Thursday, 21 November 2019 00:46

Spending on digital commerce to reach US18.7 trillion by 2024 Featured

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Global spending on digital commerce will reach US$18.7 trillion by 2024, up from $11.2 trillion in 2019 - an increase of 66% over the forecast period, according to a new report.

The new research - Digital Commerce: Key Trends, Sectors & Forecasts 2019-2024 - from Juniper Research found the largest single digital commerce sector is the remote purchase of physical goods, which will have driven just under 27% of all digital commerce spend by the end of 2019.

According to Juniper’s research the eCommerce market is being accelerated by digital-native merchants and renewed focus from traditional ‘brick and mortar retailers’, who are offering differentiated omnichannel experiences in order to secure future revenue streams.

And Juniper highlights the user experience via digital channels as the crucial next battleground for retailers, with reduced friction in the checkout process, despite increased security requirements, an essential requirement for future success.

The new data also found that digital money transfer is one of the main drivers for increasing digital commerce spend and forecast to grow by 85% over the next 5 years.

Juniper Research identified domestic money transfer as a critical element, with increased activity in emerging markets a key contributor to the overall market value.
explained:

“Domestic money transfer is being heavily disrupted, with mobile-first services displacing the traditional role of cash in emerging economies,” said research author Nick Maynard.

“Partnerships with international merchants and wallets will enable these markets to participate in eCommerce on a scale previously thought impossible,” Maynard noted.

The research also found that payments from IoT devices, primarily in the smart home and via connected vehicles, will reach over 32 billion transactions by 2024.

Juniper says this compares with just under 1.8 billion transactions in 2019, as these new channels achieve customer recognition and acceptance.

However, the research also predicted that these new channels will not represent new consumer spend, they will largely be driven by migration from traditional card spend, or will cannibalise other digital channels.

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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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