A new study from Juniper Research, the foremost experts in emerging payments, found that the global number of unique eCommerce users will reach 4.4 billion by 2027; growing from 3.1billion in 2022.
The research predicts that countries in Asia Pacific will be key drivers of this growth and will account for over 70% of these new global eCommerce users. Specifically, the report identified Bangladesh, Pakistan and India as countries that will add over 600 million new eCommerce users alone over the next five years as increased Internet access and more comprehensive retail supply chains support growth.
In-country Open Payment Platforms
The report predicts that Asia Pacific will provide significant opportunities for payment service providers such as Visa and Mastercard through increased eCommerce activity. It forecasts that the region will account for over $4.3 trillion worth of online and mobile retail spend by 2027. To capitalise on this substantial growth, the report urges payment service providers to develop open payment platforms that can simplify eCommerce in emerging countries such as India and Bangladesh.
Research author Cara Malone remarked: “Open payment platforms are key to maximising growth in the region. They allow the swift implementation of country-specific payment preferences, such as domestic digital wallets, through integrated vendors and payment service providers; simplifying the eCommerce market for both merchants and consumers.”
What Vendors must consider
The report urges merchants to focus on increasing average spend and transactions per user, as access to eCommerce services proliferates in Asia Pacific. Merchants must implement AI-based sentiment analysis to identify consumer preferences to achieve this. Merchants who provide personalised eCommerce experiences and offers will be best positioned to capitalise on the growth of eCommerce in Asia Pacific. However, early-mover advantage will be key to gaining the wealth of transactional information needed to launch personalised experiences as early as possible.
Find out more about the new report: eCommerce Payments Market: Trends, Analysis and Market Forecasts 2023-2027, or download a free sample.
