Ecommerce platforms mainly refer to online marketplaces that facilitate online buying and selling of goods and services. These platforms can be classified by the market (B2B, B2C, and C2C) and the product range offered via the platform (horizontal—selling a range of product categories; vertical—selling a particular product). This industry also includes ecommerce website solutions providers that offer support services like software, platforms, and tools for developing and maintaining ecommerce sites. Finally, the space also encompasses ecommerce aggregators that buy and grow ecommerce brands.
Increased technology literacy, the convenience of online purchasing, and access to a variety of products from across the globe through the mere click of a button have led to increased activity in the ecommerce space. The Covid-19 pandemic has also led to a heavy shift from traditional shopping toward shopping via ecommerce platforms. According to the US Census Bureau’s Annual Retail Trade Survey (ARTS), ecommerce sales increased by USD 244.2 billion or 43% in 2020, the first year of the pandemic.
Note: Additional sections (such as market sizing, detailed overview, and incumbents) can be provided on request.