Digital Commerce Platform Market 2022
The global digital commerce platform market is expected to reach a valuation of US$ 30.6 Bn by 2032 from US$ 11.5 Bn in 2022, rising at a CAGR of 10.3% throughout the forecast period.
As the demand for digital commerce platform grows, businesses are investing in innovative digital business models to improve the consumer experience.
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Companies are taking advantage of the advantages of social media platforms in order to collect more data about consumers and better serve them by knowing customer satisfaction and dissatisfaction. In terms of availability and visibility, digital commerce has revolutionized the client experience.
In the near future, the worldwide digital commerce platform market is likely to benefit from an increase in the number of devices, tablets, and broadband connections.
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.
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.
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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. SAP SE, IBM Corporation, Oracle Corporation, Demandware Inc., NetSuite Inc., Sappi Limited, Intershop, Volusion Inc., eBay enterprise, TCS Ltd, Cleverbridge Inc., MarketLive Inc., and Shopify 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.
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