A new study from Juniper Research has found that the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021.
This growth rate of 55% over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce spend, according to the report.
Omnichannel retail is a model that provides end users with the ability to access retail services, including sales and customer support, via multiple channels.
The new research, eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2022‑2026, predicts that these channels, including online, mobile and physical retail locations, will be instrumental for future success.
“This is because users expect the same services to be available irrespective of the channel,” the report said.
Additionally, it found that there are increasing appetites for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons.
Accordingly, it recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind.
China’s eCommerce Success Recommended
The research found that by 2026, China will account for over 37% of global eCommerce payments by transaction value, owing to its established and extensive eCommerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods.Additionally, the research recommends prioritizing digital wallets, Open Banking‑facilitated payments and cryptocurrencies to emulate the eCommerce success experienced in China.
To do so, it recommends that platform providers partner with specialists in these specific emerging payment areas to keep pace with changing merchant expectations around acceptance types.
Physical Goods Dominate eCommerce Spend
The research forecasts that physical goods will account for 82% of the global eCommerce payments transaction value by 2026. It urges payment providers to support BNPL, an alternative payment method that integrates fixed instalment plans and flexible credit in eCommerce checkout options, to capitalise on the continuing growth of eCommerce due to the ongoing global COVID-19 pandemic.
Currently in Ghana, multichannel retail is growing as vendor use both online, mobile, social media and offline channels to reach potential customers. Plus, retailers offer a wide range of payment option – mobile money, GHQR, bank card payment as well as the use of other digital wallets.
As the central bank prepares to launch its first digital currency, eCedi, it will become another option for retailers to receive payments but mainly via digital wallets and GHQR.
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