Mobile wallets key as Juniper Research predicts mixed retail bag

Global retail spend is set to increase by $6 trillion between 2018 and 2023 (taking total spend to $30 trillion), with growth driven by a combination of alternative payment mechanisms (most notably wallets) and online spend, according to a new Juniper Research study.

At the same time, however, a number of competitive and regulatory challenges must be addressed. Reducing friction at checkout remains a key hurdle, with online cart abandonment rates high. Also, in many markets, in-store spend will plateau or even decline, increasing the likelihood of major retail chains scaling back their physical presence even further.