Retailer must become 'digital-first companies', Juniper Research
Global online retail sales will exceed $6 trillion in physical and digital goods by 2024, representing a growth of 53% from 2019, according to Juniper Research. The company is urging traditional retailers to offer omnichannel services that align with ever-increasing consumer expectations.
Physical goods will account for almost 80% of purchases by 2024. Remote payments will be driven by 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 that time.
The shift to mobile has impacted purchasing behaviour, 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’s Morgane Kimmich, comments: “Bricks and mortar retailers have to go beyond simple e-commerce to become digital-first companies. Retailers must fundamentally embrace the digital era by optimising data analytics and embracing new technologies; enabled by radical internal organisational change.”