According to latest findings, the rise of ecommerce platforms may last for some time.
As more and more companies move their transactions online, a Juniper Research study forecasts that many platforms will continue to expand their digital assets.
According to the analysis, global digital commerce transactions are expected to exceed $20 trillion by 2027, a figure not too similar to the total GDP of the United States and the world''s largest economy. In 2022, the figure is estimated to be $12.3 trillion (roughly the equivalent of China''s GDP which comes in at second place), resulting in a 62% increase in five years.
Ecommerce: digital payments and BNPL
NFC payments are one of the most significant contributors to the sector''s growth, which allows rapid and straightforward payments at physical locations.
NFC payments are expected to have the highest growth in digital commerce, with an increase of about 176% in the coming five years, according to research.
Apple Pay and Google Pay are the products of NFC, which, when combined with biometric security such as fingerprint or facial recognition, help reduce the possibility of fraud.
When it comes to online shopping (a habit we immediately adopted during the epidemic), Juniper Research has suggested two changes: Firstly, improvements in supply chain and order fulfillment operations should drive significant growth for this sector. Thirdly, sellers should improve delivery times and offer a wide spectrum of payment methods, including buy now and pay later.
Apple has already launched its own Pay Later program, which it will provide internally rather than partnering with a third-party bank, following quickly in its wake with its own program.
Square has also introduced a pay later program, which will see it partnering with Clearpay, as the sector continues to adapt to current digital buying trends.