E-commerce sales in emerging markets recorded a 30% growth in 2014-2019, reaching US$834 billion, according to global market research company Euromonitor International.
In its new report “Identifying Digital Trends in Emerging Markets” Euromonitor 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,” comments Karinne Lelouch, consultant at Euromonitor International.
According to Euromonitor International’s Voice of the Industry: COVID-19 Survey, 60% of business professionals in developing countries believe that consumers will increase online shopping and reduce in-store shopping in the mid-term or permanently.
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 more than 50% of the population is unbanked, and cash is often the only payment option.
“Retailers will keep improving their omnichannel experience to meet new consumer needs in 2020 and beyond,” adds Gustavo Gomez, senior consultant at Euromonitor International. “The digital industry has become even more attractive for investors and competitors trying to meet the rapidly growing demand.”
Download Euromonitor International’s free report to understand the challenges of digitalisation and opportunities to improve online experiences in emerging markets.
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