The value of global ecommerce payment transactions is on track to exceed $7.5 trillion by 2026, according to a new report from Juniper Research.
This represents a growth rate increasing by 55% over the next five years, with the sector previously valued at $4.9 trillion in 2021.
Retailers offering omnichannel retail experiences are highlighted as the main driver of this growth, which over time, will 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 expect 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 Banking-facilitated payments and digital wallet one-click checkout buttons.
“Merchants should ensure payment options match changing user expectations, or they will be rapidly left behind”, it added.
Amongst other insights, the study additionally found 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 goods sold on ecommerce platforms will account for 82% of the global ecommerce payments transaction value in the next five 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 fixed installment plans and flexible credit in ecommerce check out options will continue to capitalize on this growth.