Skip to main content

Smartphone Apps Drive the eRetail Payments Market

The retail market has undergone a radical transformation, driven by an increasing focus on customer use of technology. Indeed, shoppers are now everywhere: in retailer stores, online or both at the same time -- comparison shopping via their smartphones.

It's forcing retailers to offer superior shopping experiences that are coupled with omnichannel payments. By the end of 2019, eCommerce will have a significant role to play with 44 percent of the global population purchasing physical goods and 27 percent purchasing digital goods.

Since eRetail has been disrupting the sector, legacy retailers have learned to incorporate more digital channels into their own offerings.

Remote Payments Market Development

According to the latest worldwide market study by Juniper Research, the total transaction value of remote payments for digital and physical goods will exceed $6 trillion by 2024 -- that's a growth rate of 53 percent from 2019.

The new study revealed that online sales will be dominated by physical goods -- forecast to account for almost 80 percent of online retail purchases by 2024. Therefore, Juniper urged all retailers to consider omnichannel offerings to ensure services align with ever-increasing customer expectations.

Remote payments will be driven by purchases made via mobile devices, with the number of smartphone buyers increasing by nearly 60 percent between 2019 and 2024. Consequently, just 21 percent of purchases will be made using personal computers and connected TVs globally by 2024.

The shift to mobile eCommerce has impacted purchasing behavior, with the average value of transactions expected to decline by 2024. Underpinning this growth is the adoption of mobile ticketing, which is becoming increasingly remote and cashless.


As part of this market assessment, Juniper Research assessed the digital strategies of 25 leading bricks-and-mortar retailers according to their levels of business agility and digital innovation.

The Home Depot ranked first, owing to its proactive eCommerce strategies and engagement with new technologies, such as augmented reality (AR) and analytics, to improve online consumer experiences.

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

Analytics is leveraged to adapt to evolving retail customer behaviors and AR technology is applied to enable customers to visualize virtual products in the real world via their smartphones.

Outlook for Retail eCommerce Apps Growth

"Bricks-and-mortar retailers have to go beyond simple eCommerce to become digital-first companies. Retailers must fundamentally embrace the digital era by optimizing data analytics and embracing new technologies; enabled by radical internal organizational change," said Morgane Kimmich, research analyst at Juniper Research.

Popular posts from this blog

Big Data Analytics Revenue to Reach $215.7 Billion

Across the globe, more leaders seek actionable insight from the customer data they've stored in huge data lakes. Worldwide spending on big data and business analytics (BDA) solutions is forecast to reach $215.7 billion in 2021 -- that's an increase of 10.1 percent over 2020, according to the latest worldwide market study by International Data Corporation (IDC). Moreover, BDA technology investment will likely gain momentum over the next five years as the global economy recovers from the COVID-19 pandemic. The compound annual growth rate (CAGR) for global BDA spending over the 2021-2025 forecast period will be 12.8 percent. Big Data Analytics Market Development "As executives seek solutions to enable better, faster decisions, we're seeing relatively healthy BDA spending across all industries. Leveraging data for insights into everything from internal business operations to the customer journey is top of mind and of strategic importance," said Jessica Goepfert, vice

Why Cloud Fuels Net-New Digital Business Growth

CEOs and Line of Business (LoB) leaders seek the fastest path to meaningful digital transformation advancement. Meanwhile, investment trends in cloud computing infrastructure continue to expand the capabilities, accelerating growth across all segments within the public cloud services market. According to the latest worldwide market study by Gartner, the four key trends are cloud ubiquity, regional cloud ecosystems, sustainability or carbon-intelligent cloud, and automated programmable cloud infrastructure. "The economic, organizational and societal impact of the pandemic will continue to serve as a catalyst for digital innovation and adoption of cloud services," said Henrique Cecci, senior research director at Gartner . "This is especially true for use cases such as collaboration, remote work, and new digital services to support a hybrid workforce." Global Cloud Computing Market Development Hybrid, multi-cloud and edge computing environments are growing and setting

Software-Defined Infrastructure: The Platform of Choice

As more organizations adapt to a hybrid working model for their distributed workforce, enterprise CIOs and CTOs are tasked with delivering new productivity-enabling applications, while also seeking ways to effectively reduce IT cost, complexity, and risk. Traditional IT hardware infrastructure is evolving to more software-based solutions. The worldwide software-defined infrastructure (SDI) combined software market reached $12.17 billion during 2020 -- that's an increase of 5 percent over 2019, according to the latest market study by International Data Corporation (IDC). The market grew faster than other core IT technologies. The three technology pillars within the SDI market are: software-defined compute (53 percent of market value), software-defined storage controller (36 percent), and software-defined networking (11 percent). "Software-defined infrastructure solutions have long been popular for companies looking to eliminate cost, complexity, and risk within their data cente