Global ecommerce payments are set to soar in the next few years
Report estimates it will reach $7.5 trillion by 2026
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The value of global ecommerce payment transactions is on track to exceed $7.5 trillion by 2026, according to a new report fromJuniper Research.
This represents a growth rate increasing by 55% over the next five years, with the sector previously valued at $4.9 trillion in 2021.
Retailers offering omnichannel retail experiences are highlighted as the main driver of this growth, which over time, will increase user ecommerce spend, the analyst firm claimed, asomnichannelretail provides end users with the ability to access retail services, including sales and customer support, via multiple channels.
Ecommerce spend rises
The report also predicts that ecommerce payments, including online, mobile and physical retail locations will all contribute to the sector’s growth, as users expect the same services to be available irrespective of the channel.
Juniper Research states that there is an increase in appetite for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons.
“Merchants should ensure payment options match changing user expectations, or they will be rapidly left behind”, it added.
Amongst other insights, the study additionally found that by 2026, China will account for over 37% of global ecommerce payments by transaction value, which will provide ecommerce website users easier access to alternative payment methods.
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Physical goods sold onecommerce platformswill account for 82% of the global ecommerce payments transaction value in the next five years, with Juniper Research highlighting that the COVID-19 pandemic will continue to aid the growth of online shopping globally.
With that in mind, Juniper Research highlights that alternative payment methods that integrate fixed installment plans and flexible credit in ecommerce check out options will continue to capitalize on this growth.
Abigail is a B2B Editor that specializes inweb hostingandwebsite buildernews, features and reviews at TechRadar Pro. She has been a B2B journalist for more than five years covering a wide range of topics in the technology sector from colocation and cloud to data centers and telecommunications. As a B2B web hosting and website builder editor, Abigail also writes how-to guides and deals for the sector, keeping up to date with the latest trends in the hosting industry. Abigail is also extremely keen on commissioning contributed content from experts in the web hosting and website builder field.
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