RESEARCH REPORT

The next billion-strong consumers

By Dylon Paul

4-MINUTE READ


The Billion Opportunity

In the next decade, eleven rapidly growing markets will welcome a new generation of digital consumers, offering unparalleled opportunities for businesses that can deliver seamless and engaging digital experiences. 

Market Poised for takeoff

Our research reveals that these markets – China, Bangladesh, Egypt, Ethiopia, Germany, India, Indonesia, Japan, Kenya, Nigeria, and the Philippines – are primed for exponential growth, driven by:

  • High digital commerce growth potential, with revenues quadrupling since 2017 to $211 billion in 2022
  • A young and digitally astute population, comprising 36% of the total population
  • Limited competition among consumer-facing companies, with 40% of the world’s largest consumer brands yet to establish a presence

The Rise of Digital Consumers

Our study shows that these consumers are truly digital, with a staggering:

80% relying on online channels for research and product discovery

76% influenced by social media reviews and comments when making purchasing decisions

75% considering easy return policies a crucial factor in online purchasing decisions

As the global digital landscape continues to evolve, a new cohort of consumers is set to emerge in eight key markets over the next decade. The question is, will your brand be prepared to capture their attention and loyalty?

Understanding Consumer Segments

Our analysis identified four distinct consumer segments based on shopping preferences and age groups:

- Digital Native Purchasers (15-34 years old): prioritizing customer experience
- Digital Native Content Creators (15-34 years old): focused on savings
- Digital Savvy Millennials (35-44 years old): gained digital intelligence over time
- Digital Alpha Influencers (younger than 15 years old): holding significant sway over their parents’ purchasing decisions

Overcoming barriers to entry

while opportunities abound, businesses must navigate operational complexity and risk, limited access to finance and payments, and rising consumer expectations to succeed in these markets.

Winning in Digital Commerce 

To thrive, companies must:

- Develop a digital brand and integrate digital commerce into brand and growth strategies
- Establish a secure data foundation and analytics enabled by cloud
- Build a scalable digital commerce ecosystem
- Develop talent and assets for efficient operations at scale and speed

By understanding these markets and consumers, businesses can unlock the potential of the next billion consumers and establish a strong foothold in these rapidly growing markets.

Read the report

Related insights

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