The emergence of eCommerce has revolutionized the way we engage in commercial activities. A new study by Juniper Research sheds light on the remarkable growth of the global eCommerce landscape, with a particular focus on the Asia Pacific region. Within a short period of time, this news has gone viral throughout all news outlets and social networking sites. People are paying too much attention to this news. Continue reading to learn every detail that is currently known about the occurrence.
According to Juniper Research, the number of unique eCommerce users worldwide is projected to surge to 4.4 billion by 2027, representing a growth of 1.3 billion users from 2022. The study identifies the countries in the Asia Pacific, including Bangladesh, Pakistan, and India, as key drivers of this immense growth. It is estimated that these nations alone will contribute more than 600 million new eCommerce users in the next five years. This surge can be attributed to increased internet access and the expansion of retail supply chains.
The research findings forecast that Asia Pacific will witness a staggering $4.3 trillion worth of online and mobile retail spend by 2027. This presents a significant opportunity for payment service providers, such as Visa and Mastercard, to capitalize on the region’s growing eCommerce activity. To fully leverage this potential, the study recommends the development of open payment platforms that simplify eCommerce in emerging countries. These platforms offer an effortless way for merchants and consumers to utilize payment options that are specific to their country, such as local digital wallets.
As eCommerce services become more accessible to a wider audience in the Asia Pacific, merchants play a pivotal role in driving sustained growth. The report emphasizes the importance of increasing average spending and transactions per user, necessitating the implementation of AI-based sentiment analysis. By analyzing consumer preferences, merchants can offer personalized eCommerce experiences and tailored offers. This not only enhances customer satisfaction but also positions them advantageously in the midst of the region’s eCommerce boom.
The Juniper Research study elucidates the remarkable expansion of eCommerce in the Asia Pacific region, with the number of unique eCommerce users projected to reach 4.4 billion by 2027. Countries such as Bangladesh, Pakistan, and India are emerging as key drivers of this growth. Payment service providers are urged to develop open payment platforms, facilitating seamless eCommerce experiences in emerging markets. By aligning with these recommendations, both payment service providers and merchants can capitalize on the immense potential for growth in the Asia Pacific eCommerce landscape.