eCommerce Market Poised to Reach $11.4 Trillion by 2029

By 2029, the value of global eCommerce transactions will reach $11.4 trillion, up from $7 trillion in 2024, according to Juniper Research. This substantial 63% growth will be driven by the adoption of eCommerce across emerging markets.

In these regions, APMs (Alternative Payment Methods) will enable consumers in non-card-centric markets to purchase online for the first time. The research forecasts that by 2029, 360 billion eCommerce transactions will be made using APMs; constituting 69% of global eCommerce transactions. As APMs make eCommerce payments more inclusive, unbanked consumers in emerging markets will shift their purchasing habits online.

This shift will be complemented by increased investment in delivery ecosystems; making deliveries more viable and increasing eCommerce’s value proposition. “Alternative payment options have grown substantially, with APM transaction volumes leapfrogging cards in emerging markets. As merchants look to attract new users and geographies, they must consider offering APMs a key strategy to accomplish this,” commented research author Lorien Carter.

The research predicts that as PSPs (Payment Service Providers) offer more APMs, offering suitable payment options to end users at checkout will be crucial in optimizing customer conversion rates. PSPs must maximize customer satisfaction by tailoring purchase options to the location and demographic of individual consumers. PSPs can maximize these conversion rates by partnering with local payment companies that have in‑depth knowledge of consumer preferences and support regional payment options.