KUALA LUMPUR, July 17 (Bernama) -- The value of cross-border e-commerce will exceed US$3.3 trillion in 2028, from US$1.6 trillion in 2023, according to a new study from Juniper Research. (US$1=RM4.53)
According to Juniper Research in a statement, with disposable income rising in developing markets, e-commerce merchants and marketplaces are pivoting towards them.
Given the prevalence of alternative payment methods in developing markets, such as mobile money, cross-border merchants must effectively match consumers’ payment preferences, or they will quickly lose out to better-localised rivals.
The study also reveals that cross-border e-commerce transaction values to grow by 107 per cent globally over the next five years, while domestic e-commerce transaction values to grow by 48 per cent over the same period, demonstrating that much of the growth in the e-commerce payments market is in the cross-border area.
This is due to the rapid expansion of key marketplaces, and how they have differentiated themselves. Marketplaces must offer a differentiated consumer experience to be successful, but must also add value for merchants, in order to sustain rapid growth.
The research found that in an increasingly social media-dominated advertising landscape, the leading vendors are effectively marketing directly to consumers.
Central to competing with domestic merchants is appealing to digitally engaged users in a direct way, making social media advertising vital for success.
Therefore, cross-border merchants must correctly identify the right social media and digital advertising channels in each market, or risk losing out in the battle for tech-savvy consumers.
-- BERNAMA
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