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. An increasing online consumer base with the growing adoption of smartphones will fuel the demand for eCommerce platforms. The growing global trend of consumers turning to online shopping has generated a significant need for eCommerce platforms. With the increasing popularity of digital shopping, businesses seek strong and reliable platforms to create and efficiently manage their online stores.
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The usage of eCommerce systems will rise in response to the growing demand to improve worldwide visibility. Without being constrained by the limitations of traditional store locations, e-commerce platforms enable businesses to engage with a large and diverse global audience. Through the expansion of their customer base and exploration of unexplored markets, firms are free to operate anywhere in the world. SMEs have begun to make use of eCommerce's potential and recognize that its adoption could hasten the expansion of their business in both home and foreign markets.
By offering, the service segment is expected to grow with the highest CAGR during the forecast period
Services play an important role in implementing, deploying, and integrating eCommerce solutions. Services are crucial for the effective functioning of any software. The services segment comprises integration and deployment, support and maintenance, and training and consulting services related to the eCommerce platform. As the eCommerce platform market grows, the service demand is also expected to increase. Hence, the service providers deliver dedicated services by understanding customers’ demands and needs. Furthermore, services are sometimes provided by channel partners who strengthen the geographical reach of online sellers.
By eCommerce Model, the B2B segment is expected to grow with the highest CAGR during the forecast period
B2B eCommerce defines the exchange of goods and services between companies via an online platform. Operators undertake business between companies and are not related directly to end users or consumers. The credit for the booming Indian B2B eCommerce marketplace goes to new enterprises that paved a new path for growth. Having access to finance and capital investment, the B2B firms got fueled with a new and broad spectrum of opportunities. The unprecedented growth of the B2B marketplace can be given a hand-down to several start-ups that fueled B2B commerce by providing an online marketplace on their websites.
Asia Pacific is expected to have the highest growth rate during the forecast period
Asia Pacific exhibits a notable propensity for technology adoption and is poised to achieve the highest growth rate in the eCommerce platform market in the coming years. Boasting a substantial share of the global population, this region is poised to be significantly influenced by major technological shifts. It encompasses robust economies such as China, Japan, India, and South Korea, contributing to the surging demand for IoT, analytics, cloud computing, AR, VR, and software, particularly in the commercial sector. The market’s growth is driven by the increasing adoption of eCommerce in the region, the growing middle class, and the rising penetration of smartphones.
Market Players
The major players in the eCommerce platform market are Shopify (Canada), eBay (US), Etsy (US), Square (US), BigCommerce (US), Amazon (US), Adobe (US), Wix (Israel), Oracle (US), Squarespace (US), WooCommerce (US), SAP (Germany), Salesforce (US), StoreHippo (India), Trade Me (New Zealand), Ecwid (US), OpenCart (China), Volusion (US), PrestaShop (France), Shift4Shop (US), FastSpring (US), Shopware (Germany), VTEX (UK), Nuvemshop (Brazil), Tray.io (US). To increase their market share in the eCommerce platform industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Shopify is one of the leading providers of a cloud-based, multichannel commerce platform designed for enterprises to products online and offline. In April 2023, Shopify is enhancing its range of fintech solutions by introducing Shopify Bill Pay. This tool enables merchants to handle and pay directly to vendors within the Shopify admin dashboard without subscription fees. By partnering with Melio, Shopify Bill Pay allows merchants to save approximately 16 hours per month on business bill payments. Additionally, this solution is twice as fast as other B2B expense solutions available. With Shopify Bill Pay, the company continues to expand its suite of integrated financial solutions, providing merchants with a comprehensive set of required financial tools for efficiently managing and growing their businesses and optimizing their financial resources.
Wix Headless is a platform that allows developers to create websites and applications that are decoupled from the presentation layer. This means that the content and data of the website are stored separately from how it is presented to users. This gives developers more flexibility and control over the look and feel of their websites, while still leveraging Wix's powerful backend services. Wix Portfolio enables users to enhance their online presence and create a free portfolio website, with more than 900 customized templates.
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When you talk about Artificial Intelligence there are many changes that has been grown and implemented over different platforms and specially over eCommerce platform. The technology has been attracting everyone to get more innovative into the online market. Artificial Intelligence in eCommerce is revolutionizing by shaping the world of online shopping experience by creating new standards.
The Ecommerce Platform Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the ecommerce platform market include Shopify, 3dcart, WooCommerce, Magento, IBM Corporation, SAP SE, Intershop Communications AG, Salesforce.com, Inc., Volusion, LLC, Web.com Group, Inc., Yahoo Small Business.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Ecommerce Platform Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/ecommerce-platform-market/download-sampleMarket DynamicsThe rising trend of online stores and e-shopping is the major factor driving the growth of the global e-commerce platform market.
Moreover, the e-commerce industry has shown remarkable growth in previous years.
