Online retail sales to exceed USD 6 tln in physical, digital goods by 2024

Tuesday 17 September 2019 14:14 CET | News

Research from Juniper Research has found that the total transaction value of remote payments for digital and physical goods will exceed USD 6 trillion by 2024.

The value represents a growth of 53% from 2019.

The 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, forecasted to account for almost 80% of online retail purchases by 2024.

Other key findings:

  • 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;

  • 21% of purchases will be made using PCs, laptops, and connected TVs globally by 2024;

  • the average value of transactions is expected to decline by 2024.

Juniper Research suggests that bricks-and-mortar retailers have to go beyond simple ecommerce to become digital-first companies. Retailers must embrace the digital era by optimising data analytics and embracing new technologies.

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Keywords: Juniper Research, online retail, physical goods, digital goods
Countries: World