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E-commerce Platform Market Size

Report ID: GMI8849
Published Date: Apr 2024
Report Format: PDF

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E-commerce Platform Market Size

E-commerce Platform Market size was valued at USD 8.7 billion in 2023 and is estimated to register a CAGR of over 13.5% between 2024 and 2032. The increasing internet penetration worldwide is a key factor driving the market size. As more people gain access to the internet, they become potential online shoppers, fueling the demand for e-commerce platforms. According to the World Bank Organization, in 2022, 88% of the population in Europe & Central Asia used the internet while in 2021 North America accounted for 92%. This trend enables businesses to reach a larger audience and foster growth in online retail sales.

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Advancements in technology, providing real-time data insights, are propelling the e-commerce platform market. This facilitates dynamic decision-making, enhances user experiences, and enables personalized services. Real-time data empowers businesses to optimize operations, improve customer engagement, and stay competitive in the rapidly evolving e-commerce landscape. For instance, in January 2024, FedEx unveiled a new data-driven e-commerce platform to revolutionize the customer journey. Designed to simplify growth, conversions, fulfillment optimization, and return management, it promises end-to-end solutions for businesses of all sizes. As the sole logistics company to offer such comprehensive services, FedEx aims to redefine e-commerce efficiency when the platform debuts in the autumn of 2024.

E-commerce Platform Market Report Attributes
Report Attribute	Details
Base Year:	2023
E-commerce Platform Market Size in 2023:	USD 8.7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	13.5%
2024 – 2032 Value Projection:	USD 27.1 Billion
Historical Data for:	2021 – 2023
No. of Pages:	270
Tables, Charts & Figures:	280
Segments covered:	Model, offering, industry, deployment model, end-user
Growth Drivers:	Increasing internet penetration globally Changing consumer preferences toward convenience, variety, and personalized shopping experiences Rise in technological advancements including AI, VR/AR, and ML Rising globalization and cross-border trade
Pitfalls & Challenges:	Maintaining a robust and scalable technology infrastructure Fraud and security concerns

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Maintaining a robust and scalable technology infrastructure is a critical challenge in the e-commerce platform market. With fluctuating website traffic, evolving customer demands, and technological advancements, companies must ensure that their platforms can handle increased loads, support new features, and adapt to changing market conditions. This requires ongoing investments in hardware, software, and personnel to optimize performance, minimize downtime, and deliver seamless user experiences, all while balancing cost-effectiveness and scalability to meet the growing demand.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of -commerce platform recorded USD 8.7 billion in 2023 and is set to witness 13.5% CAGR from 2024 to 2032, due to the increasing internet penetration worldwide and the growing number of online shoppers.

The B2B segment accumulated 66% revenue share in 2023, owing to the digitalization of B2B commerce and the growing preference for online purchasing among businesses.

North America market accounted for 31% revenue share in 2023, on account of presence of large number of digitally savvy consumers with high purchasing power.

Shopify, eBay, Squarespace, Bigcommerce, Amazon, Adobecommerce, SAP, Oracle, Salesforce, Woocommerce, Opencart, and Wix are some of the major e-commerce platform companies worldwide.