Digital Commerce Platform Market: Current Analysis and Forecast (2021-2027)

Digital Commerce Platform Market: Current Analysis and Forecast (2021-2027)

Digital commerce platforms are the core technology that enables customers to purchase goods and services through an interactive and self-service experience. The platform provides necessary information for customers to make their buy decisions and uses rules and data to present fully priced orders for payment The global digital commerce platform has witnessed extraordinary gains, attributed to growing internet literacy around the globe, and growing internet usage. As the world becomes increasingly digitized, demand for virtual platforms for easy business conduct is driving companies to encourage online commerce platforms. As the COVID-19 pandemic intensifies, businesses are effectively leveraging on-premise and cloud-based digital commerce solutions to sustain their businesses. Furthermore, growth is likely to perpetuate even in the post-pandemic scenario.

• Based on business model, the market is segmented into, business to consumer, consumer to business, business to business, and consumer to consumer and others. The business-to-consumer segment was a highly preferred business model in digital commerce and accounted for the total market revenue. The main reason for this growth is the low supply cost and easier implementation than traditional sources of business. Furthermore, it becomes easier for companies to penetrate the consumer market as they can collect a plethora of consumer data that they can use for customer retention and new product development.
• Based on deployment, the market is segmented into on-premises and cloud. The cloud segment is expected to grow significantly during the forecast period. The growth of the cloud segment can be attributed to factors such as less capital investment, easier deployment options, and greater data security. Furthermore, the application and data deployed on the cloud platforms are accessible from anywhere which is expected to drive its demand during the forecast period.
• Based on the browsing method the market is segmented into desktop/laptop and mobile/tablet. The mobile/tablet market is expected to grow exponentially during the forecast period, owing to technological advancements, the number of people who can afford electronics such as smartphones has increased considerably over the past few years. For instance according to oberlo.in, there are around 6.8 billion smartphone users around the world in the year 2023. Moreover, access to the internet has surged in the past few years, which is why a larger number of people are able to shop online.
• Based on the payment model, the market is segmented into card payments, bank transfers, digital wallets, cash payments, and cryptocurrencies. Card payments are expected to grow significantly during the forecast period, mainly because of the security, Card payments often come with enhanced security features, such as chip technology, to reduce fraud. Furthermore, card payments offer other benefits such as convenience, wider acceptance, rewards, and perks are expected to drive the market during the forecast period.
• Based on end-user, the market is segmented into food & beverages, fashion & apparel, health & beauty, electronics, automotive, home & furniture media & entertainment others. The fashion & apparel segment is expected to hold a significant share in the digital commerce platform market owing to the increasing adoption of online shopping for clothing and bags & accessories. Furthermore, deepening internet penetration is a primary growth factor in enhancing sales figures. Clothing retailers have adopted online platforms to widen their consumer base due to low digital entry barriers.
• For a better understanding of the market adoption of digital commerce platforms industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. North America is expected to remain a profitable and the largest digital commerce market, attributed to deepening internet penetration and access to smart devices. For instance, around 70% of households have multiple streaming subscription services in the U.S. Also, demand for software maintenance, design, and implementation services is increasing, generating green spaces for key vendors in the U.S. The market expansion in the U.S. is being driven by a large existing base of digital media users, growing usage of smartphones and high-speed data networks, and internet services.
• Some of the major companies in the market are Shopify Inc, SAP SE, Oracle, Adobe , Salesforce Inc., WooCommerce, Sitecore, Kentico Software, Unilog, Inc., and IBM Corporation.