Skip to main content

Digital Commerce Users will Reach 3 Billion by 2021

The mobile internet is a proven catalyst for online retail innovation. For some time, it's been clear that the mobile device -- either smartphone or media tablet -- is increasingly important in the world of digital commerce transaction growth across the globe.

Leading industry analysts have already observed a shift in the market dynamics -- where the smartphone was once used merely as a means for discovery, to a situation where now it's used for both product discovery and for online purchase.

This trend appears to be a natural progression from the relatively stagnant tablet industry, where a lack of market momentum has been compounded by the emergence of large-screen smartphones offering an improved online purchase experience.

Digital Commerce Market Development

Indeed, mobile applications as a whole are gaining traction as a remote goods purchase vehicle, although the smartphone growth is clearly accelerating much faster than that of the media tablet.

According to the latest worldwide market study by Juniper Research, users of digital commerce services will reach 3 billion by 2021 -- or 40 percent of the global population -- that's up from just 32 percent this year.

The new research found that two core sectors will dominate the global digital commerce industry, in terms of transaction values: remote payments for digital or physical goods and digital banking via bill payment services.


These market segments will account for over half of all global transaction values by 2021. Significant opportunity for businesses exists, with remote payments for digital and physical goods forecast to account for over 10 percent of the $20 trillion global retail market in 2017.

Moreover, businesses will gain advantage through use of highly automated customer experiences. With product search and discovery a key stage in the online shopper journey, merchants must adopt conversational interfaces to drive customer engagement and, ultimately, sales.

That being said, Juniper analysts found that by 2021 the surge in chatbot use will result in positive gains throughout the digital commerce market.

Outlook for New Digital Experiences in Retail

"Juniper has found that chatbots and natural language search can greatly improve retailer understanding of consumer behavior, so we are witnessing growth in this sector, for example investment by Facebook and Google, as well as the launch of digital assistants by companies such as Amazon," said Lauren Foye, senior analyst at Juniper Research.

In addition, the latest research discovered that digital banking will increasingly envelop a greater proportion of the global population, with adoption forecast to approach 1 in 2 adults by 2021.

Juniper also found that usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services. Providers will need to focus on presenting easy-to-use digital experiences to their customers, especially to remain as local market leaders.

Popular posts from this blog

How to Drive Value Creation from Digital Business

Across the globe, many forward-thinking CEOs and CFOs continue to fund business technology investments that enable meaningful and substantive digital transformations, ahead of their industry peer group. That's why CIOs and other IT leaders must now accelerate the quest for value creation and drive digital growth from those ongoing investments, according to the latest market study by Gartner. "The pressure on CIOs to deliver digital dividends is higher than ever," said Daniel Sanchez-Reina, VP Analyst at Gartner . "CEOs and boards anticipated that investments in digital assets, channels, and digital business capabilities would accelerate growth beyond what was previously possible." Digital Business Market Development   CIOs expect IT budgets to increase 5.1 percent on average in 2023 -- that's lower than the projected 6.5 percent global economy inflation rate. A Gartner survey analysis revealed several ways in which CIOs can deliver "digital dividends&qu

Digital Transformation Investment at $3.4 Trillion

Business technology leadership matters. Across the globe, more leaders have been pursuing bold Digital Transformation (DX) initiatives with the goal of creating new sources of business value through digital products, services, and experiences. As an additional benefit, the COVID-19 pandemic revealed that digital transformation efforts improve an organization's resilience against global market disruptions. Global DX investment is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3 percent, according to the latest worldwide market study by International Data Corporation (IDC). Digital Transformation Market Development "Despite strong headwinds from global supply chain constraints, soaring inflation, political uncertainty, and an impending recession, investment in digital transformation is expected to remain robust," said Craig Simpson, senior research manager at IDC . The benefits of investing in DX technology -- including aut

Artificial Intelligence for National Border Security

National border protection agencies are under pressure to provide the highest level of security in the face of growing threats, such as increasing illegal migration and international terrorism. Now, government agencies are embracing advanced border security technologies to aid in effectively and reliably securing national borders. These solutions look to detect and identify potential threats and prevent them from escalating to a point that may jeopardize security. Security Surveillance Market Development Traditional border security patrols and Closed-circuit Television (CCTV) surveillance systems aren't adequate protection, and agencies must increasingly deploy new solutions to stay ahead of criminals and other potential threats to ensure the safety of a country’s borders. According to the latest market study by Juniper Research, the value of the border security technology market will exceed $70 billion globally in 2027 -- that's rising from $48 billion in 2022. Growing by 47 p