20 Best E-Commerce Platforms for Small Businesses in 2023
In this article, we will take a look at the 20 best e-commerce platforms for small businesses in 2023. If you want to skip our detailed analysis of the e-commerce platform industry, you can go directly to 5 Best E-Commerce Platforms for Small Businesses in 2023.
According to a report by Market Research Future, the global e-commerce platform market was valued at $5.8 billion in 2022. The global e-commerce platform market is expected to grow to $18.12 billion by 2032 at a compound annual growth rate (CAGR) of 13.5%. Small businesses heavily rely on low-cost e-commerce platforms to run their online businesses. Such explains why large corporations build e-commerce platforms suitable for small to medium-sized business owners. You can also check out countries with the largest e-commerce industry.
Why is Shopify Popular Among Businesses?
Shopify Inc. (NYSE:SHOP) is a leader in the e-commerce industry. The company is a pioneer and among the go-to options for small business owners. The multinational e-commerce company is based in Canada and operates globally.
On October 11, Shopify Inc. (NYSE:SHOP) published a monthly recap. Over the past month, the company redesigned its checkout experience to make it more efficient. The new one-page checkout is available to all Shopify merchants who have upgraded to checkout extensibility. Additionally, the company made admin actions available generally, meaning merchants can interact across all platforms without switching contexts. Merchants can easily develop and execute transactional workflows to enhance business processes using admin action extensions. Additional features include the localization feature on the Shopify admin display page. Shopify merchants are now able to view deals in their native language.
Earlier this year Shopify Inc. (NYSE:SHOP) launched its partner program, a network of digital marketing agencies and system integrators helping merchants of all sizes to grow and enhance their e-commerce business. Shopify Inc.'s (NYSE:SHOP) commitment to helping merchants across the globe is incomparable and explains why Shopify Inc. (NYSE:SHOP) is popular among investors. On October 12, Seaport Global analyst Jeff Cantwell initiated coverage of Shopify Inc. (NYSE:SHOP) with a Buy rating and a $64 price target. Over the past 12 months, 12 Wall Street analysts have given their Buy recommendations on the stock. Shopify Inc. (NYSE:SHOP) has an average price target of $67.65 and a high forecast of $80.
Notable Names in the E-commerce Market
While Shopify Inc. (NYSE:SHOP) may be a popular choice among business owners, the success of Shopify Inc. (NYSE:SHOP) does not come without competition from brands like Salesforce, Inc.'s (NYSE:CRM) B2C commerce platform and Squarespace, Inc. (NYSE:SQSP).
Salesforce, Inc. (NYSE:CRM) is a well-known cloud-based software company based in the United States. Salesforce, Inc. (NYSE:CRM) offers an e-commerce platform to business owners under the name of Salesforce B2C Commerce. B2C commerce allows retailers to enhance their online shopping capabilities across all platforms. The company provides services in developing storefronts, merchandising and marketing, multi-site management, and commerce extensions.
With its vast offerings, it is no surprise that the company is an attractive option among businesses of all sizes. On August 30, Salesforce, Inc. (NYSE:CRM) reported earnings for the fiscal second quarter of 2024. The company reported earnings per share of $2.12 and outperformed EPS estimates by $0.22. The company reported a revenue of $8.6 billion during the quarter, ahead of market consensus by $75.18 million. The company reported a year-on-year revenue growth of 11.44%
Squarespace, Inc. (NYSE:SQSP) is an American e-commerce platform and website development and hosting company. On October 4, Squarespace, Inc. (NYSE:SQSP) published "Squarespace Refresh 2023," an annual report of the new releases by the company. By 2024, Squarespace, Inc. (NYSE:SQSP) will launch its beta version of Squarespace payments to consumers in the United States. Customers will no longer have to connect to a third party to accept payments. Squarespace, Inc. (NYSE:SQSP) is committed to improving Squarespace AI. Squarespace's AI primarily aims to enhance generated content, allowing businesses to create professional websites.
E-commerce is a rapidly growing industry and provides ample opportunity for small business owners willing to reach out to global consumers. You can also check out some of the high demand products to sell online. With that, let's take a look at the 20 best e-commerce platforms for small businesses in 2023.
20 Best E-Commerce Platforms for Small Businesses in 2023
Our Methodology
For the title, 20 best e-commerce platforms for small businesses in 2023, we applied a consensus approach to source the top 30 e-commerce platforms for small businesses. Our sources included reports from Forbes, Shopify, Fiverr, g2, fitsmallbusinesses.com, and E-commerce Platforms.
We then ranked the items based on their estimated annual sales revenue from Growjo. The estimated annual sales revenue was our primary metric, supported by our secondary metric, the number of mentions of the platform across our sources. The list is in ascending order of the estimated annual sales revenue.
20 Best E-Commerce Platforms for Small Businesses in 2023
20. Sellfy
Estimated Sales Revenue Per Year: $2.3 Million
Item Count Across 6 Sources: 3
Sellfy is among the best e-commerce platforms for small business owners in 2o23. Sellfy offers a complete solution to small business owners enabling them to sell digital products, physical products, or both. You can open your online store for as low as $19 a month and as high as $99 a month under its two-year plan.
Shopify Inc. (NYSE:SHOP), Salesforce, Inc.'s (NYSE:CRM) B2C commerce platform, and Squarespace, Inc. (NYSE:SQSP) are some of the most popular e-commerce platforms among small business owners in 2023.
19. OpenCart
Estimated Sales Revenue Per Year: $3.9 Million
Item Count Across 6 Sources: 3
OpenCart is an online store management system and is among the best e-commerce platforms for small businesses in 2023. OpenCart is free to download and allows businesses to customize their websites based on their needs. OpenCart is particularly famous among small business owners.
18. Big Cartel
Estimated Sales Revenue Per Year: $3.9 Million
Item Count Across 6 Sources: 3
According to our methodology, Big Cartel is one of the best e-commerce platforms for small businesses in 2023. For up to 5 products, business owners can use the platform for free. For up to 50 business owners must pay $9.99 a month and $19.99 a month for up to 500 products.
17. NopCommerce
Estimated Sales Revenue Per Year: $5 Million
Item Count Across 6 Sources: 3
NopCommerce is an open-source e-commerce platform that offers highly customizable solutions. NopCommerce offers multi-store and multi-vendor support that sets it apart from other e-commerce platforms.
16. Wix
Estimated Sales Revenue Per Year: $7.5 Million
Item Count Across 6 Sources: 6
According to our methodology, Wix.com Ltd. (NASDAQ:WIX) is one of the best e-commerce platforms for small businesses in 2023. Wix.com Ltd. (NASDAQ:WIX) is an attractive choice for small businesses as it offers a complete solution with a range of supporting e-commerce tools. Wix.com Ltd. (NASDAQ:WIX) offers an easy-to-navigate platform with highly customized solutions.
15. Shift4Shop
Estimated Sales Revenue Per Year: $11.2 Million
Item Count Across 6 Sources: 3
Shift4Shop is an e-commerce solution and is among the best e-commerce platforms for small businesses in 2023. The platform is known for its easy-to-navigate software and currently enjoys over 200,000 customers.
14. X-Cart
Estimated Sales Revenue Per Year: $12.3 Million
Item Count Across 6 Sources: 3
According to our methodology, X-Cart is among the best e-commerce platforms for small businesses in 2023. The company is popular among businesses of all sizes and enables them to develop stores, manage sales orders, and carry out payment transactions.
13. WooCommerce
Estimated Sales Revenue Per Year: $23.1 Million
Item Count Across 6 Sources: 6
According to our methodology, WooCommerce is one of the best e-commerce platforms for small businesses in 2023. WooCommerce is an open-source e-commerce platform. Using the software, business owners can convert their websites to online stores. The platform is a plugin for WordPress and is free to use.
12. Volusion
Estimated Sales Revenue Per Year: $25.3 Million
Item Count Across 6 Sources: 3
Volusion is an all-in-one e-commerce platform specifically for small business owners wanting to set up their online store. Volusion has over 180,000 online businesses on its platform as of October 2023. The platform is among the best e-commerce platforms for small businesses in 2023.
11. Ecwid Inc.
Estimated Sales Revenue Per Year: $30.1 Million
Item Count Across 6 Sources: 4
Ecwid Inc. is an e-commerce platform. This platform enables businesses to add an online store to their website. According to our methodology, Ecwid Inc. is among the best e-commerce platforms for small businesses in 2023 because of its ease of use and convenience.
10. Shopware
Estimated Sales Revenue Per Year: $70.9 Million
Item Count Across 6 Sources: 3
Shopware is among the best e-commerce platforms for small businesses in 2023. Shopware is an open-source e-commerce platform. The company allows business owners to create online shops that integrate important marketing tools for businesses.
9. PrestaShop
Estimated Sales Revenue Per Year: $84.1 Million
Item Count Across 6 Sources: 3
According to our methodology, PrestaShop is among the best e-commerce platforms for small businesses in 2023. PrestaShop is an open-source e-commerce platform that is free to download and use.
8. Magento
Estimated Sales Revenue Per Year: $112.5 Million
Item Count Across 6 Sources: 3
Magento is an open-source e-commerce platform, now acquired by Adobe Inc. (NASDAQ:ADBE). Magento offers online merchants the ability to have a flexible shopping cart system. Adobe Inc. (NASDAQ:ADBE) acquired the platform in 2018 for $1.69 billion. Additionally, users also enjoy features in content management. Magento by Adobe Inc. (NASDAQ:ADBE) allows merchants to customize and personalize their online store.
7. VTEX
Estimated Sales Revenue Per Year: $117.8 Million
Item Count Across 6 Sources: 3
According to our methodology, VTEX (NYSE:VTEX) is one of the best e-commerce platforms for small businesses in 2023. VTEX (NYSE:VTEX) is a complete e-commerce solution that enables businesses to integrate their online marketplaces, physical stores, and mobile applications on a single platform. While the breadth of services is suited to large companies, small businesses can use VTEX (NYSE:VTEX) to grow their business significantly.
6. BigCommerce
Estimated Sales Revenue Per Year: $266.3 Million
Item Count Across 6 Sources: 6
BigCommerce Holdings, Inc. (NASDAQ:BIGC) is an e-commerce platform providing services in online store creation, search engine optimization, hosting, and marketing to small and medium-sized enterprises. BigCommerce Holdings, Inc. (NASDAQ:BIGC) offers three different plans, standard, plus, and pro, priced at $39, $105, and $399 a month respectively. The enterprise plan by BigCommerce Holdings, Inc. (NASDAQ:BIGC) offers a custom pricing plan to businesses.
Shopify Inc. (NYSE:SHOP), Salesforce, Inc.'s (NYSE:CRM) B2C commerce platform, and Squarespace, Inc. (NYSE:SQSP) offer complete e-commerce solutions to small businesses.
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Disclosure: None. 20 Best E-Commerce Platforms for Small Businesses in 2023 is originally published on Insider Monkey.
