One of the many lasting impacts of the pandemic has been the resounding shift to e-commerce. From basic household items to luxury goods, making purchases online during lockdown has now become the new norm for consumers around the world. This shift also had an effect on the adoption of noncash retail payments in emerging markets which grew by 25% CAGR between 2018 and 2021.
It’s estimated that 22% of all sales take place online, and Morgan Stanley predicts the total e-commerce market could grow from $3.3 trillion to $5.4 trillion by 2026. In markets with well-developed payments infrastructure like South Korea and the United States, online sales could grow to 45% and 31% of total sales, respectively, within the next five years.
For businesses looking to capitalize on this opportunity, crypto can help e-commerce companies expand into new markets, attract new customers and streamline global transactions to boost profitability.
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