COVID-19 has resulted in a surge in e-commerce spending worldwide. But the effects of the pandemic are just a small part of a much bigger picture. Although e-commerce use has expanded substantially in the last year, across many global markets the pandemic has only accelerated fundamental changes that were already gaining traction even before a record number of new businesses began selling online.
PayU provides global payment solutions tailored toward the world’s most dynamic emerging markets – where growing levels of internet and mobile penetration, efforts to broaden financial inclusion, and improvements in consumer trust and security when it comes to online payments have all contributed to the creation of a vibrant e-commerce ecosystem which has been a bright spot amidst the economic uncertainty of the past year. Even before the pandemic, governments in a number of countries were making significant attempts to foster increased digitalization of the economy and society, with e-commerce as a fundamental pillar. Amidst the ongoing uncertainty of COVID-19, these efforts are continuing to pay off.
Never has the global e-commerce landscape been more exciting. Multiple factors are bringing more global businesses and consumers to the table, creating a “tipping point” for e-commerce adoption in many new markets – and exciting opportunities for online and multi-channel retailers.
As these global trends accelerate, PayU has released a new analysis showcasing online consumer spending growth across 19 emerging economies that have traditionally been eclipsed by more mature e-commerce markets – but should no longer be ignored.