The rapid growth of e-commerce continues unabated, according to a recent study by Juniper Research. The research predicts that the global e-commerce market will exceed an impressive $11 trillion by 2029, marking an era of digital transformation in the retail sector.
The study reveals that the value of global e-commerce transactions is expected to reach $7 trillion by 2024. This means that between 2024-2029, the market is projected to experience a remarkable increase of 63%. This rapid growth is primarily attributed to the increasing adoption of e-commerce in emerging markets.
One of the key factors contributing to this rise is the introduction of alternative payment methods. These methods will allow consumers to make online purchases without using traditional credit or debit cards. This is particularly important for emerging markets, where access to banking services may be limited.
Juniper Research predicts that by 2029, 360 billion transactions will be made using alternative payment methods. This represents 69% of total global e-commerce transactions, highlighting the importance of these methods for the future of the industry. The research defines alternative payment methods as any cashless and cardless money transfer, including digital wallets and account-to-account payments.
The methodology of Juniper Research’s study is extensive and detailed. It is based on analyses and forecasts for more than 54,700 data points across 60 countries, covering a five-year period. This comprehensive approach offers a reliable picture of the future of e-commerce on a global scale.
In conclusion, Juniper Research’s study underscores the continued rise of e-commerce and the growing importance of alternative payment methods. As the global e-commerce market is expected to exceed $11 trillion by 2029, businesses will need to adapt to these new trends to remain competitive in the digital age.