Retail to Credit: A Trillion-Dollar Market Separated by Borders

In the real world, retail, e-commerce, payment, logistics, and consumer credit are often described as five parallel highways. Although they occasionally intersect, they more often operate at high speed on their own tracks. We see Walmart and Amazon competing for user entry points at the front end, Visa and Mastercard holding the initiative in global clearing, UPS, SF Express, and FedEx competing on efficiency and cost in the fulfillment stage, while credit services like Klarna and Affirm take over the billing only after people complete their purchases.

We believe that this fragmented pattern is a natural result formed under the long-term influence of technological conditions and institutional frameworks.

In fact, different business ecosystems have clear boundaries and benefit distribution mechanisms, and the cost of cross-border collaboration is extremely high, making it difficult to achieve true data and rights integration.

From the market size perspective, these sectors are all giants:
Global e-commerce sales reached $5.8 trillion in 2023 and are expected to exceed $7.9 trillion by 2027; the annual transaction volume of the global payment industry has long surpassed $150 trillion; the logistics industry's scale is close to $10 trillion, and supply chain finance is expected to reach $13 trillion by 2030; the total amount of global consumer credit exceeds $30 trillion, with BNPL maintaining an annual growth rate of over 20% in emerging markets.

If these tracks achieve the integration of data, funds, and rights on-chain.