ECommerce Platform Market

ECommerce Market Boom: Size and Share Analysis

 The eCommerce platform market is expected to reach a value of USD 13.5 billion by 2028 from USD 7.1 billion in 2023, At a compound annual growth rate (CAGR) of 13.8%

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The ECommerce platform market is experiencing tremendous growth, fueled by a confluence of factors that are changing how we shop online. Here's a breakdown of the key drivers:

  • Shifting Consumer Behavior
  • Mobile Explosion
  • Expanding Internet Reach
  • Growing Social Media Influence
  • Evolving Technologies
  • Subscription Boom

Shifting Consumer Behavior: The convenience and variety offered by online shopping are winning over consumers. Busy lifestyles and a growing comfort with online transactions are propelling the ECommerce market forward

Mobile Explosion: The ever-increasing smartphone penetration and mobile internet usage are driving the growth of mobile commerce. ECommerce platforms that offer user-friendly mobile experiences are well-positioned to capture a larger market share

Expanding Internet Reach: As internet access reaches more people globally, particularly in developing regions, the potential ECommerce customer base continues to expand significantly

Growing Social Media Influence: Social media is a powerful tool for product discovery and brand awareness. ECommerce platforms that effectively integrate with social media channels can leverage this influence to drive sales

Evolving Technologies: Advancements in technologies like Artificial Intelligence (AI), Big Data, and cloud computing are enabling ECommerce platforms to personalize the shopping experience, optimize logistics, and offer more secure payment options

Subscription Boom: The rise of subscription services for curated product deliveries caters to consumers seeking convenience and personalized product discovery, further boosting ECommerce growth

These factors, coupled with the increasing adoption of ECommerce by businesses of all sizes, are creating a thriving online retail landscape.

Market Share and Key Offerings for ECommerce Platforms

  • Shopify
  • Wix
  • Oracle
  • Adobe Commerce
  • Square

Shopify (Canada)

Market Share: Shopify holds approximately 26.2% of the global eCommerce platform market share, making it the most popular eCommerce platform. Among the top 1 million eCommerce sites, its share increases to 28.8%

Key Offerings: Shopify is known for its user-friendly interface, variety of plugins, themes, and third-party tools. It supports businesses of all sizes, offering plans from $29 to $299 per month, along with transaction fees. Its main focus is on building online stores, providing robust features for selling products online, including a secondary market of plugins and tools for extended capabilities

Wix (Israel)

Market Share: Wix commands an 18.28% share of the eCommerce platform market

Key Offerings: Wix is a versatile website-building platform with a strong eCommerce component. It offers a drag-and-drop builder, hosting, and various eCommerce features, making it ideal for beginners. Subscription plans range from $17 to $35 per month, with additional transaction fees

Oracle (US)

Market Share: Oracle’s Magento (now Adobe Commerce) has a smaller market share of 0.47%, but it is highly popular among large enterprises and high-traffic websites

Key Offerings: Magento/Adobe Commerce offers extensive flexibility and scalability, suitable for large businesses. It provides advanced customizability and robust eCommerce features but requires more technical expertise compared to other platforms. Pricing is tailored for enterprises and often requires contacting the sales team for a quote

Adobe Commerce (US)

Market Share: Adobe Commerce, formerly known as Magento, shares the same market positioning as Oracle’s eCommerce solution

Key Offerings: As part of Adobe’s suite, Adobe Commerce integrates well with other Adobe products, providing powerful tools for content creation and management, alongside strong eCommerce capabilities. It targets enterprise-level clients with customized solutions

Square (US)

Market Share: Specific market share data for Square's eCommerce platform was not highlighted in the available sources.

Key Offerings: Square offers comprehensive eCommerce solutions integrated with its payment processing services. It is known for ease of use, particularly for small to medium-sized businesses. Features include online store setup, inventory management, and seamless integration with Square's point-of-sale systems

Related Reports:

ECommerce Platform Market by eCommerce Model (B2B and B2C), Offering (Solutions and Services), Industry (Beauty & Personal Care, Consumer Electronics, Home Decor, Fashion and Apparel, F&B), and Region - Global Forecast to 2028

ECommerce Platform Market Size,  Share & Growth Report
Report Code
TC 8745
RI Published ON
6/24/2023
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