Industry: ICT & Media | Publish Date: 28-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A
The Australia Digital Marketplace Market size was valued at USD 11.97 billion in 2023, and is predicted to reach USD 21.14 billion by 2030, at a CAGR of 8.4% from 2024 to 2030. Digital marketplace market, also known as online marketplaces or digital commerce platforms, serve as virtual hubs where individuals engage in buying or selling goods, services, or information. These platforms facilitate transactions among various parties, including buyers and sellers, within a centralized online environment optimized for easy product discovery, purchasing, and delivery.
Notable examples of online marketplaces include well-known e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr. Leveraging advanced technology, these platforms streamline transaction processes, ensuring secure payment processing while enhancing user experiences with features such as customer reviews and ratings. Consequently, online marketplaces play a crucial role in modern commerce, bridging the gap between businesses and consumers across different geographic locations and enabling seamless global transactions.
The advancement of mobile technology, including the introduction of mobile apps, plays a pivotal role in propelling the Australia digital marketplace market trends. With the widespread adoption of smartphones and mobile devices, mobile apps offer consumers convenient access to digital marketplaces, enabling seamless browsing, purchasing, and transaction experiences.
For instance, in March 2022, Forever New, an Australian fashion retailer, collaborated with poq, a mobile app platform, to launch new native mobile apps. These apps integrate with Forever New's e-commerce platform, leveraging the existing product catalogue and loyalty programs. Overall, the launch of mobile apps accelerates the growth and evolution of online marketplaces in Australia, shaping the future of online commerce in the country.
The expansion of omnichannel ecommerce is a key driver behind the growth of digital marketplaces in Australia. As consumers increasingly seek seamless and integrated shopping experiences across multiple channels, businesses are compelled to adapt their strategies accordingly. Omnichannel ecommerce enables retailers to provide a unified shopping experience, allowing customers to seamlessly transition between online and offline channels.
For example, in February 2023, Codisto, a global leader in omnichannel ecommerce management, partnered with Kogan, Australia’s largest online retailer. This partnership offers brands and merchants using various ecommerce platforms such as Amazon, eBay, and Walmart a seamless path to sell on Kogan Australia’s marketplace. By leveraging omnichannel strategies, digital marketplaces in Australia capture a larger share of the retail market, driving further growth in the digital marketplaces market in the country.
Concerns regarding cybersecurity threats and consumer trust issues present significant obstacles to the expansion of the market. When consumers perceive online platforms as vulnerable to cyberattacks, they hesitate to share personal information or engage in transactions due to fears of privacy breaches or financial harm.
This lack of trust result in decreased usage of digital marketplaces and reluctance to participate in online shopping, ultimately impeding market growth. Additionally, instances of data breaches or fraudulent activities tarnish the reputation of digital marketplaces, dissuading both consumers and businesses from active involvement in the online marketplace environment.
The integration of AR and VR technologies holds the potential to drive the expansion of online marketplaces. These cutting-edge advancements enable digital platforms to offer users immersive and interactive shopping experiences. Through AR and VR, consumers can visualize products in real-world contexts, virtually test them before making purchases, and explore dynamic virtual environments. These immersive interactions not only enhance customer engagement and foster brand loyalty but also lead to increased sales.
Moreover, AR and VR empower businesses to effectively showcase their products by providing detailed information and personalized recommendations to users. Consequently, the incorporation of AR and VR technologies presents a promising opportunity to revolutionize the future of digital marketplace, offering innovative and captivating shopping experiences.
The key players operating in the Australia digital marketplace industry include Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd. and others.
Desktop
Mobile
Tablets
Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
Commercial
Personal
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 11.97 Billion |
Revenue Forecast in 2030 |
USD 21.14 Billion |
Growth Rate |
CAGR of 8.4% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
15 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Amazon.com, Inc.
Walmart Inc.
eBay Inc.
Alibaba Group Holding Limited
Rakuten Group, Inc.
Sea Limited
MercadoLibre, Inc.
JD.com, Inc.
Etsy, Inc.
Allegro.eu
Kogan.com
SEEK
Carsales
REA Group Ltd.
Airtasker Ltd.