In what may not come as much of a surprise, the global e-commerce market is expected to grow in the next four years, new research says. Following an upward trend over the last five years, global online retail spending is expected to increase at a compound annual growth rate of more than 17 percent over the next four years, a release said, citing Technavio data.
Thanks in part to the rapid growth of digital and mobile technology, coupled with increased broadband accessibility across all seven continents, global e-commerce has developed into one of the fastest-growing markets in the world. Not only are Web-based platforms more powerful and accessible now, consumers are also benefiting from cheaper and faster product deliveries, which may have a hand in the recent growth projections.
Security also on the rise
As online retailing continues to mature, particularly in developing countries around the world, cybersecurity will also likely increase to meet higher demand. In fact, separate Technavio data forecasts the global fraud analytics market to grow at a compound annual rate of nearly 24 percent until 2019. Businesses around the globe are ramping up security to coincide with the recent e-commerce explosion, as the cost and lingering reputational effects of a data breach could cripple any organization.
"Fraud analytics solutions provide transparent information on financial instruments and help enterprises optimize their business decisions and make investment decisions for future use," Faisal Ghaus, vice president of Technavio, said in a release. "Many SMEs have become increasingly aware of the significance of complete visibility for their operational performance and its impact on business."
Back-end analytics are becoming a business solution to not only help keep track of important company information, but also for payment data and other sensitive customer information. Businesses that partner with a trusted international payment processor can take that first step toward shoring up security as e-commerce continues to grow. These organizations provide a more secure platform that companies can use to process payments from all areas of the globe, leaving decision-makers stress free and available to work on other important aspects of their operation.
As global e-commerce spending continues to grow, so too will security and fraud analytics. Companies that partner with trusted payment processors are taking a step in the right direction to making their business model more secure.
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