Ecommerce and online payment technologies market trends in 2020
- This is a preview of the Payments Ecosystem research report from Business Insider Intelligence.
- Purchase this report.
- Business Insider Intelligence offers even more consumer coverage with Payments & Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox.
E-commerce has been growing by leaps and bounds in the last several years, and now the overall market is starting to take notice.
And while e-commerce's portion of the total share of the U.S. retail market is still relatively slim, nearly all of the growth in the retail sector now occurs in online sales.
Below, we've outline the market outlook for e-commerce, listed some online payment statistics, and examined some online payment trends.
Online Payment Market Share, Size, and StatisticsBusiness Insider Intelligence predicts that global e-commerce volume will increase from $3.1 trillion in 2018 to an expected $5.8 trillion in 2024.
However, the digitization of payments is not solely for retail - peer-to-peer (P2P) payments, digital remittances, and digital business payments are also on the rise.
Online Payment Trends
The shift to digital has begun. And while PCs still hold the lead as the most popular device for e-commerce, smartphones are hot on its tail. Smartphones have revolutionized m-commerce - currently generating $128.4 billion and projected to increase to $418.9 billion by 2024.
As stated above, digital payments reach far beyond the retail market. With Venmo and Zelle gaining attention from younger users, digital P2P payments are becoming more and more popular.
Additionally, the digital remittance space is poised to reach $459 billion by 2024 - largely due to larger geographical reach.Lastly, the digitization of payments has drastically changed the business-to-business (B2B) payments space. Although many companies are slow to adopt digital payment services, more and more are seeing the benefits of moving toward digitization. Advertisement
For example, digitization can increase efficiency by 73% and decrease costs by 81%. Because of these benefits, a wider scope of companies are adopting digital technologies.
More to Learn
Trends indicate that e-commerce is the wave of the future for shoppers. But digital shopping is just one piece of the broader payments ecosystem. Business Insider Intelligence's Payments Ecosystem research report examines the payments ecosystem today, its growth drivers, and where the industry is headed.Interested in getting the full report? Here's how to get access:Advertisement
- Purchase & download the full report from our research store. >> Purchase & Download Now
- Sign up for Payments & Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >> Get Started
- Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. >> Check If You Have Enterprise Access
- Current subscribers can read the report here.
- It only takes 50 tweets to find a troll on Twitter
- Best neckband headphones for a rich audio experience
- India’s first private player to successfully test a homegrown rocket engine is on track for its first full rocket launch by 2021
- Hiring is on a slow rise in India, but the numbers are nowhere close to pre-COVID levels
- Microsoft confirms Xbox Series X to launch in November