Digital commerce spending to surpass $11T by 2022: research

That’s an 11.5% growth in a single year

digital commerce

Digital commerce spending to surpass $11T by 2022: research. Source: pexels.com

According to Juniper Research, digital commerce spending will rise to over $11.6 trillion by the end of 2021, from $10.5 trillion last year.

This spend drives money transfer, digital goods purchases, physical goods purchases, digital ticketing purchases, banking bill payments, NFC, and QR code retail payments.

The research found that the success of digital solutions during the pandemic means that consumer behavior will become increasingly digitally-led, rather than reverting to pre-pandemic norms.

The data found that mobile commerce will account for 73% of all digital commerce transactions by value in 2021, rising to 79% by 2025. Mobile turned out to be the most important way to access services, and although online will remain relevant for higher-value transactions, user experiences must be mobile first.

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

Along with 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.

We’ve reported that Brits would rather insure their pets instead of themselves.

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