RESEARCH TRIANGLE PARK – A new report from research firm Juniper says consumers are going to steadily increase their ecommerce shopping and primarily utilize mobile devices for ordering. Plus, we will be ordering more physical goods for home delivery.
Online retail sales are projected to surge by 53 percent to $6 trillion by 2024 from expected sales for 2019, Juniper says.
On average, people will be spending $1,000 online.
And mobile payment solutions will be the most used tools, gaining 80 percent of marketshare – a growth of 60 percent.
Physical goods will make up 80 percent of the purchases.
Interestingly, Juniper also reports that the average sale will decrease in value.
“The shift to mobile has impacted purchasing behaviour, with the average value of transactions expected to decline by 2024,” Juniper says.
“Underpinning this growth, and the change in average transaction values, is the adoption of mobile ticketing – which is becoming increasingly remote and cashless.”
Mobile ticketing enables consumers to buy admission to events, games and shows without having to acquire a physical ticekt.
So how are brick-and-mortar businesses to survive as more transactions take place online?
Juniper suggests “traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.”
Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, has more information.
