Digital Commerce Market CAGR to be at 15.1% | Industry Sees Promising Growth by 2030

According to the report published by Allied Market Research, the global digital commerce market was estimated at $4.21 trillion in 2020 and is anticipated to hit $17.53 trillion by 2030, registering a CAGR of 15.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

Growing penetration of the Internet and smartphones, increasing usage of social media and social commerce, advancement of multiple payment modes drive the growth of the global digital commerce market. On the other hand, online frauds and several cyber security issues restrain the growth to some extent. However, digital commerce automation and the expansion of cross-border e-commerce are expected to create lucrative opportunities in the industry.

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Digital commerce, often referred to as e-commerce, encompasses the buying and selling of goods and services through electronic platforms, primarily the internet. It includes a range of transactions conducted online, from purchasing physical products and digital content to engaging in financial services and subscriptions. Digital commerce leverages various technologies, including online marketplaces, mobile apps, and digital payment systems, to facilitate transactions and enhance customer experiences. It represents a significant shift from traditional retail, enabling businesses to reach a global audience and operate around the clock, while offering consumers convenience and a wider selection of products and services.

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.

COVID-19 scenario-

1. Huge supply chain disruptions, especially during the initial phase of the pandemic, augmented the demand for digital commerce.

2. 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.

3. This trend is quite likely to continue post-pandemic as well.

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The global digital commerce market is analyzed across components, browsing methods, payment modes, business types, industry vertical, and region.

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.

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.

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.

Future Outlook:
The digital commerce market is expected to continue its robust growth trajectory, driven by ongoing technological advancements, changing consumer behaviors, and increasing internet penetration. As businesses adapt to evolving market trends and consumer expectations, the landscape will likely see continued innovation and competition.

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Challenges:
1. Cybersecurity Threats: Ensuring the security of transactions and customer data is a significant concern for digital commerce businesses.

2. Regulatory Compliance: Adhering to varying regulations and standards across different regions can be complex and resource-intensive.

3. Customer Experience: Maintaining a high level of customer satisfaction and managing returns and refunds can be challenging.

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