Wednesday, 18 September 2019 00:20

Online spending on digital, physical goods forecast to pass US$6 trillion by 2024 Featured

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Online spending on digital, physical goods forecast to pass US$6 trillion by 2024 Image Stuart Miles, FreeDigitalPhotos.net

The total global transaction value of online payments for digital and physical goods will exceed US$6 trillion by 2024 – a growth of 53% from 2019, according to a new research report.

The Juniper Research report - Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, reveals that online sales will be dominated by physical goods, forecast to account for almost 80% of online retail purchases by 2024.

In addition average online customer spend is forecast to exceed US$1,000 globally per annum by 2024, while remote payments - 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.

According to Juniper, the shift to mobile has impacted purchasing behaviour, 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 Juniper says is becoming increasingly remote and cashless.

And Juniper, in response, urges traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.

For its research, Juniper 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.

Juniper says the Home Depot’s retail services are built on an omnichannel strategy, offering customers a comprehensive network of physical stores alongside “robust” online shopping experiences.

And Juniper notes that Home Depot’s analytics is leveraged to adapt to evolving customer behaviours and AR technology to enable customers to visualise virtual products in the real world via their smartphones.

“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 optimising data analytics and embracing new technologies; enabled by radical internal organisational change,” Kimmich concludes.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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