FMI Sees Huge Spike in Digital Commerce

Research firm Future Market Insights expects the digital commerce platforms market to see a compound annual growth rate of 12.6 percent through 2029, expanding from $3.41 billion in 2022 to $7.85 billion by 2029.

In 2021, digital commerce platforms accounted for 35 percent of the global e-commerce market, with growth being impacted by surging adoption of intelligent virtual store design solutions and increased customer digital literacy, according to FMI.

Other findings highlighted in FMI's report include the following

• Digital commerce platforms have proven to have a positive impact, helping retailers grow their customer bases and increase sales.
• Data analytics applications are growing exponentially to help companies grow profits based on customers' purchasing behavior.
• The COVID-19 pandemic intensified the use of digital commerce platforms, and growth is likely to continue even in the post-pandemic scenario.
• A major application for digital commerce solutions is in designing recommendation engines.
• Historically, the digital commerce platforms market grew by 12.2 percent between 2014 and 2021.

The report identifies Shopify, SAP, Oracle, Magento Commerce, Salesforce, BigCommerce, WooCommerce, Sitecore, Kentico Software, and Unilog Content Solutions as the key vendors of these systems.

Business entities, it concluded, are leveraging digital commerce platforms to further virtual learning programs to better equip employees for future uncertainties, and, as the global virtual space expands, businesses will continue to scramble to incorporate the most advanced digital commerce software within their operations.