November 7, 2019 by Market-NewsFlash
The global commerce cloud market is expected to grow at a CAGR of 22.7% during the forecast period and cross USD 25.2 billion by 2025.
Increased adoption of cloud commerce, especially by businesses invested in e-commerce.
- Increased AI adoption in all commercial ventures
- Demand for a centralized buying platform across B2C business verticals
- Need for a tool to collect and analyze data pertaining to customer purchasing habits
- Ease of maintenance and reduction in installation complexity
- Business requirement for data-driven insight
- Shift from retail to e-commerce for most enterprises
- Automated merchandizing
Commerce clouds offer a specialized view for B2B as well as B2C businesses. Between the two, the B2C segment is larger due to the sheer scale of services offered and the need to understand and analyze data pertinent to an enterprise. B2B commerce cloud focuses on analyzing the economic relationship between two businesses in the long term, with special emphasis on logical planning. The B2C commerce cloud focuses on understanding consumer behavior with an emphasis on the products and services offered. This model keeps updating in the short term and basis itself on the emotional understanding of consumers keeping in mind short buying cycles. Considering the 1.7 billion online shoppers in 2017 and the increasingly competitive nature of e-commerce, a B2B model is crucial in gaining an understanding of consumer behavior and the concurrent inventory and transaction management that must go with it. In India alone, logistics costs stand at 14% of GDP, a very large amount when compared to other economies due to the fragmented nature of the logistics sector. Employing commerce cloud can help reduce this number drastically.
The service segment is expected to grow as cloud commerce evolves and collates increasing amounts of data. The services offered by cloud commerce are broadly divided into training and consulting, integration and deployment, and support and maintenance. Training and consulting services are offered to enterprises for proper and efficient use of the software and to streamline the overall business process.
Commerce cloud is primarily employed to form an overarching view of the entire commercial enterprise. The solution needs to be integrated with different facets of an enterprise for an overview of the entire business structure. The integration and deployment service ensures smooth deployment for maximized usability. Integration and deployment services are necessary to run various software systems in sync with each other and enable knowledge transfer among them. The support and maintenance service segment is expected to grow at the highest CAGR. The service suite includes service enhancements, knowledge transfer, 24x7 support, and production support.
By Installation Platform
Commerce clouds are integrated over multiple platforms. The larger segment is the desktop segment with the mobile segment registering the higher CAGR. Mobile phones are fast becoming as proficient as desktops for the purposes of data collation and analysis. Desktops, though, are utilized exclusively for business purposes, making them more specialized and thus able to handle larger volumes of data and carry out in-depth analysis.
By Enterprise Size
Commerce cloud finds applicability across enterprises of all sizes. Its highly scalable nature along with the flexibility inherent to it ensures that it can facilitate unique solutions for all enterprises.
The applicability of cloud commerce is vital across all business verticals. Fashion and apparel are B2C enterprises and must understand consumer behavior to better their inventory and maximize sales. Cloud commerce is critical for this industry, especially for the SMEs operating within it, due to the intense competition at that level. Electronics, books, and furniture are all consumer-driven goods which will benefit tremendously from cloud commerce’s ability to understand consumer behavior as well as the requirements of the market. Quick service restaurants have slim profit margins and can only be sustainable business models after specializing the products offered.
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