Global ecommerce payments are set to soar in the next few years

Global ecommerce payments are prepare to soar in the next few years

A person holding a credit card while typing on a computer

(Prototype credit: rupixen.com on Unsplash)

The value of global ecommerce payment transactions is on track to exceed $7.5 trillion past 2026, according to a new report from Juniper Enquiry.

This represents a growth charge per unit increasing past 55% over the next five years, with the sector previously valued at $iv.nine trillion in 2021.

Retailers offering omnichannel retail experiences are highlighted every bit the main driver of this growth, which over fourth dimension, volition increase user ecommerce spend, the analyst firm claimed, as omnichannel retail 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 wait 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 Cyberbanking-facilitated payments and digital wallet one-click checkout buttons.

"Merchants should ensure payment options match irresolute user expectations, or they will be quickly left backside", it added.

Amid other insights, the study additionally plant 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.

Physical appurtenances sold on ecommerce platforms volition account for 82% of the global ecommerce payments transaction value in the next 5 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 stock-still installment plans and flexible credit in ecommerce check out options volition continue to capitalize on this growth.

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Abigail is a B2B Editor that specializes in Web Hosting and Website Builder news at TechRadar Pro. She has been a B2B journalist for more than four years covering a wide range of topics in the technology sector from colocation and cloud to data centers and telecommunication at Data Economic system and Chapters Media.