Global E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets

Must Read

Burger King Announces Grand Entry In To Nigerian Market, Promises First Restaurant In August 2021

Allied Food and Confectionary Services Limited announced exciting plans to launch and grow the Burger King® brand in Nigeria,...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

A new report from Juniper Research found that total eRetail transaction values will reach $4.8 trillion by 2024, up from $3.3 trillion in 2020. This growth will be driven by emerging markets, with China having 62% value growth over the next 4 years.

The research identified the Chinese eRetail market as a major factor, as well as regions such as Latin America and Africa & Middle East, as improvements in connectivity will enable the rise of eRetail in new markets.

For more insights, download the free whitepaper Opportunities for Payment Providers in Emerging Markets.

Payment Providers Should Focus on Emerging Markets

The new research, Strategies for Payment Providers: Industry Trends, Opportunities & Recommendations 2020-2024, urges payment providers to seek new revenue streams in emerging markets to mitigate slow growth in developed markets. Accelerating financial inclusion via MFS (Mobile Financial Services), QR code payments and carrier billing will be crucial for this. The research found that mobile payments not requiring a linked bank account offer significant possibilities for eCommerce payments in developing markets.

- Advertisement -

The research also found that mobile handset penetration is rising faster than banking penetration in developing markets, meaning that mobile access is the best way for eRetail and payments providers to reach potential users.

Read Also:  eSIM Device Installations To Reach 3.4 Billion Globally By 2025; Driven By Consumer Sector Adoption

Digital Innovation Means that Players Must Expand the Scope of their Services

The continuing rollout of Open Banking is driving digital innovation, which threatens to reduce reliance on debit and credit cards. Added to this, the popularity of mobile wallets is having a disruptive effect, with physical cards becoming less important to the payments market.

Accordingly, the research suggests that card networks must be proactive, by looking beyond the card, becoming involved in Open Banking initiatives and delivering omnichannel experiences for users.

Research author Susannah Hampton explained: “Card networks must leverage their ability to invest in, and forge partnerships with, key players to gain scale in new areas, or they will fail to diversify their revenue streams and will be vulnerable to future disruption.”

- Advertisement -
Read Also:  Nigerian Banks Advert Spend – July 2019 (Infographics)

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

- Advertisement -
Global E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand SpurGlobal E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Global E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand SpurGlobal E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand Spur

Latest News

How The Trump Plaza, Atlantic City, Came to be Demolished

It is not so often nowadays that a building is simply demolished, particularly not one of this scale. We...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Global E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand SpurGlobal E-retail Transaction Values To Reach $4.8 Trillion By 2024, Driven By Developing Markets - Brand Spur