Global e-commerce users slated to hit 4.4 billion by 2027: Juniper Research

Global e-commerce users continue to rise with a new Juniper Research study showing global e-commerce users to hit 4.4 billion by 2027.

The report highlighted the number of users hit 3.1 billion in 2022.

The research predicts that countries in the Asia Pacific region will be key drivers of this growth and will account for over 70 percent of these new global e-commerce users.

Specifically, the report identified Bangladesh, Pakistan and India as countries that will add over 600 million new e-commerce users alone over the next five years as increased Internet access and more comprehensive retail supply chains support growth.

The report predicts that Asia Pacific will provide significant opportunities for payment service providers such as Visa and Mastercard through increased e-commerce activity.

It forecasts that the region will account for over US$4.3 trillion worth of online and mobile retail spend by 2027.

To capitalise on this substantial growth, the report urged payment service providers to develop open payment platforms that can simplify e-commerce in emerging countries such as India and Bangladesh.

Cara Malone, research author at Juniper Networks said open payment platforms are key to maximising growth in the region.

“They allow the swift implementation of country-specific payment preferences, such as domestic digital wallets, through integrated vendors and payment service providers; simplifying the eCommerce market for merchants and consumers,” she said.

The report urges merchants to focus on increasing average spend and transactions per user, as access to eCommerce services proliferates in Asia Pacific.

It also noted that merchants must implement AI-based sentiment analysis to identify consumer preferences to achieve this. 

Merchants who provide personalised eCommerce experiences and offers will be best positioned to capitalise on the growth of eCommerce in Asia Pacific.

However, the report noted that early-mover advantage will be key to gaining the wealth of transactional information needed to launch personalised experiences as early as possible.