E-commerce Analytics Market Size, Share, Growth, and Industry Analysis, By Type (B2C E-commerce & B2B E-commerce), By Application (Sellers & E-commerce Operators) and Regional Forecast to 2032

E-COMMERCE ANALYTICS MARKET REPORT OVERVIEW

The global e-commerce analytics market size expanded rapidly USD 21843.32 million  in 2023 and the market is projected to grow substantially USD 49238.63 million by 2032, exhibiting a prodigious CAGR 14.51% during the forecast period.

The process of gathering, interpreting and analysing information about online shopping and buyer’s relations on e-commerce sites is somewhat what e-commerce analytics is all about. It’s a way to use that data to make well-informed choices aimed at increasing the effectiveness of an online shop, intensifying customer satisfaction and promoting profits.

There are various factors which are driving the market growth such as, rapid adoption of advanced technology and increasing number of startups. Data-driven decision-making is essential, yet customers are often ignored when making such decisions. For example – a business can make use of e-commerce analytics to gather useful information regarding its operations like optimization of online stores plus marketing strategies.

COVID-19 Impact: Pandemic Resulted in Rise in E-commerce Shopping Led to Increased Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the e-commerce analytics market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic known as COVID -19 made a huge difference on the e-commerce analysis market by bringing about increased online consumers who switched to it due to lock downs as well as practising social distance. The demand for advanced analytics tools to deal with the overgrowing amounts of data, optimise operations and improve customer experience increased following this sudden increase in e-commerce activities. To gain insights into the changing behaviour of consumers and to raise the rates of conversion, organisations have been utilising e-commerce data analyses. This way, it ensures proper stock control and promotes growth as well as innovation in the analytical field during the pandemic.

LATEST TRENDS

"Integration of Advanced Technology Analytical Tools to Drive Market Growth"

AI, machine learning and predictive analytics are some of the sophisticated analytical tools that have been incorporated into market growth trends. They help businesses to acquire more information from large data pools which lead to more precise projections, improved customer experiences through customization and better decisions. These advanced tools enable businesses to streamline their operations, refine marketing tactics and address malleable consumer requests in real time as more of them embrace them. It also illustrates how businesses are becoming dependent on complex analytics for survival amidst the fast-paced digital environment.

E-COMMERCE ANALYTICS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into B2C E-commerce & B2B E-commerce.

• B2C E-commerce: B2C e-commerce is an online platform where businesses sell their products or services directly to the consumers. In this segment, analytics focuses on understanding consumer behaviour, optimising marketing strategies, improving customer experience, and maximising conversion rates.
• B2B E-commerce: B2B e-commerce is an online platform where online transactions happen between two businesses. Analytics in this segment emphasises enhancing sales cycles, streamlining supply chains, and personalizing offerings for business clients.

By Application

Based on application the global market can be categorized into Sellers & E-commerce Operators.

• Sellers: Merchants encompass companies and people who sell products or services on the internet. Analytics on e-commerce for merchants delve into aspects such as sales performance, client categorization, stock control, price setting tactics and product listing optimization to improve both sales and profits.
• E-commerce Operators: The platforms that allow for online transactions like marketplaces and shopping carts are e-commerce operators. This is the category in which analytics is used to watch over platform performance, user experience, traffic sources and transaction security.

DRIVING FACTORS

"Rapid Adoption of Advanced Technology Boost the Market"

One of the key driving factors in the global e-commerce market growth is the rapid adoption of advanced technology in the market. The way companies do business is being changed by things like artificial intelligence (AI), machine learning and big data analytics in such a way that means they can target better, offer tailored shopping experiences and improve their supply chains. It is a big help on the ecommerce platforms to enhance their app-ness, save on expenses and raise interaction level with customers. As such systems are gaining growing acceptance, they have become an essential means of a competitive edge for businesses thus obeying to ever changing trends that affect digital shoppers’ tastes and preferences therefore leading to expansion of the e-commerce industry.

"Increasing Number of Startups Expand the Market"

Another driving factor in the global e-commerce analytics market is the increasing number of startups. In the evolving digital landscape new organisations are investing in sophisticated analytical instruments to obtain insights, improve their operations and be effective competitors. For example, start-ups frequently prioritise basing decisions on data so that they can comprehend customer behaviour, adjust their marketing approaches and facilitate operations. The market growth fuelled by this higher analytics solutions needed from start-ups, is what is leading to innovations and personalised analytics platforms for new e-commerce companies.

RESTRAINING FACTORS

"Limited Access to Latest Technology in the Underdeveloped Area Impede Market Growth"

One of the key restraining factors in the global e-commerce analytics market is the limited access to the latest technology in the underdeveloped area. The reason for a high variability in piecemeal rates and difficult access for most communities is that Internet resources are insufficient together with low levels of technology penetration. Rural businesses in these areas are unable to harvest any meaningful data from their websites because they don’t have well-developed digital platforms to support them; hence they had not embraced sophisticated online analytical tools because there are no such digital resources that empower them otherwise.

E-COMMERCE ANALYTICS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Region Dominating the Market due to Advancement in the Big Data Analytics"

North America has emerged as the most dominant region in the global e-commerce analytics market share due to several factors. Due to notable advancements in big data analytics, the e-commerce analytics market is being dominated by the North America region at present. By utilising an extensive amount of information that helps companies analyse their client’s actions or industry movements as well as other factors influencing them, the developed technological setup of the area combined with the aggressive use of modern analytical means enables enterprises to process huge volumes of data. Leading tech companies’ presence plus considerable emphasis placed on innovation spur advanced analytic solutions development and deployment thereby making North America to be top country in terms of market growth and future direction of e-commerce analytics in the world.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The e-commerce analytics market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of analytics options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Sisense Inc. (U.S.)
• Torus Sphere Inc. (Canada)
• eClerx (India)
• DataWeave Software Pvt. Ltd. (India)
• TIBCO Software Inc. (U.S.)
• Looker Data Sciences Inc. (U.S.)
• Adobe (U.S.)
• Happiest Minds (India)
• Praxis Metrics (U.S.)
• Microsoft (U.S.)

INDUSTRIAL DEVELOPMENT

April 2024: NuvoRetail, a leading eCommerce marketing and analytics company is developing Enlytical.ai, a powerful AI-ML driven platform for e-commerce bid automation, insights, and reporting, while also supporting global expansion efforts.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.