The Commerce Cloud Market is expected to register a CAGR of approximately 23% during the forecasted period (2022 – 2031). The massive growth of the E-commerce industry, coupled with the significant adoption of Cloud Computing solutions across industries, is expected to act as a major driver for the growth in the adoption of Commerce Cloud globally.
– According to Right Scale’s annual State of the Cloud Report for 2019, approximately 94% of the enterprises are using the cloud, out of which, 91% of businesses use public cloud, and 72% use a private one, while most enterprises are opting for both the options, i.e., 69% of them opting for a hybrid cloud solution.
– In June 2020, HCL Technologies (HCL) expanded its partnership with Google Cloud to integrate HCL Commerce to Google Cloud. Google Cloud will jointly provide secure and elastic infrastructure with HCL Commerce to power businesses’ eCommerce strategies. Under this partnership, HCL also intends to leverage Anthos to enable multi-cloud and hybrid-cloud deployments of HCL Commerce.
– Also, an increasing focus on improving customer experience in the industry is expected to drive the market growth. Technological advancements are raising the customer’s expectations and reshaping how the customers experience different brands. Companies experience approximately 92% customer retention rate who adopt a holistic CX (Customer Experience) approach by investing in technologies that will digitally transform the business to stay ahead of customer expectations.
– Moreover, during the Covid-19 pandemic, the business landscape changed drastically, with a significant increase in the demand for digital business platforms. Hence, Salesforce Commerce Cloud released four quick start pandemic business packages specifically designed to help conduct business during COVID-19.
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– However, privacy and security issues such as Data Security and Network Security, amongst others, are expected to hinder the adoption of Commerce Cloud solutions, especially amongst small and medium-sized businesses.
Key Market Trends
B2C Commerce Platform Expected to Gain Maximum Traction
– B2C Commerce Cloud Platforms are expected to gain maximum attention from brands and retailers, which are looking for solutions to provide seamless shopping experiences to engage consumers. Commerce Cloud offers a set of solutions to enable brands and retailers to innovate quickly, deliver connected, personalized experiences, and drive customer engagement, sales, and loyalty across channels.
– It allows retailers to build and launch innovative campaigns and promotions easily, based on consumer behavior, channel, and location, without IT support. These platforms harness the capability of artificial intelligence to drive revenue by analyzing real-time customer insights and boost conversions with intelligent search results.
– Also, increasing demand for online shopping amongst consumers is expected to further increase the demand for B2C Commerce Cloud solutions. According to Salesforce’s Q1 Shopping Index, digital shopping traffic grew by approximately 45%, mainly driven by a 51% growth in mobile activity and a 50% increase in desktop traffic. Moreover, shopping sites offering buy online, pickup in-store (BOPIS) services exhibited around 27% increase in their digital revenue in Q1, as compared to a 13% increase in digital revenues for those not offering BOPIS.
– Several retailers are collaborating with B2C commerce cloud providers to create unified, intelligent digital commerce experiences, both online and in the store. For instance, in November 2019, ShipperHQ, the storefront shipping management solution for eCommerce, integrated with the Salesforce B2C Commerce platform to enable merchants on B2C Commerce to derive accurate shipping rates.
North America Expected to Dominate the Market
– Due to the presence of several market players in the region, North America is expected to dominate the Commerce Cloud Market globally, such as IBM, Salesforce, SAP, Oracle, Amazon Web Services, Google LLC, and many more. These regionally-based solution providers are making significant investments and innovations in the commerce cloud field to augment regional growth.
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– In September 2019, Bloomreach launched a B2B Search & Merchandising Connector for Salesforce Commerce Cloud on Salesforce AppExchange. The connector allows users of Salesforce Commerce Cloud to integrate Bloomreach’s site search along with AI-powered merchandising tools in their B2B commerce environment.
– Several startups are also emerging in the region, to provide innovative commerce cloud solutions in the region and attract maximum market share. For instance, in November 2019, the VTEX Cloud Commerce Platform raised USD 140 million investment from SoftBank’s Latin America fund in collaboration with Gávea Investimentos and Constellation Asset Management. The company plans to use the investment to support VTEX’s vision of continued global expansion and innovations and advancements to its cloud commerce offerings.
– The region is also witnessing strategic partnerships and collaborations with other global players, which will help the regional players to expand and strengthen their global foothold. For instance, in December 2019, SAP SE integrated the Minsait’s Onesait Hospitality suite provided by the digital transformation consultancy Minsait, a division of Indra, into the travel accelerator for the SAP Commerce Cloud solution. This will enable SAP to help its customers from the hospitality sector, specifically the hotel chains, to better serve travelers with new products and services in a single commerce system across various channels, such as mobile, social, or websites.
Competitive Landscape
The competitive landscape of the Commerce Cloud market is moderately fragmented owing to the presence of several major players, such as Salesforce, IBM, SAP, Oracle, Amazon Web Services, Google, Adobe, and many others and the emergence of several small and medium-sized businesses. The market players are viewing expansion as a lucrative path to expand their global presence and attract maximum market share. They are hence, making strategic partnerships and collaborations with retailers worldwide. Also, the solution providers are making significant investments to make innovations in their solutions, which will help them further increase their market presence.
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