Northbrook, IL 60062 -- (SBWIRE) -- 08/15/2023 -- The global 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 research report by 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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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.

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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.

Key Dynamic Factors For ECommerce Platform Market:

Numerous dynamic elements that determine the E-commerce platform market's growth, trends, and competitive environment have an impact on it. These variables affect how firms run their online stores, handle transactions, and offer seamless shopping experiences. The following are some important dynamic elements that have a big impact on the market for e-commerce platforms:

Rapid technological breakthroughs, such as those in AI, AR/VR, chatbots, and mobile optimisation, are influencing how e-commerce platforms interact with customers, personalise the shopping experience, and increase sales.

Mobile Commerce (M-Commerce): An increase in mobile shopping has been brought on by the widespread use of smartphones and mobile apps. To take advantage of this expanding market sector, e-commerce platforms must prioritise mobile responsiveness and provide user-friendly app experiences.

Consumers now anticipate frictionless interactions across several channels, including social media, mobile, online, and off. The ability for customers to switch between channels easily must be provided by e-commerce platforms.

Personalization and user Experience: E-commerce systems use user information and AI-driven insights to provide personalised product suggestions, targeted advertising, and shopping experiences that appeal to specific preferences.

User-Generated Content and Social Commerce: Social media, reviews, and user-generated content all have a big impact on consumers' purchasing decisions. To facilitate direct shopping within social platforms, e-commerce platforms are adding social commerce capabilities.

Globalisation and cross-border e-commerce: To enable cross-border transactions, e-commerce platforms are extending their reach to international markets, needing support for numerous languages, currencies, and local payment methods.

The use of cryptocurrency, digital wallets, and other alternative payment methods is changing how people pay for goods online. To provide a range of options, e-commerce platforms must stay current with the most recent payment trends.

Consumers are worried about the protection of their financial and personal data due to the rise in cyber attacks. E-commerce platforms must employ strong security safeguards and adhere to data privacy laws.

Sustainability and ethical shopping: Consumers are becoming more aware of ethical and environmental factors when making purchases. E-commerce platforms are reacting by emphasising eco-friendly goods and open supplier chains.

Supply Chain and Logistics Innovation: On-time delivery depend on effective and trustworthy supply chain management. E-commerce platforms are investigating blockchain, AI, and automation technologies to improve shipping procedures.

Online shopping as a service (EaaS): E-commerce as a Service, which enables companies to easily launch online storefronts without the difficulties of conventional platforms, has emerged as a result of the popularity of cloud-based solutions.

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Competitive and Segmentation Analysis:

The E-commerce platform market is characterised by fierce rivalry and is shaped by a number of dynamic elements, which has an impact on the business strategies employed by organisations operating in this industry. This market includes a wide variety of platforms that enable companies to create and operate online stores, interact with customers, streamline transactions, and enhance sales procedures. Innovative startups and well-established industry leaders coexist in the competitive field, each looking to gain market share by providing distinctive features, flawless user experiences, and scalable solutions.

Global IT behemoths and specialised suppliers who offer comprehensive, feature-rich solutions catering to a wide range of sectors and business sizes are major players in the E-commerce platform industry. These prominent firms offer strong e-commerce capabilities, such as mobile optimisation, payment gateways, inventory management, and marketing tools, by using their vast resources, well-established brand recognition, and widespread usage. They frequently offer devoted customer assistance as well as integration choices with other third-party services, which adds to their competitive advantage.

A robust ecosystem of specialised E-commerce platform providers that concentrate on niche markets, particular industries, or distinctive business models coexists with these industry heavyweights. These suppliers cater to the distinct demands of enterprises that require particular features or industry knowledge by providing bespoke solutions with a heavy emphasis on customization. By offering solutions that are in line with the needs of their target audience, they are able to stand out in a crowded market.

Several factors can be used to categorise market segmentation within the E-commerce platform sector:

Platforms are frequently made to accommodate a range of business sizes, including small and medium-sized firms as well as major organisations. With regard to scalability, feature sets, and pricing structures, each market sector has different needs.

Industries served by e-commerce platforms include retail, fashion, electronics, groceries, and a wide range of others. Platforms can be tailored to meet the particular demands and requirements of a given industry in terms of regulatory compliance.

Platforms may be deployed using an on-premises, cloud, or hybrid hosting model. Businesses' desires for data control, scalability, and cost considerations are taken into account in this segmentation.

Platforms provide a wide range of services, from the construction of simple online stores to more sophisticated ones like AI-driven personalisation, omnichannel integration, and multilingual support.

Geographical Reach: Some platforms target certain geographic areas, providing regionally specific language, money, and payment choices to efficiently serve regional markets.

Business Models: Different business models, such as B2C (business-to-consumer), B2B (business-to-business), and D2C (direct-to-consumer) models, can be supported by e-commerce platforms.

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