• Log in
  • About Us
  • Privacy Policy
  • Contact us
Telecoms IT News - VanillaPlus
  • Home
  • News
  • Verticals
    • 4G
    • 5G News
    • Big data analytics
    • Bill & Charge
    • CEM
    • Companies
    • Digital transformation
    • Fraud prevention
    • Managed services
    • Network optimisation
    • NFV Hub
    • OSS
    • People
    • Policy
    • Revenue assurance
    • Revenue management
    • Service assurance
    • Service Provisioning
    • Test & measurement
  • Digital Edition
  • Events
    • Events diary
    • Webinars
  • Videos
  • VP Featured
    • Webinars
    • Podcast
    • Editorial advisory board
    • Expert opinions
    • Hot List
    • Operator View
    • Press releases
    • Reports & whitepapers
    • Special reports
    • Talking Heads
    • Troubleticket
    • Digital Talking Heads
  • Directory
  • Tech Trends
  • Subscribe
 

You are here:

  • Home
  • Digital transformation
  • Online retail sales to exceed $6tn in physical and digital goods by 2024

Online retail sales to exceed $6tn in physical and digital goods by 2024

18 September, 2019 at 10:54 AM

Posted by: Anasia D'mello

Online retail sales to exceed $6tn in physical and digital goods by 2024
Morgane Kimmich of Juniper Research

New data from Juniper Research has shown that the total transaction value of remote payments for digital and physical goods will exceed $6 trillion (€5.4 trillion) by 2024; representing a growth of 53% from 2019.

The new research, Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, revealed that online sales will be dominated by physical goods; forecast to account for almost 80% of online retail purchases by 2024. It urged traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.

‘Mobile first’ consumers changing the payments equation

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

The shift to mobile has impacted purchasing behaviour, with the average value of transactions expected to decline by 2024. Underpinning this growth, and the change in average transaction values, is the adoption of mobile ticketing – which is becoming increasingly remote and cashless.

Successful eRetail strategies for bricks-and-mortar players

Juniper Research assessed the digital strategies of 25 leading bricks-and-mortar retailers according to their levels of agility and innovation. The Home Depot ranked first, owing to its proactive eCommerce strategies and engagement with new technologies, such as augmented reality and analytics, to improve online consumer experiences.

The 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 customer behaviours and AR technology to enable customers to visualise virtual products in the real world via their smartphones.

According to research author, Morgane Kimmich, “Bricks-and-mortar retailers have to go beyond simple eCommerce to become digital-first companies. Retailers must fundamentally embrace the digital era by optimising data analytics and embracing new technologies; enabled by radical internal organisational change.”

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

For more insights, download our free whitepaper, New Technologies Empowering Seamless eRetail.

Comment on this article below or via Twitter: @VanillaPlus OR @jcvplus


category: Digital transformation, Network optimisation, News

Tags: augmented reality, eCommerce, eRetail, Juniper Research

VanillaPlus Q3 Magazine
 

VanillaPlus Magazine Issue 1 2022: Why IT must catch up with OT to enable 5G monetisation

Is creativity a bridge too far for CSPs? As communications service providers (CSPs) engage in new digital value chains, collaborate with partners and participate in multi-directional business models, George Malim shares a tale of two bridges

READ NOW

Comments are closed.

  • Facebook
  • Twitter
  • YouTube
  • LinkedIn
  • Subscribe
Relax time
Read the new novel by J.J. Cowan on Africa’s conflict minerals trade and forced labour. 5* Reviews on Amazon.co.uk Paperback & Kindle

Check out on Amazon

X

Be the first to know!

  • The top telecom IT news stories of the minute
    in your inbox
  • Exclusive offers for entry into hundreds of
    events worldwide
  • Free access to a huge selection of the latest
    analyst reports and whitepapers
Subscribe now so you don't miss out
Don’t show me this again
Please check your email
x
Vanillaplus - The Global Voice of Telecoms IT
The Global Voice of Telecoms IT

VanillaPlus is the world-leading resource covering digital transformation for the communications industry. VanillaPlus brings you exclusive News, Expert Views, and Event Reviews. See Interviews from CEOs, CTOs, and COOs who are successfully transforming their business today.

Connect

Facebook Twitter YouTube LinkedIn

NEWS

  • Latest Telecoms IT news

DIGITAL EDITION

  • Latest Editions

OTHER

  • Newsletters [Archive]

KNOWLEDGE CENTRE

  • Webinars
  • Special Reports
  • Talking Heads
  • Editorial Advisory Board

COMPANY

  • About
  • Contact Us
  • Terms & Conditions
  • Privacy Policy

PARTNERS

  • IoT News

© 2014-2022 VanillaPlus - The global voice for telecoms IT. All rights reserved.