Rising disposable income levels across multiple geographies as well as increased consumer online spending are creating lucrative opportunities for the commerce cloud market growth. Additionally, commerce cloud solutions allow businesses to seamlessly expand into global markets. They facilitate managing diverse currencies, tax rules, and logistics of shipping while also streamlining cross-border commerce. Furthermore, strategic alliances and collaborations between technology providers, retailers, and other stakeholders are positively influencing the market.
The rising implementation of commerce cloud solutions that enable omnichannel retail is favourably impacting the market. This methodology permits consumers to interact with a brand across multiple channels while ensuring a consistent experience. Furthermore, dynamic pricing afforded by the commerce cloud allows businesses to modify prices in real-time considering supply, demand, competitor costs, and other external elements. These solutions streamline operations and optimise engagement for both consumers and brands.
Electronics retailers leverage commerce cloud platforms to enable straightforward comparisons of product specifications and deliver deep dives into feature and function details. Furthermore, the commerce cloud for furniture retailers furnishes interactive views and virtual room configurations. Booksellers gain an advantage from digital previews and categorisation.
Further, adopting a commerce cloud in grocery and pharmaceutical retail permits one-click reordering capabilities, prescription management functions, and compliance with medical regulations. Amalgamating personalised shopping lists and real-time inventory visibility facilitates daily shopping needs. Overall, this technology advances the traditional shopping experience by offering convenience and accuracy.
In July 2023, Salesforce Inc. (NYSE: CRM) announced new innovations for the commerce cloud to help customers integrate digital commerce experiences across sales, service, and marketing channels. Capabilities such as Pay Now, Snapchat for Commerce, Reorder Portal, and Order Support allow companies to efficiently create purchasing experiences anywhere and leverage artificial intelligence, data, and customer relationship management tools to drive revenue.
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Market Breakup by Component, Organisation Size, Application, and Region:
- On the basis of the component, the market is bifurcated into platforms and services.
- The market is segmented based on organisation size into small and medium-sized businesses, and large enterprises.
- On the basis of the application, the market is divided into electronics, furniture, and bookstores, grocery and pharmaceutical, automotive, fashion and apparel, quick service restaurants, travel and hospitality, and beauty and cosmetics.
- By region wise, the market can be bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Key Findings of the Report:
- Rising instances of cybersecurity threats and fraudulent activities worldwide have catalysed the demand for commerce cloud solutions. Additionally, the increased adoption of advanced business technologies by small and medium-sized enterprises presents a favourable outlook for the commerce cloud market expansion.
- The heightened adoption of digital channels for business operations has drawn greater attention to security vulnerabilities. Commerce cloud platforms offer capabilities that help organisations strengthen their online defences against evolving cyber risks.
- The growing popularity of subscription business models across multiple industries is increasing the demand for commerce cloud solutions. Furthermore, as companies place greater importance on optimising the overall customer experience, they are adopting commerce cloud platforms that provide tools for customer engagement, support, and loyalty programs. These solutions help strengthen customer relationships and drive business growth.
- The integration of the Internet of Things (IoT) is providing retailers with the ability to offer customers a more interactive and informed shopping experience. IoT technologies within commerce cloud platforms facilitate real-time decision-making capabilities. This allows businesses to deliver quicker page loads and a more seamless customer experience overall.
Figure: CAGR of global e-commerce market (2023-2027)
Key Offerings of the Report:
- The EMR report gives an overview of the global commerce cloud market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the components, organisation sizes, applications, and major regions of commerce cloud.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global commerce cloud market are IBM Corporation, SAP SE, Salesforce, Inc., Conga, and Oracle Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- Component
- Organization Size
- Application
- Region
|
| Breakup by Component |
|
| Breakup by Organization Size |
- Small and Medium-Sized Businesses
- Large Enterprises
|
| Breakup by Application |
- Electronics, Furniture, and Bookstores
- Grocery and Pharmaceutical
- Automotive
- Fashion and Apparel
- Quick Service Restaurants
- Travel and Hospitality
- Beauty and Cosmetics
|
| Breakup by Region |
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- IBM Corporation
- SAP SE
- Salesforce, Inc.
- Conga
- Oracle Corp.
- Others
|
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