News • 03.12.2019

Digital commerce: growth in spend of 66 percent over next 5 years

New study found that global spending on digital commerce will reach $18.7 trillion

young couple shopping online
Source: PantherMedia / Nils Weymann

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

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

Money Transfer Digitisation Accelerating

The new data found that digital money transfer is one of the main drivers for increasing digital commerce spend; 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. Research author Nick Maynard explained: “Domestic money transfer is being heavily disrupted, with mobile-first services displacing the traditional role of cash in emerging economies. Partnerships with international merchants and wallets will enable these markets to participate in eCommerce on a scale previously thought impossible”.

IoT Payments Gaining Traction

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. 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. Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Source: Juniper Research

related articles:

popular articles:

Thumbnail-Photo: Event: E-commerce Berlin Expo 2021
28.08.2020   #online trading #e-commerce

Event: E-commerce Berlin Expo 2021

E-commerce Berlin Expo is the biggest pure-play e-commerce event in the (tech) capital city of Germany. Over 9,000 visitors and 200 exhibitors are expected every year.

E-commerce Expo views itself as a community and a meeting point for all major decision-makers in the e-commerce sector. We bring together leaders in the e-commerce industry to offer online sellers and retailers the opportunity to develop their ...

Thumbnail-Photo: William Davidson Award for publication in the field of retail research...
25.06.2020   #digitization #shopping habits

William Davidson Award for publication in the field of retail research

Award-winning article identifying five different customer journey segments

Oliver Emrich, Professor of Management and Social Media at Johannes Gutenberg University Mainz (JGU), has been awarded the prestigious William R. Davidson Award for a publication in the field of retail research.Entitled "Loyalty Formation for ...

Thumbnail-Photo: Come together: local retailers connect with local customers...
15.09.2020   #brick and mortar retail #customer relationship management

Come together: local retailers connect with local customers

The online platform Ladenfreun.de connects local retailers with potential customers. The common denominator: A product.

How can you bridge the gap and connect online retail to pedestrian zones? A Nuremberg startup wondered how this could be accomplished and came up with a solution: Ladenfreun.de. In this interview, founder Matthias Hueber talks about the idea behind ...

Thumbnail-Photo: Better customer care on Twitter leads to increase in customer...
18.09.2020   #customer satisfaction #customer relationship management

Better customer care on Twitter leads to increase in customer satisfaction

Responses to queries on social media impact service quality perception

Social media has forever changed our society and how people do business. A 2013 report by J.D. Power found nearly two-thirds of customers have used a company's social media site to connect with customer service. New research in the INFORMS ...

Thumbnail-Photo: Face coverings to be mandatory in shops from 24th July...
23.07.2020   #security #brick and mortar retail

Face coverings to be mandatory in shops from 24th July

Guidance and information for retailers

The Government announced that wearing a face covering will be mandatory in shops from Friday 24th July. Penalties for not wearing a face covering will be enforced by the police, who can issue fines of up to £100 (reduced to £50 if paid ...

Thumbnail-Photo: Sustainability is surviving COVID-19
27.07.2020   #sustainability #coronavirus

Sustainability is surviving COVID-19

Trends and consumer demographics for sustainable products and brands

The NYU Stern Center for Sustainable Business and IRI® published the results of new research examining consumer purchases of sustainability-marketed consumer packaged goods in the US and taking a closer look at the top 10 states in terms of per ...

Thumbnail-Photo: Boom time for bicycle retailers
28.09.2020   #online trading #customer satisfaction

Boom time for bicycle retailers

What is the recipe for success? iXtenso visited three bicycle retailers

What does it take to be successful during these growth times? iXtenso looks at three very different retailers – from online, to offline and all that lies between. Find out more in our exclusive video! ...

Thumbnail-Photo: Video marketing in times of Corona
09.07.2020   #digital marketing #online marketing

Video marketing in times of Corona

The potential of video content for retailers

The spread of the coronavirus has had a particularly severe impact on the stationary retail industry. Many companies are now increasingly focusing on their online presence to cushion declining in-store sales and to virtually stay in touch with their ...

Thumbnail-Photo: 4 tips on how to handle customer complaints
13.08.2020   #consulting #customer satisfaction

4 tips on how to handle customer complaints

How you can effectively respond to negative reviews and use them to be a benefit to your company

Most retailers don’t like customer complaints. Plus, they also mean extra work. Yet ignoring complaints is not a great long-term strategy because any bad customer experience can haunt your brand if it becomes public. That’s why retailers ...

Thumbnail-Photo: Retail & Brand Experience World Congress 2020...
06.07.2020   #e-commerce #retail

Retail & Brand Experience World Congress 2020

A unique edition for an unusual context

Since the global pandemic is still impacting our daily lives, the Retail&Brand team and Fira de Barcelona are finding a new way to reconnect all the industry actors and rebuild ecosystems to accelerate recovery. This year we are transforming ...