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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.

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