Published On:June 7, 2017, 9:53 am
Digital commerce is referred to buying and selling of several goods and services through the internet, commerce infrastructure and mobile networks. Digital commerce platform is made of web store fronts, product catalogs, recommendations, shopping carts and personalization engines.The total number of elements and point solution integrations has escalated since the time commerce has been evolving to cloak mobile, web and social channels.
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Digital commerce includes various features like transaction which comprises of information transfer across Internet. With the help of Internet performing trading of products and services, gathering demographic data via web contacts and social media, involvement in online markets which process third-party consumer-to-consumer or business-to-consumer sales, marketing to potential and flourished customers by e-mail, online shopping sites for direct selling of products to consumers.
It incorporates the marketing activities that bolster such transactions, including individuals, procedures and technological innovations to implements the contribution of advancement content, promotions, analytics, pricing, customer experience at multiple touch-points through the complete customer buying journey, and customer acquisition and retention. Digital commerce platform assists businesses and organizations to produce revenue with the help of digital channels by integrating mobile payments and mobile commerce. Moreover, businesses can use social commerce with the help of social media platforms like Facebook and they could use local commerce to render tailor-made deals to customers depending on their location with the help of GPS technology.
In 2016, the global digital commerce platform market was evaluated at USD 5.31 billion and is anticipated to garner USD 12.23 billion by the end of 2022, therebysubstantially registering at a CAGR of 18.16% during the forecast period. One of the major factors of the global growth is increasing prevalence of customers towards online shopping. Numerous factors such as customers inclination to shop from the comfort of their offices and homes, alteration in customer choices along with the availability of cheap and dependable technology for safe transactions, fast escalation of computer and internet penetration has resulted in a considerable growth in online sales across the globe.
More and more number of smartphones, tablets, and broadband connections are also fueling the global growth of this market industry. Nevertheless, the industry is facing trials and challenges owing to the fact that e-commerce are comparatively novel industry and maximum online retailers yet lack the skills required for digital marketing. In addition, these retailers do not receive precise governance structure in place and such factors might hinder the growth of this market during the forecast period. Also, the key concern of customers is security since the complication of online fraud attacks remain to escalate. In spite of such issues and challenges the global market of digital commerce platform is expected to grow at a double digit rate during the forecast period.
The major market manufacturers of the global digital commerce platform market are Amazon, Lotte, Suning, Alibaba, Xiaomi, Ebay, Jingdong, Overstock, Netflix, Walmart, Gamestop, Apple, Ticketmaster, Bestbuy, Newegg, IKEA, Sky.com, Autotrader, Dell, and Gap. The business model analysis of this market is segmented into Business to Business (B2B), Business to consumer (B2C), Consumer to consumer (C2C), and Consumer to business (C2B). Based on the deployment model, this market industry is segmented into software as service, on-premise, open source, and fully managed. The end-users of this market industry are retail, Banking, Financial Services & Insurance (BFSI), ,IT and Telecommunication, Airline and Travel, and others. Geographically, this market has been segmented into regions such as United States, japan, Europe, China, Southeast Asia, and India.
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