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 adoption has accelerated dramatically over the past year, in many markets the pandemic merely pressed “fast forward” on developments that were already gaining steam.
PayU is focused on the advancement of e-commerce in the world’s most exciting emerging markets, where mobile penetration, increased levels of internet access, efforts to expand financial inclusion, and new payment security standards have helped to create a vibrant e-commerce ecosystem that has been spurred on by the changes of the past year. Even before the pandemic, across a number of markets we have already been seeing concerted efforts by government to encourage greater digitization of the economy and society, with e-commerce as a key pillar.
There has never been a better time to be in e-commerce. Multiple factors have combined to bring us to the tipping point for e-commerce adoption, resulting in more opportunities than ever before for online and omni-channel merchants.
With these opportunities in mind, PayU has launched a new report highlighting unprecedented online consumer spending growth across 19 emerging markets that have historically been overshadowed by more developed e-commerce markets – but should not be overlooked any longer.