With commerce shifting to online platforms, more shoppers are expected to pay for items through remote transactions, according to a study by Juniper Research.
Remote payment is any payment transaction conducted through the web or otherwise made through any gadget that can enable distant communication.
According to the study, titled Mobile & Online Remote Payments for Digital & Physical Goods 2019-2024, these kinds of transactions will surpass $6 trillion come 2024. This digit represents an expansion of over 50 percent from this year’s results.
Physical goods will dominate ecommerce sales and are projected to make up an entire 80% of web-based business purchases come 2024.
The research also cited the surge in the count of smartphone owners –anticipated to go up by 60% from 2019 to 2024— as a major driving factor behind remote payments. Only 20% of purchases will occur through desktops, laptops and connected Televisions come 2024.
Juniper Research is a UK-based research company that hosts multiple studies every year to analyze ecommerce market trends.
According to the Researcher, the transformation to mobile platforms has changed customer buying habits, with the average transaction value projected to drop by 2024. Mobile ticketing is responsible for this upsurge in remote payments and drop in average transaction value.
Home Depot Ranked Most Tech-savvy Brick-and-Mortar
The study also involved an assessment of the digital approaches of 25 popular physical-store retailers. Juniper Research sought to compare how innovative and agile these retailers are.
Home Depot emerged number one due to its proactive online business approaches and the incorporation of new tech like analytics to streamline ecommerce shopping experiences.
“Physical stores must go beyond traditional e-commerce and adopt new market practices,” says Morgane Kimmich, the lead author of the study.
$6 trillion is a large figure but not for a market growing as fast as ecommerce.
And once again, Juniper Research has proven that mobile will be the major driver of sales of digital and physical ecommerce products in the coming few years.
Meanwhile, retailers are being advised to adopt new strategies and make the most of the rich pool of data to grow their bottom line.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account provider in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.