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E-commerce Platform Market Trends

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

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E-commerce Platform Market Trends

Personalization is transforming the e-commerce landscape, offering tailored experiences to meet individual consumer needs and preferences. By harnessing data analytics and Artificial Intelligence (AI), e-commerce platforms can analyze user behavior, purchase history, and demographics to deliver personalized product recommendations, targeted promotions, and customized content.

For instance, in February 2024, Shopify introduced new tools including AI-powered search to boost merchant productivity and creativity. These updates promise to streamline operations and empower merchants with innovative features for improved efficiency and effectiveness in managing their online stores. Personalization fosters a deeper connection between consumers and brands, leading to improved brand loyalty and long-term customer relationships, ultimately contributing to the overall growth of e-commerce platforms in a competitive market.

Voice commerce is revolutionizing the way consumers shop online, leveraging the rising popularity of voice-enabled devices such as smart speakers and virtual assistants. E-commerce platforms are adapting by integrating voice search and voice-based shopping functionalities, allowing consumers to make purchases hands-free. This trend addresses consumers' desire for convenience and efficiency, enabling seamless shopping experiences where users can simply speak commands to find products, place orders, and complete transactions. Voice commerce is reshaping the e-commerce landscape, offering a new dimension of accessibility and convenience to consumers worldwide.

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.