Ecommerce Platform Market worth $13.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 4, 2023 /PRNewswire/ -- With an emphasis on sustainability, adoption of AR/VR, AI-powered personalisation, and mobile commerce, the market for e-commerce platforms appears to have a bright future. Other significant developments affecting the market include omnichannel integration, voice commerce, data security, and cross-border e-commerce.

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 MarketsandMarkets. 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.

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Scope of the Report

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.

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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.

Top Key Companies in Ecommerce Platform Market:

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.

Recent Developments

• In April 2023, Square announced a major product release in April 2023, which included over 100 new features across its entire product ecosystem. The new features are designed to help businesses automate their operations, increase revenue, and provide a better customer experience. Square is committed to providing businesses with the tools they need to succeed, and this release is a significant step in that direction.
• In July 2022, Shopify partnered with YouTube, enabling Shopify vendors to sell their full range of products on YouTube Shopping with videos, live streaming, and store tab.
• In May 2022, Shopify acquired Deliverr, a fulfillment technology provider, to eliminate the complexity of the supply chain for merchants of all sizes and deliver millions of orders per month across the US.
• In May 2023, Cardinal Health introduced new payment solutions in collaboration with Square to support independent pharmacies. These modern payment solutions aim to enhance operational efficiency, keep up with customer payment preferences, and provide integrated software tools for business management. Through this partnership with Square, Cardinal Health can offer independent pharmacy customers access to cutting-edge products that facilitate seamless business operations management.

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Ecommerce Platform Market Advantages:

• By removing geographical obstacles and extending their consumer base beyond local marketplaces, e-commerce platforms allow companies to access a worldwide audience. This creates fresh chances for development and income generation.
• E-commerce systems enable firms to operate online and remain available round-the-clock, giving customers the freedom to shop whenever it's convenient for them. The sales potential and client happiness are both increased by this constant availability.
• E-commerce platforms typically have reduced operational costs compared to conventional brick-and-mortar stores. Physical storefronts are unnecessary, which lowers costs for rent, utilities, and in-store staff. Higher profit margins for businesses may result from this cost-effectiveness.
• A physical store can be established more slowly and inefficiently than an online business on an e-commerce platform. Businesses can launch new products or services faster, responding to market trends and customer demands promptly.
• E-commerce platforms offer useful information on consumer behaviour and preferences, enabling companies to run focused marketing efforts. Customer engagement and conversion rates can be greatly increased by using personalised suggestions, email marketing, and remarketing techniques.
• E-commerce platforms are adaptable and scalable, allowing companies to swiftly expand their operations and respond to changes in demand. With minimal disturbance, businesses may easily add new goods, functions, or payment methods.
• E-commerce platforms give businesses access to useful data and analytics that help them better understand the behaviour, interests, and buying habits of their customers. This information can be utilised to improve product offers, marketing initiatives, and customer satisfaction.
• Credit cards, virtual wallets, and other online payment mechanisms are all supported by e-commerce platforms. Businesses can also interface with numerous shipping companies to give clients a variety of delivery alternatives for added convenience.
• Live chat, chatbots, and FAQ sections are frequently seen on e-commerce sites. Customers' buying experiences are improved because to these solutions, which allow businesses to offer quick support.

Report Objectives

• To determine, segment, and forecast the global Ecommerce Platform Market by offering, location type, application, vertical, and region in terms of value.
• To forecast the size of the market segments to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Ecommerce Platform Market
• To study the complete value chain and related industry segments and perform a value chain analysis of the Ecommerce Platform Market landscape.
• To strategically analyze the macro and micro markets to individual growth trends, prospects, and contributions to the total Ecommerce Platform Market
• To analyze the industry trends, pricing data, patents, and innovations related to the Ecommerce Platform Market.
• To analyze the opportunities for stakeholders by identifying the high-growth segments of the Ecommerce Platform Market
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies.
• To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and Research & Development (R&D) activities.

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