PayU releases global e-commerce market report, these new demands are still growing

According to a new study by MasterCard , South Africa's e-commerce industry is growing, and online retail sales in the region have been increasing during the epidemic lockdown . Recently, PayU released its own report on the global e-commerce market as a payment company, analyzing the world's rapidly growing but easily overlooked markets from four currently hot e-commerce fields. One of them is South Africa.

Among the countries where the e-commerce market maintains rapid development , the fashion and luxury goods industry is the industry with the highest consumer spending.

From a global market perspective, India 's fashion market is expected to reach US$16 billion by the end of 2021 , followed by Indonesia at approximately US$9 billion, and Russia, Poland and Turkey in third place . Brazil 's annual consumer e-commerce spending in this area will also be particularly high.

The global pandemic has also brought changes to education, with remote learning and virtual classes becoming the norm.

Mexico and Argentina saw the largest increases in education spending on the PayU platform between 2019 and 2020 , at 139% and 138% respectively. However, the largest increase in average online education spending in 2020 was in South Africa , which increased by $136 compared to the average spending in 2019 .

PayU’s data clearly shows that Latin America is a concentrated region for beauty and cosmetics consumption , with a regional growth rate of 133%. At the same time, data analysis shows that in 2020, the region’s total online spending on beauty and cosmetics reached nearly US$3.8 billion.

Another large category for global consumer spending is digital goods. According to PayU data, consumers in Chile and Argentina were particularly inclined towards digital goods in 2020, with spending in these countries increasing by 211% and 131%, respectively.

In Argentina, consumer spending in the sector is expected to reach $615 million by the end of 2021. Some African markets have also performed unexpectedly strongly, with Kenya and Nigeria seeing year-over-year growth rates of 42% and 32% for digital goods in 2020, respectively.

In fact, in the UK, France, and Germany in Europe, Canada and the US in America, and Asia, e-commerce and cross-border e-commerce competition is becoming increasingly fierce. In regions such as Latin America, Central and Eastern Europe, Africa, India, and Southeast Asia, the disposable income of the population groups has increased, and the penetration rate of the Internet and mobile devices is in a stage of rapid growth . The demand of this part of consumers for global procurement of goods should not be underestimated.

In a sense, trying new markets first is another direction for some e-commerce companies that are still struggling in saturated mature markets .

PayU

E-commerce market