EVOLUTION OF ELECTRONIC TRADE IN THE GLOBAL FINANCIAL ENVIRONMENT

Abstract

This article examines the evolution of electronic commerce (e-commerce) within the global financial environment, with a particular focus on its impact on economic and financial processes, both globally and in Ukraine. The purpose of this research is to analyze the evolutionary trajectory of e-commerce and systematically evaluate its multidimensional impact on financial systems, the development of payment infrastructure, and economic integration processes. The study identifies seven distinct evolutionary stages of global e-commerce development, from technological prerequisites (1970s–1980s) through current financial services transformation (2020s). Statistical analysis reveals that e-commerce has become a primary driver of financial innovation: the share of cashless payments in Ukraine reached 64.5% of total transaction value by 2024, while global adoption of digital payment solutions expanded from 35% in 2014 to 57% in 2021 in developing countries. The research demonstrates that e-commerce stimulates cross-border digital trade, with developing countries exporting over USD 1 trillion in digitized services through online channels in 2022. In Ukraine specifically, despite experiencing a 92% revenue collapse during the initial invasion period, the e-commerce sector demonstrated remarkable resilience, recovering to USD 4 billion by 2024 and maintaining 8.8% of retail turnover share. The analysis reveals a strong correlation between e-commerce growth and fintech development, mobile banking expansion, and central bank digital currency (CBDC) adoption initiatives. E-commerce functions as a catalyst for comprehensive financial system transformation, creating conditions for enhanced financial inclusion, payment infrastructure modernization, and monetary policy innovation. The study confirms that e-commerce integration parallels financial system restructuring through accelerated cashless payment adoption, increased investment flows into fintech sectors, and expanded digital financial services accessibility. For Ukraine, e-commerce represents not merely a new market segment but a strategic instrument for post-war economic recovery, competitiveness enhancement, and integration into global financial ecosystems, demonstrating the sector’s systemic importance beyond traditional retail boundaries.