Global Digital Commerce market has grown abundantly over the last few decades and continues to evolve and experience high growth in both developed and developing markets. Increasing preference of consumers towards online shopping is propelling the demand for digital commerce globally.
Now, customers go through online website before visiting the stores and compare the products and prices sitting at home without any efforts. This is one of the main reason why retailers should increase their online presence.
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Digital commerce is inclusive of several features such as transaction that involves transfer of information across Internet, participation in online marketplacesthat process third-party business-to-consumer or consumer-to-consumer sales, trading of products or services using internet, online shopping web sites for retailers for direct selling of products to consumers, collection of demographic data through web contacts and social media, marketing to prospective and established customers by e-mail etc.
Digital commerce helps organizations to generate revenue through digital channels by incorporating mobile commerce and mobile payments. In Addition, organizations can utilize social commerce through social media platforms such as Facebook and they can also use local commerce to deliver personalized deals to consumers based on their location by utilizing GPS technology.
Growing number of online shoppers across the globe is enabling the retailers to increase their presence on internet. As per the data suggested by social times, in US 57.4% and in Japan 80% of the of population shops online. In India only 10% people use internet but this country is forecasted to grow with an unmatchable growth rate over the forecast period owing to the increasing demand and usage of mobiles.
Global Digital Commerce Market: Drivers & Restraints
Various factors such as consumers desire to shop from the comfort of their homes and offices, rapidly increasing computer and internet penetration, change in consumer preferences along with the availability of cheap and dependable technology for secure transactions has led to a significant growth in online sales around the world. The growth of digital commerce is majorly fueled by the increasing number of smartphones, broadband connections and tablets.
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However, the industry is facing few challenges because e-commerce is a relatively new industry and the majority of online retailers still lack in digital marketing skills. Also, online retailers do not have proper governance structure in place.
Moreover, Security remains prime concern for consumers as the complexity of online fraud attacks continue to increase. Despite these all issues and challenges the global digital market is growing at a rapid pace and is expected to grow at a double digit CAGR between 2016 and 2026