The Juniper Research report - Mobile & Online Remote Payments for Digital & Physical Goods: Opportunities, Pain Points & Competition 2019-2024, reveals that online sales will be dominated by physical goods, forecast to account for almost 80% of online retail purchases by 2024.
In addition average online customer spend is forecast to exceed US$1,000 globally per annum by 2024, while remote payments - driven by smartphone buyers making purchases via mobile devices - will see an increase by nearly 60% between 2019 and 2024, with just 21% of purchases made using PCs, laptops and connected TVs globally by 2024.
According to Juniper, the shift to mobile has impacted purchasing behaviour, with the average value of transactions expected to decline by 2024.
And Juniper, in response, urges traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.
For its research, Juniper 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.
Juniper says 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.
And Juniper notes that Home Depot’s 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.
“Bricks-and-mortar retailers have to go beyond simple eCommerce to become digital-first companies,” says research author Morgane Kimmich.
Retailers must fundamentally embrace the digital era by optimising data analytics and embracing new technologies; enabled by radical internal organisational change,” Kimmich concludes.