Usage of digital services to accelerate in emerging markets
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E-commerce sales in developing countries recorded a 30 percent growth in 2014-2019, reaching $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,” Karinne Lelouch, consultant at Euromonitor International, commented.
According to Euromonitor International’s Voice of the Industry: Covid-19 Survey, 60 percent of business professionals in emerging markets 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 percent of the population is unbanked, and cash is often the only payment option.
(WBJ)
