Mobile commerce is the next big market for global merchants
Mobile commerce is the next lucrative market for global merchants and China will continue to remain the largest e-commerce market in the world in the next four years, according to a new report by Worldpay, a global leader in payments.
Chinese merchants wishing to expand internationally should consider entering those e-commerce markets with the fastest annual compound growth rates, such as India, Malaysia, Turkey or the Philippines.
The report said China will take a great leap towards mobile commerce by 2022, a global trend many other markets are following. In China, mobile shopping is now the fastest growing channel, predicted to see a compound annual growth rate of 12 percent over the next four years.
An unstoppable and exciting trend across the globe is that mobile commerce is expected to boom. By 2022, the largest three mobile commerce markets in the world are also forecast to be China, the US, and the UK.
Over the next four years, mobile commerce is on track to overtake desktop sales for consumers in Australia, India, Mexico and Singapore, strong proof that mobile commerce is the next lucrative channel for global merchants.
"Merchants can feel optimistic about a growing e-commerce market both in China and globally in the years to come. China's growth is a boundless opportunity and the percentage of payments made via e-wallets is staggering," Philip Shi, country manager for China at Worldpay said.
Shi added that on a global scale, mobile commerce has become the new battlefield for merchants to compete for sales opportunities.
"China is leading a trend in the rise of mobile commerce and alterative payments, like e-wallets, both in-store and online," Shi said.
"Now it is more important than ever for merchants to tailor payment methods to match local preferences, and provide a consistent retail experience that is seamless and secure across mobile, desktop and in-store."