Overnight, the US stock Shopify rose again, and the stock price surged 32% in a week.

As a global e-commerce SaaS leader, Shopify is deeply involved in the e-commerce ecosystem to broaden the boundaries.

According to eMarketer data, catalyzed by the COVID-19 pandemic and the rapid development of digital technology, the global e-commerce retail sales growth rate reached 17% in 2021. Following the return of consumers to physical stores, the e-commerce growth rate gradually declined and stabilized. It is expected to maintain a growth rate of around 9% in 2024-2027.

The global e-commerce penetration rate is increasing steadily, and is expected to rise to 20.3% in 2024. The overall e-commerce environment is improving steadily.

Judging from the data of the top 10 global e-commerce penetration rate in 2023, compared to China, there are still many countries that have room to improve e-commerce penetration.

The rapid development of the DTC sales model has spawned an increase in demand for e-commerce SaaS services: the DTC model refers to a business model that directly provides products or services to end consumers through its own channels. This model skips intermediaries and retailers in the traditional supply chain. Compared to third-party platforms, the main advantage of the DTC model is

① Enterprise sales costs are lower;

② Enterprises grasp comprehensive consumption data, feed back production and marketing processes, establish private traffic pools, and cultivate user loyalty: Therefore, brands with a high sales scale will choose to operate third-party platforms and independent websites at the same time, while small and medium-sized merchants with lower sales scales will choose a lower-cost DTC independent site model.

The agency expects the global e-commerce SaaS market to be 473 to 60.9 billion US dollars in 2025: global e-commerce SaaS market size = value-added service market size+subscription service market size = GMVX value-added service takerate+ number of subscription e-commerce merchants xARPU.

The global e-commerce SaaS market is estimated to be 473 to 60.9 billion US dollars in 2025. Under a neutral assumption, the global e-commerce SaaS market size in 2024-2026 is 39.1/53.7/70.1 billion US dollars, respectively, and the CAGR for 2024-2026 is about 34%.

Hong Kong stocks related to the e-commerce SaaS concept:

Weimeng Group (02013): Weimeng is a leading retail e-commerce SaaS leader and precision marketing service provider in China. On the revenue side, the SaaS business was affected by the macro environment in 2023, and IT budgets for large customers were tightened, but smart retail demand was highly deterministic, and there were few competitors at the same level, and future release was delayed as demand recovered; video channels in the advertising business started rapidly, and the company enjoyed structural dividends as an important service provider of Tencent. Weimeng has achieved in-depth exploration of user value through “SaaS+AI+big data”. It is expected that the company will gradually infiltrate AIGC into the entire process of private operations, accelerate the release of productivity, and try to embed functions in more scenarios. At the same time, as customers become more sticky to the product, price adjustments will further open up room for the company's revenue growth.