Digital Commerce Platform Market worth USD 13.1 Bn by 2029 : Cognitive Market Research

As per Cognitive Market Research analysis, the digital commerce platform market size is projected to grow from USD 5.51 Bn in the year 2021 to USD 12.80 Bn by 2029 at a CAGR of 13.1% from 2021-2029.

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Digital commerce is the act of making purchases online without the involvement of a human. When deployed with the appropriate tools, digital commerce can offer priceless customer data. By utilizing client data, it can deliver a more individualized experience across all channels. Customer data enables businesses to increase sales by attracting new clients, cultivating a sense of loyalty among current clients, and more. Over the last few years, there is a rapid increase in smart device adoption and internet penetration. With the introduction of mobile ordering applications, the landscape of the numerous sectors has been completely altered. This drives market growth. Despite the numerous benefits that digital commerce provides, data security is one of the primary issues that prevent organizations from using digital commerce solutions. Still, growing adoption of clod based digital commerce provide numerous opportunities for the growth of the market.

Regional Analysis of the Digital Commerce Platform Market:
• North America dominates the Digital Commerce Platform market due to the region's high smartphone and internet penetration. Asia Pacific is expected to grow at a high CAGR in the projected period. This is owing to the Asia-Pacific region's e-commerce sector has expanded dramatically, with certain markets producing the largest e-commerce revenues globally since becoming a powerful, global force.

Top players involved in the Digital Commerce Platform Market:
- Some of these players include
• Shopify Inc.
• SAP SE
• Oracle Corporation
• Magento Commerce
• BigCommerce
• Salesforce.com Inc.
• Best Buy
• eBay Inc.
• JD.com Inc.
• Otto GmbH & Co
• Rakuten Inc.
• Others

Current Trends of Manufacturers:
• In September 2022, Dukaan, an e-commerce enabler, has formed a strategic alliance with ShareChat (Mohalla Tech) to usher in a new age of live trade in India. Through this alliance, Dukaan will give its platform's merchants the ability to work with producers on ShareChat and Moj to market their goods through live video and other forms of content. Sellers will now be able to collaborate with millions of artists who are the best fit for their brand and use their reach to generate significant ROI thanks to this relationship.

• In May 2022, WWE and Fanatics have teamed in a comprehensive agreement that covers e-commerce, trading cards, and NFTs. In order to sell goods, accessories, and apparel from the sports entertainment brand, Fanatics will introduce the WWE Shop e-commerce platform this summer. NFTs/digital collectibles and trading cards will only be available via Fanatics. Fanatics owner Michael Rubin just paid $500 million to purchase Topps, a manufacturer of trading cards. a purchase that was important to this agreement.

• In April 2022, WPP has introduced "Everymile," a new fully managed service that will provide businesses a DTC (direct-to-consumer) ecommerce outsourcing option. The addition of demand generation, online trading and merchandising, supply chain and logistics to WPP's current worldwide omnichannel commerce strengths in strategy, customer experience, and technology development, constitutes Everymile. It will make it possible for businesses and brands to easily and affordably deliver brand-led DTC commerce from the customer's screen to their doorstep. With the introduction of Everymile, WPP has become the first business in its industry to provide an end-to-end ecommerce solution.

• In March 2022, Trust Payments, a fintech start-up, acquired Stor, a provider of creative solutions, as it prepares to introduce an e-commerce platform that would give merchants a productive way to sell to customers. The introduction of Trust Payments' new platform sharpens their emphasis on the SME market and provides assistance for a seamless implementation of the product. Through the use of simple drag-and-drop capabilities to design a website that is appropriate for their goods, the purchase of Stor enables online and offline shops to sell directly to consumers.

• In September 2021, Infosys has introduced Equinox, a new digital commerce platform that enables businesses to offer hyper-targeted, individualized omnichannel shopping experiences to B2B and B2C customers. The "human-centric" commerce and marketing platform is built on an API-first, microservices-based, headless, and cloud-native architecture to deliver individualized experiences across channels and during a customer's purchasing journey. The introduction of Infosys Equinox broadens the company's service portfolio by adding four new services: Infosys Equinox Commerce, Infosys Equinox Microservices, Infosys Equinox Experiences, and Infosys Equinox Marketing. These services can assist businesses in enhancing the customer experience while being adaptable, scalable, and inventive in response to client preferences and requirements.

Segment Analysis:
• Based on the component, the solution segment is dominating the digital commerce platform market owing to the rising number of strategies adopted by end users. Based on the deployment, the cloud-based segment dominates the market by taking high revenue market share. This is attributed owing to the growing number of enterprises adopting cloud-based services.

• Based on the model, the B2B segment dominates the market. All throughout the world, businesses are increasingly choosing to sell and acquire products and services via B2B e-commerce platforms. Based on the end users, the Fashion & Apparels segment dominates the market by taking high revenue market share. This is attributed owing to the rising disposable income, growing usage of smartphones, and rising number of working professionals.

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Nicolas Shaw
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Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.

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