Global ecommerce market poised to reach $11.4 trillion by 2029, driven by alternative payment methods
A new study by Juniper Research has found that by 2029, the value of global eCommerce transactions will reach $11.4 trillion; up from $7 trillion in 2024.
This substantial 63% growth will be driven by the adoption of eCommerce across emerging markets. In these regions, APMs (Alternative Payment Methods) will enable consumers in non-card-centric markets to purchase online for the first time.
APMs are any cashless and cardless way of transferring funds, such as digital wallets and account-to-account payments.
APMs Improving Access to eCommerce for the Unbanked
The research forecasts that by 2029, 360 billion eCommerce transactions will be made using APMs; constituting 69% of global eCommerce transactions. As APMs make eCommerce payments more inclusive, unbanked consumers in emerging markets will shift their purchasing habits online. This shift will be complemented by increased investment in delivery ecosystems; making deliveries more viable and increasing eCommerce’s value proposition.
Research author Lorien Carter commented: “Alternative payment options have grown substantially, with APM transaction volumes leapfrogging cards in emerging markets. As merchants look to attract new users and geographies, they must consider offering APMs a key strategy to accomplish this.”
Payment Service Providers (PSPs) must prioritise payments localisation
The research predicts that as PSPs offer more APMs, offering suitable payment options to end users at checkout will be crucial in optimising customer conversion rates. PSPs must maximise customer satisfaction by tailoring purchase options to the location and demographic of individual consumers. PSPs can maximise these conversion rates by partnering with local payment companies that have in‑depth knowledge of consumer preferences and support regional payment options.
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Find out more about the new report, Global eCommerce Payments Markets 2024-2029, or download a free sample.
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
