Wednesday, 06 June 2018 18:53

Global digital commerce spend rising 60% by 2022 to approach US$15tr annually

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As retailers have been developing omnichannel strategies, online goods payments have been soaring, with a new study forecasting "consumer spend on digital commerce will reach US$14.7 trillion by 2022".

That figure is up by 60% on the 2017 figure of US$9.2 trillion, with the details contained in Juniper Research's "Digital Commerce: Key Trends, Sectors & Forecasts 2018-2022", which, as always, is on sale to relevant parties at relevant prices.

The study "found that the largest global contributor to payments was currently QR code-based offline purchases for physical goods, which now account for one-third of all Chinese instore payments by value".

"However, according to the research, although QR codes will have further growth in the Indian subcontinent and Africa, their value will be eclipsed worldwide by online purchases by 2022.

"The research found that with retailers increasingly offering localised payment mechanisms and friction at checkout reduced by stored credentials, migration from offline to online is likely to accelerate.

"Furthermore, it highlighted moves by traditional ‘bricks and mortar’ retailers to develop omnichannel strategies as they seek to shore up revenues by using mobile apps both for online purchases and to drive instore footfall."

Social payments drive money transfer volumes

Meanwhile, Juniper says its study "found that money transfer would be a key growth area, bolstered by rapid expansion and adoption of social payments".

"It highlighted the activities of companies such as PayPal (via its Venmo and Xoom subsidiaries) and Facebook in the space; arguing that these players were in pole position to capitalise on the increasing transition to digital of P2P payments."

What about the impact of blockchain?

Well, here the report claimed that "players across the ecosystem were poised to benefit from implementing blockchain technology for financial settlement".

"It argued that blockchain would enable increased standardisation for payment processing; substantially reduce the risk of error (including double spend) and indeed the time taken for error checking; resulting in faster, more secure and less costly processes.

"This, in turn, would allow money transfer companies to become more competitive, reduce fees to end users and thereby experience high usage volumes."

As per usual, there is a complimentary whitepaper to tempt you into purchasing the full research, dubbed "What are the Key Growth Areas in Digital Commerce?". 


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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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