New Delhi: According to a worldwide payments Report 2023 by fintech company FIS, the worldwide e-commerce business is anticipated to expand at a compound annual growth rate of 9% between 2022 and 2026, with transaction values rising from over $6 trillion in 2022 to over $8.5 trillion in 2026
“The explosive growth in global e-commerce in the first two years of the pandemic has slightly slowed in 2022, with a 10 per cent YoY growth in global e-commerce transaction value from 2021-2022…Despite reduced growth rates compared to the initial pandemic period, the forecast for global e-commerce remains bullish,” the report said.
All regions, except Europe, had double-digit growth between 2021 and 2022, with the Middle East and Africa experiencing the highest increase of 21%. From 2021 to 2022, 37 of the 40 markets experienced double-digit YoY growth. Except Thailand, which had growth of 9%, markets in Latin America, the Middle East, Africa, and Southeast Asia continue to experience rapid expansion. Through 2026, the research projects a CAGR in these regions of the mid-teens.
E-commerce suffered greatly due to the epidemic as consumers started to rely more on internet buying. As a result, the pandemic consolidated the consumer behaviour shift towards digital payments, which has continued to fuel e-commerce growth.
“Global e-commerce is projected to grow in all regions, with a robust double-digit growth forecast in emerging markets. This trend presents attractive opportunities for cross-border e-commerce. Therefore, the report suggests that businesses should develop cross-border e-commerce capabilities to benefit from the high-growth markets.”
