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Digital Commerce Market
Growing penetration of the Internet and smart phones, increasing usage of social media and social commerce
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 17, 2024 /EINPresswire / -- The Digital Commerce
market report provides an in-depth analysis of the top
investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends. Growing penetration of the Internet and smartphones, increasing usage of social media and social commerce, advancement of multiple payment modes drive the growth of the global digital commerce market. On the other hand, online frauds and several cyber security issues restrain the growth to some extent. However, digital commerce automation and the expansion of cross-border e-commerce are expected to create lucrative opportunities in the industry.
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The digital commerce market size was valued at $ 4.21 Trillion in 2020, and is projected to reach $ 17.53 Trillion by 2030, growing at a CAGR of 15.1% from 2021 to 2030.
Advancements in industrial-grade digital technology, increase in inclination toward mobile &tablets digital commerce software, and rise in need for improved e commerce visibility majorly contribute toward the growth of the market. The growth in use of smart phone with high speed internet has also increased the adoption of e commerce market globally.
The global digital commerce market is analyzed across components, browsing methods, payment modes, business types, industry vertical, and region.
By browsing medium, the mobile/table segment held the highest market share in 2020, holding more nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 16.5% from 2021 to 2030.
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By business type, the business to business segment dominated the global digital commerce market in 2020, and is expected to continue this trend during the forecast period, owing to increase in adoption of digital commerce software which is anticipated to integrate with existing software and inventories management solution and provide insightful information. However, the business to consumer segment is expected to grow at the highest CAGR during the forecast period, owing to surge in adoption of digital commerce and e commerce solution in consumers, as it provides cost-effective and efficient mode of shopping for retail customers.
Governments and businesses have implemented work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), automation, and virtualization to control costs while improving customer experience. Moreover, a surge in demand for online shopping has been witnessed, which has led to the need for food & beverage, manufacturing, and logistics companies to invest more in automation of supply chains.
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By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifts of the global digital commerce market. The market across Asia-Pacific, however, is expected to showcase the fastest CAGR of 17.7% throughout the forecast period. The other provinces discussed in the report Europe and LAMEA.
The key players profiled in this report include
JD, Inc., Otto GmbH & Co, Amazon, Inc., Best Buy, The Home Depot, Rakuten, Inc., Walmart, Inc., Shopify, Inc., eBay, Inc., Alibaba Group Holding Limited
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For instance, as per the different studies in 2020, around 28% increase in online purchases across the globe was observed, which is mainly driven by the pandemic. In addition, around 60% increase in the trend of buying online and pick up service from the store was witnessed. As the COVID-19 pandemic drove consumers to spend more money online, the surge in e-commerce has reduced shipping difficulties for retailers and consumers. Many companies have invested in digital commerce solutions during the pandemic. For instance, in July 2021, Amazon partnered with Big Commerce to ease fulfillment for merchants. This move integrated open SaaS e-commerce platform Big Commerce with Amazon's Multi-Channel Fulfillment to streamline sellers' online order fulfillment. Such investments drive the growth of the digital commerce market .
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.