The latest research by Juniper Research, a leading company in the emerging payment field, found that by 2027, the number of independent users of global e-commerce will increase from 3.1 billion in 2022 to 4.4 billion.
The study predicts that countries in the Asia-Pacific region will become the main driving force for this growth, accounting for more than 70% of the new e-commerce users in the world. The report specifically pointed out that with the increase of Internet access areas and the support of a more comprehensive retail supply chain, Bangladesh, Pakistan and India will add more than 600 million e-commerce users in the next five years alone.
An open payment platform for different countries is the key to utilizing emerging regions.
The report predicts that with the increase of e-commerce activities, the Asia-Pacific region will bring huge business opportunities to payment providers such as Visa and Mastercard. The report predicts that by 2027, online and mobile retail spending in the Asia-Pacific region will exceed $4.3 trillion. In order to take advantage of this substantial increase, the report suggests that payment service providers should develop open payment platforms as soon as possible to provide convenient services for e-commerce in emerging countries such as India and Bangladesh.
Cara Malone, the author of the research report, commented: “An open payment platform is the key to maximize growth in the Asia-Pacific region. By integrating e-commerce providers and payment service providers, the open payment platform can meet different payment preferences of countries, such as national digital wallets, thus providing convenience for the e-commerce market. ”
Payment providers should consider providing end-to-end solutions for merchants.
With the popularity of e-commerce services in the Asia-Pacific region, the report also suggests that e-commerce businesses focus on improving the average consumption and transaction times of consumers. To this end, merchants can use AI to identify consumer preferences. Merchants who provide personalized e-commerce experiences and discounts will be able to better enjoy the dividends of the rapid growth of e-commerce in the Asia-Pacific region.
Post time: Aug-04-2023