$101B Gross Merchandise Value
2016 was a huge year for online merchants running the Magento platform. Over 300,000 websites are powered by Magento.
According to market research firm IDC, merchants on Magento sold more than $101 billion worth of merchandise to nearly 51 million shoppers worldwide in 2016.
IDC’s data also show that this growth was driven by Magento Commerce’s community of merchants, system integrators and technology partners.
Regarding the massive growth of Magento, the company’s chief executive officer, Mark Lavelle, had this to say: “This report confirms the leadership role Magento and our partners play in equipping customers to not only compete, but thrive, in this rapidly evolving new era.”
Magento e-Commerce sites are growing faster than those on other platforms
Because of this, Magento is most likely to outpace the growth of global eCommerce projects IDC.
Based on IDC’s statistics, 2/3 merchants using the Magento platform sell B2C & B2B, while only 1/3 sell exclusively B2C.
2016 Revenue: $4.2 billion
2020 Revenue $14.2 billion
Citing IDC’s data, 60% of omnichannel retailers plan to make their inventory visible online by the end of 2017.
57% of them aim to have a return program that works on multiple devices, while 46% will enable the ship-to-store option.
“Digital commerce strategy has evolved from competitive advantage to a strategic business imperative across all industries, geographies and company sizes,” explained Peter Sheldon, VP for Strategy at Magento.