Digital Commerce Market Statistics 2030: Industry Trends and Growth Opportunities
Growing penetration of the Internet & smartphones, increasing usage of social media and social commerce, drive the growth of the global digital commerce market.
PORTLAND, PORTLAND, OR, UNITED STATE, March 1, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Digital Commerce Industry by Component, Browsing Method, Payment Method, Business Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030.
The Digital Commerce market encompasses all consumer transactions conducted over the Internet that pertain directly to online purchases of goods and services. This includes transactions completed through websites, mobile applications, and other online platforms, utilizing diverse payment avenues like credit cards, direct debit, invoices, or online payment services. Digital commerce empowers both businesses and consumers to engage in transactions from afar, offering a plethora of payment choices and delivery modes. Moreover, it facilitates the gathering and examination of data to bolster personalized services and focused marketing endeavors.
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COVID-19 scenario-
• Huge supply chain disruptions, especially during the initial phase of the pandemic, augmented the demand for digital commerce.
• At the same time, demand for online shopping also increased significantly, which made the food & beverage, manufacturing, and logistics companies spike up their investments in automation, including the automation of supply chains. This factor impacted the global digital commerce market positively.
• This trend is quite likely to continue post-pandemic as well.
Asia-Pacific is expected to be the highest growing region during the forecast period, owing to strong technological growth along with ongoing development in the gaming sector, which drives organizations to invest heavily in digital commerce to sustain growth and improve the productivity of online gaming service providers. In addition, factors such as moderately high internet penetration, ongoing improvements in broadband infrastructure, major shift toward digital transformation, rise in cloud deployment, technological advancement in online commodity trading, and ongoing modernization of E-commerce such as online shopping on smartphones drive heavy investment in digital commerce in emerging economies. Furthermore, key players in Asia-Pacific are focused on enhancing their operations and increasing their overall efficiency to stay competitive in the digital commerce market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.
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The market’s growth is primarily driven by the swift urbanization worldwide. Moreover, the increased adoption of the internet and the utilization of devices such as smartphones, laptops, and tablets for accessing digital commerce platforms are propelling the industry forward. Digital commerce allows companies to conduct transactions sans a physical presence, thereby reducing their infrastructure, communication, and administrative costs. The industry is further buoyed by the growing preference for online shopping, particularly among women, and the significant influence of social networking platforms on purchasing decisions. Online retail channels offer consumers a convenient shopping experience with a vast array of products at competitive prices.
Furthermore, the rise of direct-to-consumer and private-label business models is instilling optimism for market expansion. These models enable businesses to collect and leverage consumer data to offer tailored goods and services. Additionally, the COVID-19 pandemic, with its lockdowns and social distancing measures, has provided an extra impetus to digital commerce operations as customers increasingly turn to online platforms for their essential needs.
By browsing medium, the mobile/table segment held the highest market share in 2020, holding more nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 16.5% from 2021 to 2030.
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By payment mode, the digital wallets segment contributed to the major share in 2020, accounting for around two-fifths half of the global digital commerce market, and is expected to lead the trail during the forecast period. The same segment is also anticipated to cite the fastest CAGR of 17.4% from 2021 to 2030.
By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifts of the global digital commerce market. The market across Asia-Pacific, however, is expected to showcase the fastest CAGR of 17.7% throughout the forecast period. The other provinces discussed in the report Europe and LAMEA.
The key market players analyzed in the global digital commerce industry report include Best Buy, Amazon.com, Inc., JD.com, Inc., Otto GmbH & Co, Rakuten, Inc., Walmart, Inc., The Home Depot, Alibaba Group Holding Limited, Shopify, Inc., and eBay, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
Key Benefits For Stakeholders
• The study provides an in-depth analysis of the digital commerce market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the digital commerce market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the digital commerce market.
• The quantitative analysis from 2020 to 2030 is provided to determine the digital commerce market potential.
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