Online Retail Sales to Exceed $6 Trillion in Physical and Digital Goods By 2024, Juniper Research Forecasts
New data from Juniper Research has shown that the total transaction value of remote payments for digital and physical goods will exceed $6 trillion by 2024; representing a growth rate of 53% from 2019.
The new research, Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, revealed that online sales will be dominated by physical goods; forecast to account for almost 80% of online retail purchases by 2024. The analysts urged traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.
“Bricks-and-mortar retailers have to go beyond simple eCommerce to become digital-first companies,” says research author Morgane Kimmich. “Retailers must fundamentally embrace the digital era by optimizing data analytics and embracing new technologies; enabled by radical internal organizational change.”
Remote payments will be driven by purchases made via mobile devices, with the number of smartphone buyers increasing by nearly 60% between 2019 and 2024. Consequently, just 21% of purchases will be made using PCs, laptops and connected TVs globally by 2024.
The growth in “mobile-first” consumers also is proving to be a game changer for retailers. The shift to mobile has impacted purchasing behavior, with the average value of transactions expected to decline by 2024. Underpinning this growth, and the change in average transaction values, is the adoption of mobile ticketing - which is becoming increasingly remote and cashless.
Juniper Research assessed the digital strategies of 25 leading bricks-and-mortar retailers according to their levels of agility and innovation. The Home Depot ranked first, owing to its proactive eCommerce strategies and engagement with new technologies, such as augmented reality and analytics, to improve online consumer experiences.
(For more information visit https://www.juniperresearch.com)