According to a recent Juniper Research report, a growth of 53% from 2019, from the total global transaction value of online payments for digital and physical goods will exceed US$6 trillion by 2024.
This new research report entitled, Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, revealed that almost 80% of online retail purchases by 2024 will be dominated by physical goods.
It was also stated that the shift to mobile has impacted purchasing behaviour, driven by smartphone buyers making purchases via mobile devices - will see an increase by nearly 60% between 2019 and 2024, with just 21% of purchases made using PCs, laptops and connected TVs globally by 2024.
Because of this, Juniper recommends traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.
On this research, Juniper assesses 25 leading bricks-and-mortar retailers and their existing digital strategies. Due to its proactive eCommerce strategies and engagement with new technologies such as augmented reality and analytics, to improve online consumer experiences, Home Depot retail services ranked first.
Morgane Kimmich, research author, concluded “Bricks-and-mortar retailers have to go beyond simple eCommerce to become digital-first companies. Retailers must fundamentally embrace the digital era by optimising data analytics and embracing new technologies; enabled by radical internal organisational change.”
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