Industry: ICT & Media | Publish Date: 27-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A
The UK Digital Marketplace Market size was valued at USD 21.15 billion in 2023, and is predicted to reach USD 37.55 billion by 2030, at a CAGR of 8.4% from 2024 to 2030. Digital marketplaces, also known as online marketplaces or digital commerce platforms, act as virtual centers where individuals interested in buying or selling goods, services, or information come together to carry out transactions. Serving as intermediaries, these platforms facilitate exchanges among different parties, including buyers and sellers, within a centralized online environment designed for effortless product discovery, purchasing, and delivery. Notable examples of online marketplaces include leading e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr.
Utilizing advanced technology, these platforms streamline transaction processes, ensuring fast and secure payment processing while protecting the financial details of all participants. Moreover, they enhance user experiences by offering features such as customer reviews, ratings, and mechanisms for resolving transaction-related issues. Consequently, online marketplaces harness technology to enhance the overall online commerce experience, making it more convenient and secure for both buyers and sellers. They play an essential role in the modern economy by bridging the gap between businesses and consumers across geographical boundaries, thereby enabling smooth and convenient global commerce.
The UK commands a significant share in the digital marketplace market, largely fueled by the widespread ownership of smartphones in this region. According to data from the Pew Research Center in February 2024, a staggering 86% of the UK population possesses a smartphone. This widespread ownership translates into heightened accessibility to digital platforms among consumers.
As the ownership of smartphones continues to rise, the influence and outreach of online marketplaces in the UK expand accordingly. This surge in smartphone adoption not only enhances convenience for consumers but also creates ample opportunities for businesses to engage with their target audience effectively, thereby consolidating the UK's dominance in the online marketplaces sector.
The UK digital marketplace market growth is further propelled by strategic initiatives such as the "E-Commerce Week" campaign launched in February 2024. Designed to promote international sales on e-commerce platforms, this campaign aims to encourage 70,000 small businesses to venture into global markets. Supported by the UK’s E-Commerce Trade Commission, established by the Institute of Export & International Trade (IOE&IT) in June 2023, this initiative incentivizes businesses to expand their online footprint.
Consequently, there is a notable surge in listings and transactions on online marketplaces, driven by the impetus provided by the E-Commerce Week campaign. This concerted effort is poised to significantly bolster the online marketplace market in the UK, further solidifying its position as a dominant player in the industry.
The reluctance of consumers to share personal data or engage in transactions online, driven by apprehensions about privacy violations or financial risks, undermines trust in digital marketplace.
Consequently, this diminished trust leads to decreased utilization of online marketplaces and a reluctance to participate in online shopping activities, ultimately impeding market expansion. Moreover, occurrences of data breaches or fraudulent activities tarnish the reputation of digital commerce platforms, dissuading both consumers and businesses from active participation in the online marketplace ecosystem.
Through the incorporation of AR and VR, digital marketplaces elevate the shopping experience by offering users immersive and enriched interactions. These technologies enable consumers to visualize products in real-world settings, virtually test them before making a purchase, and navigate interactive virtual environments.
Such immersive encounters not only enhance customer engagement and cultivate brand loyalty but also drive sales. Moreover, AR and VR empower businesses to effectively showcase their products, providing users with detailed information and personalized recommendations. Thus, the integration of virtual reality technologies hold the potential to transform the landscape of digital commerce platforms, delivering innovative and compelling shopping experiences.
The key market players operating in the UK 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 21.15 Billion |
Revenue Forecast in 2030 |
USD 37.55 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.