Ecommerce Platform Market worth $13.5 billion by 2028, growing at a CAGR of 13.8%: Report by MarketsandMarkets™
Chicago, Sept. 29, 2023 (GLOBE NEWSWIRE) — The Ecommerce Platform Market size is projected to grow from USD 7.1 billion in 2023 to USD 13.5 billion by 2028, at a CAGR of 13.8% during the forecast period, according to a new report by MarketsandMarkets™.
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Ecommerce Platform Market Dynamics:
- Increasing online consumer base with growing adoption of smartphones to fuel demand for eCommerce platforms
- Omnichannel retailing to drive demand for eCommerce platforms
- Increasing internet penetration worldwide to fuel adoption of eCommerce platforms
- Rising need to enhance global presence to increase adoption of eCommerce platforms
- Cybersecurity issues and online scams to hinder market growth
- Development of super apps to offer more simple and convenient shopping options
- Rising investments in eCommerce sector
- Buy now pay later (BNPL) to support growth of eCommerce platform market
List of Key Players in Ecommerce Platform Market:
- Shopify (Canada)
- eBay (US)
- Etsy (US)
- Square (US)
- BigCommerce (US)
- Amazon (US)
- Adobe (US)
- Wix (Israel)
- Oracle (US)
- Squarespace (US)
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The primary factor driving the growth of the eCommerce platform market is increasing internet penetration across the globe to accelerate the adoption of eCommerce platforms. The widespread adoption of technology, increased internet usage, and mobile phone penetration have completely reshaped communication and business practices, leading to significant advancements in e-commerce. This digital revolution has made commercial transactions more convenient, efficient, and rapid, paving the way for substantial growth in the e-commerce sector.
Technology has advanced significantly, with innovative, digitalized solutions becoming more common. The development of virtual reality (VR) and augmented reality (AR) has significantly impacted the eCommerce platform market. Technology is critical to e-commerce platforms, driving their functionality and success.
Based on the eCommerce model segment, the B2C segment to hold the largest market size during the forecast period
B2C eCommerce provides a unified experience for customers shopping at online stores. The platform has marketing, merchandising, content, promotions, customer services, and Artificial Intelligence (AI) capabilities. Merchants are launching websites for multiple brands across regions with the help of an eCommerce platform to sell products and improve their online presence. It also provides features to manage these websites in a single plane. B2C eCommerce tools enable sellers to connect with their customers at every point during their shopping journey through a single platform.
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Based on the solution segment, the payment & billing solutions segment is expected to grow with the highest CAGR during the forecast period
Payment & billing solutions support online business models where customers can sign up to order products. The payment & billing solutions enables B2B and B2C enterprises to manage the subscription life cycle, from subscription plans to subscribers’ accounts, along with the recurring billing process. The software automates the operational tasks, such as activating and canceling subscriptions, making changes to them, carrying out billing and invoicing, tracking payments and sending payment reminders, and managing credits, discounts, promotions, and even trial periods.
By industry, the fashion & apparel segment is expected to have the largest market share during the forecast period
The fashion and apparel industry has rapidly adopted eCommerce solutions for the selling of clothing, footwear, accessories, and more. It is predicted to be the largest market during the forecast period. Traditionally relying on brick-and-mortar stores, the industry has shifted towards online commerce in recent years. More fashion and apparel brands are moving their businesses online to reach a larger audience and drive sales. Multiple online storefronts are being created to cater to customers globally. eCommerce cloud solutions deliver personalized content, promotions, styles, and pricing based on customer profiles and purchase history.
Based on region Asia Pacific is expected to hold the largest market size during the forecast period.
Asia Pacific has a significant propensity for adopting new technologies and is anticipated to develop at the fastest rate in the eCommerce platform market over the next few years. With a major portion of the world’s population, this area stands to benefit greatly from significant technological changes. It includes economically strong nations like China, Japan, and South Korea, which has contributed to the rising need for software, cloud computing, analytics, AR, and VR as well as IoT in the business sector. The region’s growing e-commerce usage, middle-class expansion, and smartphone penetration all contribute to the market’s growth.
Key technologies include website and mobile development, content management systems, shopping carts, payment gateways, customer relationship management systems, inventory management systems, analytics tools, personalization and recommendation engines, security measures, chatbots, and integration with social media and marketing tools. These technologies enable businesses to create user-friendly interfaces, streamline operations, offer personalized experiences, ensure security, provide customer support, and enhance marketing strategies.
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