A new study from Juniper Research has detailed that the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021.
Powered by retailers enhancing their focus on the omnichannel experience, it predicted a growth rate of 55%, with the digitalisation of the sector growing throughout the pandemic.
Omnichannel retail is a model that provides end users with the ability to access retail services, including sales and customer support, via multiple channels, as they seek to offer an encompassing offering.
The new research, ‘eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2022-2026’, predicts that these channels, including online, mobile and physical retail locations, will be instrumental for future success. This is because users expect the same services to be available irrespective of the channel.
Additionally, it detailed that there are increasing appetites for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons. Accordingly, it recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind.