The global digital commerce platform market is anticipated to grow from a value of US$ 9.61 billion in 2023 to US$ 51.16 billion by 2033, booming at an astounding CAGR of 18.2%.
The usage of a digital commerce platform, also known as an e-commerce platform, is used for conducting online and mobile commerce transactions for the sale and purchase of products and services. Merchants can host and create a digital storefront for a particular set of services or goods using a digital commerce platform. It entails placing an order for digital content that is likely to be consumed immediately online.
Enterprises are investing in innovative digital business models as a result of the growing demand for digital commerce, which is likely to improve the consumer experience. Businesses are making use of social media platforms’ advantages to learn more about their consumers and better serve them by identifying their customers’ satisfaction and dissatisfaction levels. The accessibility and visibility of the consumer experience have changed due to digital commerce.
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Businesses are also modernizing their internal procedures. In the near future, the rising use of smartphones, tablets, and broadband connections is anticipated drive market expansion for digital commerce platforms globally. Throughout the years, cloud computing progressed considerably, which currently delivers considerable savings by cutting the opportunity cost of in-operation technology. As a result, several suppliers have begun to provide cloud services to clients.
Large organizations are benefiting from this trend, thus in recent years, sectors including email marketing service providers, CRM, support, and customer engagement have entirely shifted to the cloud. The emergence of hybrid clouds has elevated cloud services to the status of cutting-edge technology. A cloud computing infrastructure known as a hybrid cloud combines private cloud, on-premises cloud, and public cloud services. As a result, during the forecast period, rising demand for cloud services is anticipated to fuel market expansion.
A centralized platform where customers can browse, buy, discuss experiences, and receive rewards is always in demand. The digital commerce platform satisfies all of the consumer’s criteria. Also, the goal of digital technology is to close the gaps in the consumer purchasing experience. These innovations give customers the smooth shopping experience they want.
Customers are finding the purchasing procedure to be more streamlined because of the freedom to select delivery from a variety of physical and online commerce methods. It is drawing new customers to e-commerce sites. The customer experience is influenced directly or indirectly by the touch points, which are the points at which customers interact with the vendor. The purchasing process is just as important from the customer’s perspective as the points of contact following the transaction.
The adoption of e-commerce platforms in North America is growing at a faster rate because of the existence of key players in the sector and a surge in online business owners in the United States and Canada. Due to these factors, North America is anticipated to have the leading global market for digital commerce platforms throughout the forecast period.
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KEY TAKEAWAYS
- The market in the United Kingdom is predicted to rise to exhibit a CAGR of 20.4% through 2033.
- The United States is expected to develop at an 18.3% CAGR during the forecast period.
- In China, the market is expected to proliferate, registering a CAGR of 21.1% over the forecast period.
- Germany is estimated to grow decently registering a CAGR of 18.4% until 2033.
- In India, the market is likely to flourish at a CAGR of 22.9% during the forecast period.
- With a CAGR of 17.1%, the market in Japan is likely to expand significantly until 2033.
COMPETITIVE LANDSCAPE
Key players in the digital commerce platforms market are Shopify Inc., SAP SE, Oracle Corporation, Magento Commerce, Salesforce.com Inc., BigCommerce, WooCommerce, Sitecore, Kentico Software, Unilog Content Solutions Pvt Ltd., and others.
These market players are actively engaged in developing and implementing sophisticated technologies and strategies to enhance their competitive positioning and gain market share. They are also utilizing advanced technologies like blockchain, machine learning, and artificial intelligence to develop creative solutions that simplify the digital commerce experience for both businesses and consumers.
Likewise, they are spending massively on developing omnichannel experiences that are smooth across all platforms, including mobile, in-store, and online. To provide their customers with end-to-end digital commerce solutions, these manufacturers are also enhancing their capacity to deliver a different variety of services.
RECENT DEVELOPMENTS
- In March 2023, to advance its data management offering, SAP unveiled the SAP Datasphere solution. Access to business-ready data throughout the data environment is made simple for customers.
- In January 2023, Shopify introduced Commerce Components by Shopify which is a fresh and integrated stack for business retail, to combine Shopify components with their own systems.
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Key Segments of Digital Commerce Platform Industry Survey
By Component:
- Digital Commerce Platform Solutions
- Digital Commerce Platforms
- e-Commerce APIs
- Digital Commerce Platform Services
- Design & Implementation
- Consulting
- Support & Maintenance
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By End-use Industry:
- Food & Beverages
- Fashion & Apparels
- Health & Beauty
- Electronics
- Automotive
- Home & Furniture
- Media & Entertainment
- Others
By Region:
- North America Digital Commerce Platform Market
- Latin America Digital Commerce Platform Market
- Europe Digital Commerce Platform Market
- East Asia Digital Commerce Platform Market
- South Asia & Pacific Digital Commerce Platform Market
- Middle East & Africa (MEA) Digital Commerce Platform Market
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