Global e-commerce transaction value is projected to hit over $8.5 trillion in 2026 from the estimated $6 trillion in 2022, the latest report said.
The report by the Florida-based Fidelity National Information Services, Inc. (FIS) also revealed that all regions, except Europe, saw double-digit growth in e-commerce transactions from 2021-2022, with the highest growth of 21 percent reported in the Middle East and Africa.
Of the 40 markets covered in the report, 37 saw double-digit YoY growth from 2021 to 2022. Markets in the Middle East, Latin America, Africa, and Southeast Asia, except for Thailand at 9 percent, continued to be high-growth markets.
The report also predicted a mid-teens CAGR (compound annual growth rate) in these regions through 2026.
Digital infrastructure key for e-commerce
FIS said the pandemic has solidified the shift in consumer behaviour towards digital payments, which has continued to drive e-commerce growth.
In addition, technological advancements and improvements in digital infrastructure have made online shopping more accessible and convenient for consumers, contributing to the development of e-commerce, it said.
The report by FIS, which offers a wide range of financial products and services, however, said some challenges still needed to be addressed to sustain this growth. For example, the report indicated that the lack of digital infrastructure and financial inclusion in some emerging markets may hinder online retail growth.
Additionally, regulatory challenges and cross-border trade barriers could create obstacles for businesses looking to expand globally, it cautioned.
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