The commerce cloud market is projected to grow from US$ 13 Bn in 2020 to US$ 60 Bn by 2031, at an expected CAGR of more than 20% during the forecast period 2021-2031. This is a cloud-based commerce platform that enables the brands to build seamless commerce and buying experience across multiple digital channels such as mobile, web, social media and others.
With the use of commerce cloud, the enterprises can ensure enhanced customer experience for their connected shoppers. Due to the rise in eCommerce business worldwide, the demand for commerce cloud solutions will grow at a significant rate, in the next 5 years.
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What is Driving Demand for Commerce Cloud?
In recent days, the most efficient platform to perform activities like online payment, online retailing, online e-commerce activities, and many more are possible with the help of portable devices like smartphones, tablets, and laptops.
According to statistics, almost 80% of smartphone users have made a purchase online using their smartphone devices in 2019 which goes to show how much online shopping has had an impact globally. Such device increases flexibility and performance, and reduced time and cost of online business which drives the adoption of commerce cloud platforms.
In addition, 5G wireless technology will enhance the performance of the applications like smart wallets, mobile payments, and digital bank services. 5G networks are the key to unlocking larger and more engaging shopping experiences and virtual environments.
The technology help retailers benefit from using VR to introduce products in virtual stores because consumers can then see them more clearly. Thus the 5G wireless networks drives the commerce cloud demand, in the coming years.
Rise in eCommerce Likely to Augment Commerce Cloud Adoption
The shift from the offline commerce business of Fast Moving Consumer Goods (FMCG) businesses to online platform will enhances the growth of the commerce cloud platform. Much of the brick and mortar retail world has taken a serious hit from the COVID-19 pandemic, with low product sales, and business loss worldwide.
Commerce cloud solutions helps to consolidate various stakeholders of eCommerce like executives, IT, marketing, sales etc. These stakeholders involve in the overall groceries retail process and helps to provide a positive buying experience for the connected shopper.
Moreover, the customer’s interest in online shopping had been rising at an alarming rate. And the coronavirus pandemic acted as a catalyst to this new trend of shopping. Thus, increase in businesses moving to online commerce helps to augment commerce cloud adoption.
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US and Canada Commerce Cloud Outlook
The US eCommerce market grew significantly by 44% year-on-year from 2019 to 2020, with online sales representing nearly 21% of total retail sales. Canada currently is the 9th largest eCommerce market with revenue of over US$ 30 Bn in 2020, and has the potential to develop further in the worldwide digital commerce marketplace.
Major retailers in the US & Canada region includes Amazon, Walmart, Home Depot, Target, Best Buy and others, which are currently dominating the digital commerce sales in the North America region. Also, major commerce cloud solution vendors are also present in North America region such as Salesforce, Oracle, SAP, Microsoft and others. This further accelerates the growth in the US and Canada region, for commerce cloud deployments.
Europe Demand Outlook for Commerce Cloud
The retail sector significantly contributes to the European economy, with Western European countries like Germany, UK, France leading the overall eCommerce sales in 2020, which is nearly 83% of overall Europe online sales.
These regions have higher eCommerce penetration rates and brands and retailers are adopting multiple online channels like mobile and web platforms for enhanced customer experiences. Amazon lead the market in Europe, with nearly 1/4th of the eCommerce market, followed by eBay, AliExpress and other retailers. Such developments and boost in the eCommerce sector in Europe would drive the demand for commerce cloud platforms.
Who are the Key Commerce Cloud Vendors?
Some of the leading vendors of Commerce cloud include
- IBM
- SAP
- Salesforce
- Mirosoft
- Episerver
- Magento
- Shopify
- BigCommerce
- Digital River
- Elastic Path
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Key Segments of Commerce Cloud Market
By Solution:
- Commerce Cloud Platform
- Services
By Enterprise Size:
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
By Application:
- Electronics & Electricals
- Pharmaceutical & Healthcare
- Automotive
- Fashion and Apparel
- Travel and Hospitality
- Food & Beverages
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- MEA
