ECommerce Platform Market

[255 Pages Report] MarketsandMarkets forecasts that 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. The rising need to enhance global presence will increase the adoption of eCommerce platforms. E-commerce platforms allow companies to connect with a broad and diverse global audience, unrestricted by the constraints of physical store locations. This freedom allows businesses to explore untapped markets and broaden their customer base, transcending geographical limitations. SMEs have started to leverage the potential of eCommerce and understand that its adoption could accelerate the growth of their business in both domestic and international markets.

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ECommerce Platform Market Dynamics

Driver:  Increasing internet penetration across the globe to fuel the adoption of eCommerce platform efforts through the eCommerce Platform will drive the market growth.

Over the past two decades, the internet's profound impact has revolutionized various aspects of life, transforming how people live, shop, socialize, and find entertainment. Technology adoption on a large scale, rising internet usage, and widespread use of mobile phones have radically changed how people communicate and conduct business, resulting in huge breakthroughs in eCommerce. This digital revolution has streamlined, accelerated, and simplified business transactions, opening the door for significant e-commerce sector expansion. The adoption of eCommerce platforms is positively impacted by increased internet usage.

Restraint: Cyber security issues and online scams can hinder the growth

Technology has enabled customers to purchase every product and service from their homes nowadays. The digital revolution across the country has enabled many industry segments to manage their business online, including online shopping, financial services, travel, and hospitality. The increasing digitalization initiatives across developing countries have led public and private enterprises to deploy cloud and mobility–based applications. These initiatives have exposed their critical business process data to the risk of cyber-attacks.

Opportunity: Rising investment in the eCommerce sector

The recent rise in digital literacy has led to an influx of investment in eCommerce firms, leveling the market for new players to set up their base while churning out innovative patterns to disrupt old functioning. Rising investments in the e-commerce sector offer e-commerce platforms a range of opportunities. With increased capital, platforms can invest in research and development to adopt innovative technologies, expand their reach into new markets, diversify their services, enhance marketing efforts, improve infrastructure and scalability, collaborate with other businesses, and create job opportunities.

Challenge:  Customer acquisition and retention can be expensive in this competitive era

In a competitive eCommerce platform market, gaining new customers can be expensive. To attract potential buyers, businesses invest in various marketing strategies, such as digital advertising, social media campaigns, and search engine optimization. To stand out from competitors, platforms must provide distinctive value propositions and appealing incentives that persuade users to choose their services. Offering a seamless and user-friendly experience is crucial to attract and retain customers. This involves having an intuitive website or app design, ensuring easy navigation, quick loading times, and a straightforward checkout process.

ECommerce Platform Market Ecosystem

Prominent companies in this market include a well-established, financially stable provider of the eCommerce Platform market. These companies have innovated their offerings and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Shopify (Canada), Wix (Israel), eBay (US), Etsy (US), Square (US), Oracle (US), Amazon (US), Adobe (US).

By offering, the Solution segment holds the largest market size during the forecast period

Based on solutions, the eCommerce platform market is segmented into billing subscriptions, eCommerce management platforms, and end-to-end platforms. To build an eCommerce site, the users need a platform to build the store. Creating a custom website can be done, but it can be an expensive and time-consuming process with developers required. ECommerce platforms mitigate this by offering users the essential features to get an eCommerce site up and running as quickly as possible.

By health & wellness segment is expected to grow with the highest CAGR during the forecast period.

The changing lifestyle and longer working hours have increased the demand for wellness solutions in recent years. Lack of time to visit offline stores, especially in metro cities, has supported the growth of eCommerce platforms in the healthcare sector. The ease and convenience offered by online platforms have made consumers habitual for ordering products online. For instance, companies in the health and wellness sectors use platforms such as Shift4Shop to create significant sales. By using Shift4Shop, AED Superstore provides top-tier service, selection, and pricing on emergency medical equipment and first aid supplies. Their eCommerce website provides comprehensive information on cardiac arrest and other medical emergencies, CPR training and supplies, and more.

Based on the solution segment, the end-to-end platform segment is expected to hold the largest market size during the forecast period.

An end-to-end eCommerce platform is an integrated solution that addresses all eCommerce business concerns and helps sellers achieve their goals. The solution enables sellers to create, promote, populate, and maintain online stores. These solutions cover the whole task, from creating an online storefront to delivering post-sales customer support services. End-to-end eCommerce platforms are developed to integrate with established systems to build a custom solution for the unique requirement of their brands. The end-to-end eCommerce platform solutions are technologies that support various brands across disciplines, from marketing to transactions to delivery.

Based on region Asia Pacific is expected to grow with the highest CAGR during the forecast period.

Due to increasing internet penetration, hospitality, consumer electronics, fashion & apparel, and other industries are rapidly adopting eCommerce Platform solutions in Asia. Several factors contribute to this rapid growth, including the increasing number of internet users, the rising affluence of consumers, the popularity of mobile commerce, and the availability of reliable logistics services. To meet the increasing demand, businesses in the Asia Pacific region are investing in developing and deploying robust e-commerce platforms. These platforms can handle high volumes of traffic, offer various payment options, and provide a seamless user experience.

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). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, product enhancements, and acquisitions to expand their footprint in the eCommerce platform market.

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Scope of the Report

This research report categorizes the eCommerce Platform market to forecast revenues and analyze trends in each of the following submarkets:

Based on Offering:

• Solution
• Payment & Billing solutions
• E-Commerce Management Platform 
• End-to-End platform
• Services

Based on e-Commerce Model:

• Business to Business (B2B)
• Business to Customer (B2C)

Based on Industry:

• Beauty & Personal Care
• Consumer Electronics
• Fashion & Apparel
• Food & Beverage
• Home Decor
• Health & Wellness
• Household Consumables
• Other Industries

By Region:

• North America
  • United States (US)
  • Canada
• Europe
  • United Kingdom (UK)
  • Germany
  • Italy
  • Spain
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • Australia & New Zealand
  • Singapore
  • India
  • Rest of Asia Pacific
• Middle East & Africa
  • KSA
  • UAE
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

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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