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BUSINESS

Come 2026, Global eCommerce Payment Transactions Exceed US$7.5 Trillion - Juniper Research

17/01/2022 06:17 PM

KUALA LUMPUR, Jan 17 -- A new study from Juniper Research has found the value of global eCommerce payment transactions will exceed US$7.5 trillion by 2026, from US$4.9 trillion last year. (US$1 = RM4.185)

This growth rate of 55 per cent over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce spend. Omnichannel retail is a model that provides end users with the ability to access retail services, including sales and customer support, via multiple channels.

According to a statement, the new research, eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2022‑2026, predicts these channels, including online, mobile and physical retail locations, will be instrumental for future success as users expect the same services to be available irrespective of the channel.

Additionally, it found that there are increasing appetites for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons. Accordingly, it recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind.

The research found that by 2026, China will account for over 37 per cent of global eCommerce payments by transaction value, owing to its established and extensive eCommerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods. Additionally, the research recommends prioritising digital wallets, Open Banking‑facilitated payments and cryptocurrencies to emulate China’s eCommerce success.

The research forecasts that physical goods will account for 82 per cent of the global eCommerce payments transaction value by 2026 and thus, urges payment providers to support BNPL, an alternative payment method that integrates fixed instalment plans and flexible credit in eCommerce checkout options, to capitalise on the continuing growth of eCommerce due to the ongoing global COVID-19 pandemic.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

-- BERNAMA


 


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