Key regions: China, Japan, Germany, United Kingdom, France
Armenia, a country with a rich history and culture, is also experiencing a developing eCommerce software market.
Customer preferences: Armenian customers are increasingly turning to online shopping due to its convenience and accessibility. With a growing number of internet users and smartphone penetration, online shopping has become a popular choice for many Armenians. Customers prefer eCommerce software that provides a user-friendly interface, secure payment options, and fast delivery.
Trends in the market: The eCommerce software market in Armenia is experiencing growth due to the increasing demand for online shopping. Many local businesses are also starting to shift their focus to online sales, resulting in a rise in the number of eCommerce platforms. The market is becoming more competitive, with eCommerce software providers offering a range of features and services to attract customers. One trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) into eCommerce software to provide a more personalized shopping experience for customers.
Local special circumstances: Armenia's eCommerce software market is relatively small compared to other countries in the region. However, the country's strategic location between Europe and Asia presents an opportunity for eCommerce businesses to expand their reach to both markets. The government has also been supportive of the development of the eCommerce industry, with initiatives such as the establishment of the Armenian National E-commerce Association.
Underlying macroeconomic factors: Armenia's economy has been growing steadily in recent years, with a focus on developing the technology sector. The country has a highly educated workforce and a thriving startup scene, which has contributed to the growth of the eCommerce software market. Additionally, Armenia has a strong diaspora community that is interested in supporting local businesses, including those in the eCommerce sector. The government's efforts to improve the country's infrastructure, such as expanding broadband internet access, have also supported the growth of the eCommerce industry.
Data coverage:
The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).Modeling approach / Market size:
The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.Forecasts:
We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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