Digital commerce transaction value to reach $20 trillion globally by 2027


September 21, 2022 | By RetailME Bureau

A new study from Juniper Research has found the total value of digital commerce transactions globally will exceed $20 trillion by 2027, from $12.3 trillion in 2022. It predicts growth will be driven by increasing acceptance of digital payment methods and technologies that enable digital payments during the checkout procedure, such as NFC (Near-field Communication) payments.

This spend encompasses online money transfer, digital and physical goods purchases, digital ticketing purchases, banking and bill payments.

NFC Payments Lead

The research anticipates that mobile NFC payments will experience the strongest growth in the digital commerce market, with 176% growth in transaction value forecast between 2022 and 2027 globally. It predicts increasing consumer desire for frictionless payment methods will drive NFC transactions by eliminating the need for consumers to carry a payment card in addition to their mobile device.

The report urges NFC payment vendors to implement solutions that eliminate any unnecessary steps in the payment process. The report recommends supporting devices that enable biometric identification for payment authentication to reduce the risk of payment fraud in the payment process.

Digital Commerce Growth Catalysed by eCommerce Adoption

Additionally, the research predicts online shopping will drive digital commerce growth, with the value of eCommerce transactions expected to grow by 82% globally between 2022 and 2027. Remote purchases of physical goods will experience the strongest growth: 106% in the value of transactions globally during the 5-year period. Improvements in supply chain and order fulfilment operations and faster delivery times for physical goods are anticipated to drive this growth.

Moreover, during the height of the COVID-19 pandemic, consumers’ shopping transactions were forcibly migrated to eCommerce channels. Vendors operating in the eCommerce market must integrate alternative payment methods, such as BNPL (Buy Now, Pay Later), into their solutions to sustain this rapid growth and compete with bricks-and-mortar stores.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Food retailer SPAR enters Kazakhstan

Dutch food retailer SPAR enters Kazakhstan following the opening of its first 

Continue Reading

October 6, 2022 | By RetailME Bureau
BinDawood Holding opens first Danube supermarket in Bahrain

One of the leading grocery retail operators of hypermarkets and supermarkets in 

Continue Reading

October 3, 2022 | By RetailME Bureau

Al Maya Group has announced the opening of its new supermarket in Arabian 

Continue Reading

September 29, 2022 | By RetailME Bureau

Locally-owned supermarket Spinneys and pharmacy retailer Aster Pharmacy have joined forces to 

Continue Reading

September 5, 2022 | By RetailME Bureau
The pandemic has undoubtedly affected us all

Majid Al Futtaim has announced its audit reviewed operational and financial results 

Continue Reading

August 24, 2022 | By RetailME Bureau

Dubai’s largest developer Emaar has announced that it will sell it’s online 

Continue Reading

August 22, 2022 | By RetailME Bureau

Walmart announced this week that it will offer Paramount Global’s streaming service 

Continue Reading

August 19, 2022 | By RetailME Bureau

Employee retention has been on every company’s minds, especially since the fears 

Continue Reading

August 16, 2022 | By RetailME Bureau

Veppy.com, a Q-Commerce marketplace startup just announced their go live date in the 

Continue Reading

July 20, 2022 | By Justina Eitzinger

GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading 

Continue Reading

July 19, 2022 | By Justina Eitzinger

Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot 

Continue Reading

May 9, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine