–Pacific (APAC), and Europe, Middle East, and Africa (EMEA).
Shopify and WooCommerce are the only vendors in the top five in all regions. Wix is the only one in the Americas, and Shopware is in EMEA. It's also worth noting that Salesforce has higher APAC rankings than other regions.
To better understand the market dynamics, I also looked at changes in rankings compared to the previous report season (Spring 2024) and last year (Summer 2023).
Here's what I found out.
How has the market evolved in the past year?
There were some significant increases in rank changes compared to the previous season, Spring 2024. About 15 products increased or decreased their ranks by more than 10 spots. Interestingly, this didn't impact the top 10 products; the closest is Digital River, with the 13th rank in Summer 2024 (up from 26 in spring).
The Summer 2024 Report includes 22 more products than one year ago, and only two are no longer available. Out of the 86 products in both reports, only 25 had minor rank changes (up or down five spots and less). Over half (46 products) had rank changes of 20 spots and more.
The biggest changes propelled products like Digital River and Sage eCommerce upward by more than 50 spots, but this still hasn't helped them reach the top 10. RepSpark lost the most spots with 58, followed by Shopaccino with 56, Zoho Commerce with 55, and BigCommerce and Shopware with 53 each.
Like the summer/spring comparison, these changes had little impact on the top products in the E-commerce Platforms category. Only BigCommerce was in the top 10 in Summer 2023 and dropped from number 7 to 60.
This indicates that a limited number of products (about 10%) dominate the market. In comparison, another 80% compete for the other quadrants, and another 10% of products are almost always at the bottom of the list.
While buyers may avoid the lowest-rated and focus on the highest-rated, the 80% in the middle should be addressed.
More reports to help you choose e-commerce platforms
As you can see above, product rankings are rarely the same in all reports, and the ones I analyzed are only a part of all the reports G2 publishes every season.
Other than the reports mentioned above, G2 regularly publishes the following types of reports:
- Results Index Reports are based on responses to results-related review questions such as adoption and return on investment (ROI).
- Implementation Index Reports focus on implementation-related review questions.
- Usability Index Reports provide ranking based on the ease of use of the software.
- Country-specific Reports, such as the India Regional Grid® Report for E-Commerce Platforms.
- Multiple combinations of the above, such as the Small-Business Canada Regional Grid® Report for E-Commerce Platforms.
While this is a lot of information to process, buyers should try to use as much of it as possible when purchasing e-commerce platforms.
Unlike cheaper and less complex tools like shopping cart solutions, e-commerce platforms require a significant investment. Therefore, the selection process for this type of software should be as thorough as possible.
Learn more about the different kinds of e-commerce software and how to choose the best one for your business.
Edited by Jigmee Bhutia
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