Emerging markets achieve US$834 billion e-commerce sales - Euromonitor

KUALA LUMPUR, Oct 2 -- E-commerce sales in emerging markets recorded a 30 per cent growth in 2014-2019, reaching US$834 billion, according to Euromonitor International. (US$1 = RM4.156)

The global market research company's new report, ‘Identifying Digital Trends in Emerging Markets’ examines how the pandemic impacted the availability and usage of online services in developing economies.

“The pandemic prompted an environment in emerging markets where brands can compete for the growing segment of consumers that are now willing to increase their usage of digital services,” said Euromonitor International consultant, Karinne Lelouch.

According to its Voice of the Industry: COVID-19 Survey, 60 per cent of business professionals in developing countries believe that consumers will increase online shopping and reduce in-store shopping in the mid-term or permanently.

Based on a statement, emerging markets must develop efficient online payment systems for e-commerce players to succeed.

However, financial inclusion remains a challenge in countries like Peru, Argentina and Egypt, where over 50 per cent of the population is unbanked, and cash is often the only payment option.

“The digital industry has become even more attractive for investors and competitors trying to meet the rapidly growing demand,” said senior consultant at Euromonitor International, Gustavo Gomez.

-- BERNAMA