Omnichannel retail momentum accelerates

E-commerce payment transactions to exceed over $7T in 5 years. Source: unsplash.com

According to Juniper Research, the value of global e-commerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021.

This growth rate of 55% over the next 5 years will be driven by retailers offering compelling omnichannel retail experiences that increase user e-commerce spend.

Omnichannel retail is a model that provides end-users with the ability to access retail services, including sales and customer support, via multiple channels.

The new research forecasts 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.

In addition, there are increasing appetites for new payment methods within e-commerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons.

The research also found that by 2026, China will account for over 37% of global e-commerce payments by transaction value, owing to its established and extensive e-commerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods.

We’ve reported that Mastercard signed partnership to ease digital payments in Japan.

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