Online retail sales to exceed $6 trillion by 2024

Average online customer spend to exceed $1,000 globally per annum by 2024

Online retail sales to exceed $6 trillion by 2024. Source: shutterstock.com

New data from Juniper Research has shown that the total transaction value of remote payments for digital and physical goods will exceed $6 trillion by 2024; representing a growth of 53% from 2019.

The new research revealed that online sales will be dominated by physical goods; forecast to account for almost 80% of online retail purchases by 2024. It urged traditional retailers to offer omnichannel offerings to ensure services align with ever-increasing consumer expectations.

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. Consequently, just 21% of purchases will be made using PCs, laptops and connected TVs globally by 2024.

The shift to mobile has impacted purchasing behavior, with the average value of transactions expected to decline by 2024. Underpinning this growth, and the change in average transaction values, is the adoption of mobile ticketing – which is becoming increasingly remote and cashless.

Juniper Research 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 e-commerce strategies and engagement with new technologies, such as augmented reality and analytics, to improve online consumer experiences.

SEE ALSO: The US vs China trade war: reasons & consequences

facebook