(MENAFN- Ameliorate Digital Consultancy)
The digital commerce platform market is anticipated to grow at a CAGR of 10.3% from 2022 to 2032, reaching a worth of US$ 30.6 billion from US$ 11.5 billion.
Businesses are investing in creative digital business models to enhance the consumer experience as demand for digital commerce platforms rises.
Businesses are utilising the benefits of social media platforms to get more data about customers and provide better customer service by understanding client pleasure and dissatisfaction. The client experience has been completely transformed by digital commerce in terms of accessibility and visibility.
An growth in the number of smartphones, tablets, and internet connections is projected to have a positive impact on the global market for digital commerce platforms in the near future.
The rise in the use of consumer devices and internet connectivity, which is the key factor aiding the expansion of digital media and the ecommerce sector, is now driving the worldwide digital commerce platform industry.
Digital Commerce Platform Market
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Due to the evolving cloud computing services that make it easier and faster for consumers to obtain digital material, the global digital commerce platform market is also experiencing significant growth. However, due to the early stage of the business, factors such as a lack of marketing skills displayed by companies and growing safety and security concerns over the use of spyware and malware are limiting the digital commerce platform market share.
Owing to the digital managing operations takes up around 60% of a marketer's time on average, merchants must learn those abilities in order to remain competitive. Furthermore, the global digital commerce platform market size's growth is likely to be hampered by the lack of a market governance framework throughout the forecast period.
As per the global digital commerce platform market study by Persistence Market Research, a single platform where consumers can explore, buy, share experiences, and be rewarded is always in demand. The digital commerce platform satisfies all of the consumer's needs.
Furthermore, digital technologies are aimed at filling in the gaps in the purchasing journey of consumers. Consumers get the smooth shopping experience they want with these technologies.
Consumers are finding the purchasing process easy because they have the option of choosing delivery from a variety of offline and online commerce routes and making the final purchase. It is bringing in new customers to internet shopping sites and positively impacting the digital commerce platform market outlook.
The development of a healthy e-commerce business complements digital commerce , allowing for income-generating and profit sharing on a bilateral basis. The development of strong e-commerce channels has given the general public more confidence in conducting all of their commerce operations through virtual channels and improving the digital commerce platform market adoption trends .
As merchants provide quality assurance to end-users, the trend of virtual shopping has gained traction. Furthermore, many people's busy lifestyles leave little time for physical shopping. In this situation, online shopping has shown to be a reliable and efficient method of purchasing and subscribing to services. This has had a positive impact on the sales of digital commerce platforms.
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Key Takeaways
The business-to-consumer model of the digital commerce platform market is expected to advance at a CAGR of 9.8% through the forecast period. In 2022, East Asia is estimated to account for 23.9 percent of the global digital commerce platform market . East Asia's market is growing due to a growing preference for innovative technologies such as AI and augmented reality. Asia is the world's fastest-growing region, accounting for the lion's share of the worldwide business-to-consumer industry. In addition, businesses are investing in digital channels. This is aided by the growing number of smartphone users and high-speed internet access. The US digital commerce platform market size is projected to reach a valuation of $US 7.1 Bn by 2032.
Competitive Landscape
The market for digital commerce software is very fragmented and competitive.
IBM Corporation Oracle Corporation Hybris AG Demandware, Inc Magento, Inc Digital River, Inc. CloudCraze Software LLC Apttus Corporation NetSuite Inc. Elastic Path Software Inc.
among others, are some of the major companies. Product releases, significant R&D spending, partnerships and acquisitions, and other growth tactics are used by these companies to keep up with the fierce competition.
Recent Developments
Shopify Inc. established a partnership with Alipay in November 2020 to help retailers accept cross-border payments. This new platform is likely to allow Shopify retailers to accept Alipay payments from China's over 1 billion active users to cater to the rising demand for digital commerce platforms.
To boost efficiency and performance, BT Group will install SAP SE's SuccessFactors Learning solution with access to LinkedIn Learning in December 2020.
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Key Segments:
By Business Model
Business to Customer (B2C) Business to Business (B2B) Customer to Business (C2B) Customer to Customer (C2C)
By Deployment Model
On-premise Software as a service (SaaS) Fully Managed Open-Source Technology Comparison Matrix
By Vertical
BFSI Retail Communication Airline + Travel
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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