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 China Digital Marketplace Market size was valued at USD 102.89 billion in 2023, and is predicted to reach USD 164.30 billion by 2030, at a CAGR of 6.8% from 2024 to 2030. Digital marketplace market, alternatively referred to as online marketplaces or digital commerce platforms, act as virtual centers where individuals engage in the exchange of goods, services, or information. These platforms facilitate transactions among diverse parties, including buyers and sellers, within a centralized online environment designed for effortless product exploration, purchase, and delivery. Well-established examples of online marketplaces encompass renowned e-commerce platforms such as Amazon, eBay, and Alibaba, alongside service-focused platforms such as Upwork and Fiverr.
Leveraging advanced technology, these platforms streamline transaction processes to ensure secure payment processing while enriching user experiences with features such as customer reviews and ratings. As a result, online marketplaces play a pivotal role in modern commerce by bridging the divide between businesses and consumers across various geographic locations, facilitating seamless global transactions.
China's dominance in the digital marketplace market is significantly fueled by ground breaking initiatives such as the launch of a 3D-capable shopping app by Alibaba Group Holding’s Taobao.
This innovative app offers users an immersive shopping experience, featuring advanced visualization features that enhance engagement and set the stage for future e-commerce advancements. By harnessing the power of mobile technology and delivering personalized shopping experiences, these innovative apps drive heightened engagement and customer retention, reshaping the landscape of commerce in the country.
The growth of the online marketplace market in China is the steady increase in disposable income. According to data from the Government of China, the country's per capita disposable income surged to USD 5,511 in 2023, marking a significant year-on-year increase of 6.3% in nominal terms.
As consumers' purchasing power expands, there is a greater inclination to spend on discretionary items, many of which are available on online marketplaces. With more disposable income available, Chinese consumers are increasingly turning to online platforms to satisfy their shopping needs and desires. This growing demand for goods and services propels traffic to digital marketplaces, resulting in heightened sales volumes and revenue.
The expansion of the market faces significant obstacles due to concerns related to cybersecurity threats and consumer trust issues. When consumers perceive online platforms as susceptible to cyberattacks, they hesitate to share personal information or engage in transactions, fearing potential 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. Moreover, instances of data breaches or fraudulent activities tarnish the reputation of digital commerce platforms, dissuading both consumers and businesses from active involvement in the online marketplace environment.
The integration of AR and VR technologies is expected to enhance market expansion by offering users immersive and interactive shopping experiences. These advanced technologies enable consumers to visualize products in real-world settings, virtually try them before making a purchase, and explore dynamic virtual environments. Such immersive experiences not only increase customer engagement and foster brand loyalty but also drive sales.
Furthermore, AR and VR empower businesses to effectively showcase their products by providing detailed information and personalized recommendations to users. Thus, the integration of AR and VR technologies presents a promising opportunity to transform the future of digital marketplaces by delivering innovative and compelling shopping experiences.
The key players operating in the China 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 102.89 Billion |
Revenue Forecast in 2030 |
USD 164.30 Billion |
Growth Rate |
CAGR of 6.8% 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.