Juniper Research: Global eCommerce Market Poised to Reach $11.4 Trillion by 2029, Driven by Alternative Payment Methods

August 27, 2024 at 02:00 AM EDT

A new study by Juniper Research, the foremost experts in fintech and payments markets, has found 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.

Find out more: Global eCommerce Payments Markets 2024-2029, or download a free sample.

APMs Improving Access to eCommerce for the Unbanked

The research forecasts 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.

The Research Suite

The new market research suite offers the most comprehensive assessment of the eCommerce payments market to date, providing analysis and forecasts of over 54,700 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.

View the eCommerce Payments market research: https://www.juniperresearch.com/research/fintech-payments/ecommerce/ecommerce-payments-market-report/

Download the free sample: https://www.juniperresearch.com/resources/whitepapers/whitepapersthink-global-pay-local-the-future-of-ecommerce-payments/

Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.