Juniper Research: Global eCommerce Market Poised to Reach $11.4 Trillion by 2029, Driven by Alternative Payment Methods
August 27 2024 - 2:00AM
Business Wire
A new study by Juniper Research, the foremost experts in fintech
and payments markets, has found by 2029, the value of global
eCommerce transactions will reach $11.4 trillion; up from $7
trillion in 2024. This substantial 63% growth will be driven by the
adoption of eCommerce across emerging markets. In these regions,
APMs (Alternative Payment Methods) will enable consumers in
non-card-centric markets to purchase online for the first time.
APMs are any cashless and cardless way of transferring funds,
such as digital wallets and account-to-account payments.
Find out more: Global eCommerce Payments Markets 2024-2029, or
download a free sample.
APMs Improving Access to eCommerce for the Unbanked
The research forecasts by 2029, 360 billion eCommerce
transactions will be made using APMs; constituting 69% of global
eCommerce transactions. As APMs make eCommerce payments more
inclusive, unbanked consumers in emerging markets will shift their
purchasing habits online. This shift will be complemented by
increased investment in delivery ecosystems; making deliveries more
viable and increasing eCommerce’s value proposition.
Research author Lorien Carter commented: “Alternative payment
options have grown substantially, with APM transaction volumes
leapfrogging cards in emerging markets. As merchants look to
attract new users and geographies, they must consider offering APMs
a key strategy to accomplish this.”
Payment Service Providers (PSPs) Must Prioritise Payments
Localisation
The research predicts that as PSPs offer more APMs, offering
suitable payment options to end users at checkout will be crucial
in optimising customer conversion rates. PSPs must maximise
customer satisfaction by tailoring purchase options to the location
and demographic of individual consumers. PSPs can maximise these
conversion rates by partnering with local payment companies that
have in‑depth knowledge of consumer preferences and support
regional payment options.
The Research Suite
The new market research suite offers the most comprehensive
assessment of the eCommerce payments market to date, providing
analysis and forecasts of over 54,700 datapoints across 60
countries over five years. It includes a ‘Competitor Leaderboard’
and examination of current and future market opportunities.
View the eCommerce Payments market research:
https://www.juniperresearch.com/research/fintech-payments/ecommerce/ecommerce-payments-market-report/
Download the free sample:
https://www.juniperresearch.com/resources/whitepapers/whitepapersthink-global-pay-local-the-future-of-ecommerce-payments/
Juniper Research has, for two decades, provided market
intelligence and advisory services to the global financial sector,
retained by many of the world’s leading banks, intermediaries and
providers.
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version on businesswire.com: https://www.businesswire.com/news/home/20240826914800/en/
Sam Smith, Press Relations T: +44(0)1256 830002 E:
sam.smith@juniperresearch.com