New Worldpay data finds mobile commerce becomes the next lucrative market for global merchants
China is leading the global evolution to eCommerce and, in the next four years, it will continue to remain the largest eCommerce market in the world. China will also take a great leap towards mobile commerce by 2022, a global trend many other markets are following. These are some findings from the new 2018 Global Payments Report by Worldpay.
The largest eCommerce markets in the next four years, by size, will be China ($1.78tn), U.S. ($1.15tn) and the UK ($0.314tn). Chinese merchants wishing to expand internationally should consider entering those eCommerce markets with the fastest annual compound growth rates, such as India (21%), Malaysia (21%), Turkey (19%) or the Philippines (19%).
An unstoppable and exciting trend across the globe is that mobile commerce is expected to boom. By 2022, the largest three mCommerce markets in the world are forecast also to be China ($1.18tn), U.S. ($0.36tn), and the UK ($0.115tn). In China, mobile is now the fastest growing channel, predicted to see a compound annual growth rate of 12% over the next four years. In comparison, desktop shopping in China will grow at just four percent per annum over the same period.
This strong mobile momentum in the China market is definitely not alone. Over the next four years, mobile commerce is on track to overtake desktop sales for consumers in Australia, Hong Kong, India, Mexico and Singapore, strong proof that mobile commerce is the next lucrative channel for global merchants.
Worldpay has published guidance to help merchants capitalize on emerging mCommerce and cashless opportunities:
- Consider developing a branded app.
- Make it easy and use biometrics to speed up the journey.
- Identify the most popular payment methods in each territory in which you operate.
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