The Global Digital Commerce Platform Market, By Business Model (Business to Consumer(B2C), Business to Business (B2B), Consumer to Business (C2B) and Consumer to Consumer (C2C)) By Deployment Model (On-premises, Software as a Service and Fully Managed), By Verticals (BFSI, Retail Communication, Airline + Travel and Others) , and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 23,175.2 million by 2027, exhibiting a CAGR of 15.1 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
A digital commerce platform is a solution used to sell, distribute, and manage cloud-based software and services. For instance, the software-as-a-service (SaaS) platform is a type of digital commerce platform. There are different features of digital commerce platform including analytics, customer service, content development and product description, research and development, social media, marketing, and promotions. Different products can be sold through digital commerce platforms such as B2B software, products developed for Salesforce and sold in its AppExchange and consumer apps such as games for iOS and Android devices. The global digital commerce platform market is expected to witness a paradigm shift during the forecast period, owing to emergence of cloud as a service due to which many businesses have moved to cloud offering cloud-based services to customers.
The global digital commerce platform market is estimated to account for US$ 7,542.8 Mn in 2019 is expected to exhibit a CAGR of 15.1% during the forecast period
Increasing demand for digital commerce platform from Asia Pacific is expected to boost growth of the global digital commerce platform market during the forecast period
Asia Pacific hosts the largest population across the globe and is witnessing rapid adoption of smartphones, internet, and other portable devices. Asia Pacific is also home to highly evolved consumers with sophisticated demands where digital commerce offering the convenience of purchase. These consumers are ready to embrace technological interventions in lives such as easy payment gateways. Moreover, the Asia Pacific market is characterized by the use of digital technologies with consumers seeking a solution in which the purchase decisions are made at the ‘Micro-Moments’ along their purchase journey. The present consumers have more choices, more insights, and more power, which in turn, is expected to support the global digital commerce platform market growth over the forecast period.
Growing adoption of Internet of Things (IoT) and smart home devices can provide major growth opportunities over the forecast period
Smart home appliances such as Amazon Alexa, Google Home, and more are efficient to make purchases on behalf of customers. These devices can sought out the some of the best products available in the market and choose the most appropriate one for the owner. Moreover, increasing demand for Internet of Things (IoT) devices is expected to provide lucrative growth opportunities over the forecast period.
Increasing security concerns regarding the use of spyware and malware are expected to hinder the global digital commerce platform market growth over the forecast period
When it comes to online transactions, there are not many regulatory policies in place, which will incorporate technical and legal standards for security and data protection. Moreover, data theft, increasing intrusions of spyware and malware, and phishing attacks are expected to hamper the online commerce activities in the near future. Moreover, lack of quality infrastructure and establishment of trust, especially in emerging economies such as China and India combined with inadequate logistics are expected to hamper the global digital commerce platform market growth over the forecast period.
Use of order management system
The use of order management systems by retailers is expected to gain significant traction in the near future. Retailers are offering relevant, personalized, and consistent customer experience, which results in effective customer engagement. For instance, Magento Commerce order management collects information from each touch point and optimizes & orchestrates it based on rules and processes. Furthermore, TCS’ B2B digital commerce solution leveraging Oracle commerce facilitates an engaging online buying experience. It enables data exchange relating to order fulfillment along with product & customer data management. It also simplifies order management complexities through integration with the digital commerce platform.
Integration of social media platform
Digital commerce platform market players have started associating with the audience through social media. Brands can reach first-time customers and showcase their best offerings using social media. Today many social networks have opened up their platform for selling. Social media platforms are also used for demonstrating value to the customer and validate marketing efforts. For instance, digital commerce platforms such as Bigcommerce has built-in Facebook selling option.
Providing Omni-channel experience
Many European retailers have started providing Omni-channel experience for consumers, as online sales are growing rapidly. Physical stores are being transformed into showrooms and if the company believes in linking their physical stores to online stores, they can use the digital commerce platform to provide such an Omni-channel experience. For instance, SAP hybris’ digital commerce solution deliver a personalized and contextual experience. It takes advantage of data-driven customization, real-time inventory management and order management, and fulfillment. With SAP hybris commerce and billing solution, companies can transact with customers throughout their purchase journeys.
Creating digital single market
A digital single market (DSM) is a type of market that has free movement of services, capital, and persons. Moreover, businesses and individuals can seamlessly use and access online activities with fair competition and a high level of personal and consumer data protection within the European region. For instance, DSM offers multiple opportunities to citizens where they can contribute to Europe’s economy utilizing their digital skills.
Key players operating in the global digital commerce platform market are Magento, Inc., Elastic Path Software Inc., IBM Corporation, NetSuite Inc., Oracle Corporation, Salesforce, Apttus Corporation, Adobe, Inc., Hybris AG, CloudCraze Software LLC, Salesforce.com, Inc., Demandware, Inc., and Digital River, Inc.