Pandemic spurs online shopping transactions to grow to 4.4 trillion dollars by 2025
Nov 17, 2020
A new study from Juniper Research has found that transaction values for physical goods sales online will grow from 3.3 trillion dollars in 2020 to 4.4 trillion dollars by 2025, a 33 percent growth fuelled by the Covid-19 pandemic.
The pandemic has fundamentally altered customer behaviours towards e-commerce, with these behaviours likely to be sustained in the longer term. Further growth in global online purchase values will be driven by increased availability of e-commerce in emerging markets over the next five years.
The new research: E-commerce Payments: Emerging Trends, Opportunities & Market Forecasts 2020-2025, predicts that emerging markets will be significant drivers of growth, with the Indian Subcontinent and Latin America expected to experience rapid acceleration of physical goods transaction values between 2020 and 2025; seeing growth of 116 percent and 82 percent respectively.
Contactless payments and those made by a smartphone manufacturer-backed wallet, such as Apple Pay & Google Pay, will see a surge in use, with purchase volumes for remote goods anticipated to grow by 730 percent globally between 2020 and 2025.
The white paper by Juniper Research can be seen here.
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