Brand News

DIGITAL COMMERCE SPEND TO EXCEED $11.6 TRILLION IN 2021,

A new study from Juniper Research has found that digital commerce spending will rise to over $11.6 trillion by the end of 2021, from $10.5 trillion last year; a growth of 11.5% in a single year.

This spend encompasses money transfer, digital goods purchases, physical goods purchases, digital ticketing purchases, banking bill payments, NFC mobile retail payments and QR code retail payments. The research found that the success of digital solutions during the pandemic means that consumer behaviour will become increasingly digitally led, rather than reverting to pre-pandemic norms.

The research identified that reactive digital commerce strategies built in the pandemic by merchants need to turn into proactive, long-term strategies that offer the best user experience, as competition in the digital commerce ecosystem intensifies.

Advertisement

For more insights, download the free whitepaper: Digital Commerce & Opportunities for Post Pandemic Growth

Mobile Leading Digital Commerce Spend

The new research, Digital Commerce: Key Trends, Sectors and Market Forecasts 2021-2025, found that mobile commerce will account for 73% of all digital commerce transactions by value in 2021; rising to 79% by 2025. Mobile has emerged as the most important way to access services, and although online will remain relevant for higher-value transactions, user experiences must be mobile first.

Research author Nick Maynard explains: ‘Mobile apps are the dominant force in digital commerce, with user experience becoming critical, as products become heavily commoditised. Merchants must leverage AI-based analytics to ensure a truly personalised mobile commerce experience, or they will lose out to more digitally adept merchants.’

Advertisement

Remote Physical Goods Purchases are Largest Segment, but Contactless is Growing Rapidly

The research also found that remote physical goods purchases will account for the single largest transaction value of any segment in 2021 at 22% of the total, followed by money transfer and QR code payments. The research identified however that contactless mobile payments will have the highest rate of growth; increasing over 242% in value between 2021 and 2025, as OEM Pay services add spending insights and other value-added services to consolidate gains made during the pandemic.

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

Facebook Comments
Advertisement
Brand News Day

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.