Digital Commerce Platform Market Share, Comprehensive Analysis, Business Size, Regional Outlook, and Status by 2031 | Magento, Inc., Elastic Path Software Inc., IBM Corporation

Digital commerce platforms facilitate the selling of products and services online through websites and mobile apps. They provide features ranging from online shopping carts, product reviews, and payment processing to analytics and inventory management.

Market Dynamics:

The digital commerce platform market is expected to exhibit significant growth over the forecast period owing to rising adoption of omnichannel strategy among retailers. According to a study, 80% of retailers now consider omnichannel strategy as important for business. An omnichannel strategy provides seamless customer experience across online and offline channels by enabling functions such as buy online and pick up in-store, end-to-end order visibility, and centralized inventory. Moreover, growing e-commerce sales are also boosting demand for advanced digital commerce platforms that offer personalized experiences. E-commerce sales are projected to grow at a CAGR of over 12% during the forecast period.

The global digital commerce platform market size was valued at US$ 8.9 Bn in 2022, exhibiting a Compound Annual Growth Rate (CAGR) of 10.3% from 2023 to 2030.

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Major Key Players:

Magento, Inc., Elastic Path Software Inc., IBM Corporation, NetSuite Inc., Oracle Corporation, Apttus Corporation, Adobe, Inc., Hybris AG, CloudCraze Software LLC, Demandware, Inc., Salesforce.com, Inc., and Digital River, Inc.

Detailed Segmentation:

Global Digital Commerce Platform Market, By Business Model:
Business to Consumer (B2C)
Business to Business (B2B)
Consumer to Business (C2B)
Consumer to Consumer (C2C)

Global Digital Commerce Platform Market, By Deployment Type:
On-premise
Software as a Service
Fully Managed

Global Digital Commerce Platform Market, By Verticals:
BFSI
Retail
Communication
Airline + Travel
Others

Market Drivers:

Increased Usage of Smart Devices is Driving Growth in Digital Commerce Platform Market

The growing usage of smartphones and other smart devices across the globe is a key driver that is boosting the digital commerce platform market. As per recent statistics, over 50% of global population now uses a smartphone and this figure is expected to rise to over 60% by 2023. With smartphones becoming ubiquitous, more and more people are using them to browse online stores, research products, place orders and make payments. This rising trend of mobile commerce is prompting retailers and brands to enhance their digital presence and offer seamless shopping experience across multiple devices and platforms. Digital commerce platforms provide the ability to retailers and brands to integrate their products onto mobile websites and apps along with traditional desktop interfaces in an efficient way.

Growing Adoption of Omnichannel Retailing Strategies

There is a rising trend among retailers and brands to adopt omnichannel retailing strategies where they offer seamless shopping experience to customers across various sales channels like online stores, mobile apps, social media, physical stores etc. Omnichannel retailing helps companies improve customer engagement, build loyalty and boost sales numbers. Digital commerce platforms play a vital role in enabling omnichannel experience as they allow easy integration of sales channels, sharing of product catalogs, order management across channels and providing single view of customers and their transactions. This is fueling the demand for advanced digital commerce solutions from leading vendors.

Market Restrain:

High Implementation and Maintenance Costs act as a Barrier

The Implementation and Maintenance Costs Associated with Digital Commerce Platforms pose Significant Budgetary Challenge: Developing an advanced, customized digital commerce platform entails substantial upfront investments. These platforms require engagement of experienced developers, web designers, CRM specialists etc to build and integrate the right functionalities as per business needs. There are also ongoing costs associated with platform upgrades, security maintenance, technical support etc. Small and medium retailers often find it difficult to allocate such high capital expenditure and operating expenses towards digital transformation initiatives using these platforms. The total cost of ownership over the lifespan acts as a prominent barrier, especially for cost-sensitive businesses. This restrains quicker adoption of digital commerce platforms in some segments.

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Market Opportunity:

Emergence of Headless Commerce Architecture Presents Significant Growth Prospects

Headless Commerce Architectures Are Gaining Popularity among Retailers, Opening New Avenues: A new type of decoupled and API-first architecture termed as "headless commerce" has emerged as a promising opportunity within the digital commerce platform landscape. It allows retailers to manage commerce data and APIs separately from their presentation layer without tying to a specific frontend framework. This brings agility to deliver continuous customer experiences across multiple touchpoints. Leading digital commerce vendors are incorporating headless commerce features to gain competitive edge. As retailers migrate towards this new methodology for its flexibility, the market potential for headless platforms is expected to surge considerably in coming years.

Market Trend:

Advancement of AI and Personalization Capabilities Is Driving Platform Evolution

AI and Personalization Emerging as Key Trends Shaping Future of Commerce Platforms: With explosion of customer data, AI and machine learning are playing a pivotal role in enabling highly personalized shopping experiences. Leading digital commerce platforms are integrating capabilities like predictive analysis, product recommendation, chatbots powered by AI/ML to offer tailored engagement as per individual preferences and spending history. This helps companies boost cross-sell, up-sell opportunities and average order value significantly. As AI continues to evolve, more sophisticated personalization using techniques like computer vision will become mainstream. Platform vendors are investing heavily in R&D to deliver enhanced AI-driven personalization and take user experience to the next level. This represents a major trend driving the evolution of digital commerce platforms.

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Digital Commerce Platform Market by 2031?
Which major countries will experience the greatest impact from the Digital Commerce Platform Market?
Which regional market in the Digital Commerce Platform Market is the largest?
Which leading companies dominate the majority of the Digital Commerce Platform Market?
Which geographic market within the Digital Commerce Platform Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Digital Commerce Platform Market?
What are the current trends and future predictions for the global Digital Commerce Platform Market industry?
What are the key strategies employed in the Digital Commerce Platform Market?
What are the main growth prospects for the Digital Commerce Platform Market?

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