Innovation and Digitalisation – working for the Latest New Consumers

The TradeTech Global initiative, a joint venture between the World Economic Forum and the UAE Government, has issued a report, TradeTech: Catalysing Innovation, outlining steps to benefit from technology-enabled upgrades to global trade. According to the study, the societal, political, commercial and environmental requirements of future trade requires transformative technology solutions. Novel technologies are being deployed for supply chain management, logistics infrastructure integration and information financial flows to cope with the scale, complexity and diversity of emerging trade relationships. Active partnership between exporters and importers, logistics operators, technology innovators and policy-makers is accelerating a global shift to new models.

Meanwhile, the Payments and Commerce Market Intelligence (PCMI) data in the new annual Beyond Borders, EBANX’s comprehensive study about the digital market and payments in rising economies, has shown that rising markets in Latin America, Africa, and Asia are increasing the global surge in new consumers, with India leading the way, by adding 34m people to the consumer class this year, almost one third of the 109m new consumers worldwide. After Asia, Africa and Latin America are, respectively, the second and third regions to add more people, according to the World Data Lab. This general consumer increase led by these 3 dynamic regions unfolds into the digital commerce realm as well. Combined, LatAm’s and Africa’s digital commerce markets are expected to surpass US$1tr in total value by 2026, while India’s will be over US$275bn.