BASINGSTOKE, England, Jan 17 (Bernama-BUSINESS WIRE) — A new study from Juniper Research has found that the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021. This growth rate of 55% over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce 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, 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 found 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.