Sunday, 21 April 2019 12:43 GMT
img

Consumer Retail Spend to Rise by 25% by 2023, Hitting $30 Trillion, as Online Alternative Payments Fuel Growth



(MENAFN - Investor Ideas)
Consumer Retail Spend to Rise by 25% by 2023, Hitting $30 Trillion, as Online Alternative Payments Fuel Growth Juniper Study Highlights Key Strategic Approaches for Payment Providers

Hampshire, UK - March 12, 2019 (Investorideas.com Newswire) A new study from Juniper Research has identified a range of strategies for payment providers to deploy if they are to maximise their opportunities across both the offline and online space. The research found that retail spend is expected to increase by $6 trillion globally between 2018 and 2023 (taking total spend to $30 trillion), with growth driven by a combination of alternative payment mechanisms (most notably wallets) and online spend.

However, stakeholders face a host of competitive and regulatory challenges if they are to take full advantage of the opportunity. According to the study, Strategies for Payment Providers: Opportunities, Risks & Competition 2019-2023, reducing friction at checkout remains a key hurdle, with online cart abandonment rates high.

Meanwhile, the research highlighted that, in many markets, in-store spend will plateau or even decline; increasing the likelihood that major retail chains may be obliged to scale back their physical presence even further.

Industry Stakeholders Assessed

The research also assessed strategic approaches of over 40 payment processors, mobile wallets and telco payment providers; comparing their capabilities, breadth and depth of their service offerings and future prospects in a series of heatmaps and Juniper Leaderboards.

For more insights, download Juniper's complimentary whitepaper, 'Game Changers ~ 5 Companies Reshaping the Payments Space'.

Local Solutions Needed to Reduce Friction

The study argued that cart abandonment rates can be reduced by a combination of measures, including implementation of card-on-file, one-click payment solutions and ensuring that both popular local payment currencies and checkout procedures are on offer.

Meanwhile, a Juniper fraud mitigation ROI analysis found the scale of potentially lost revenue, either through false positives, costly manual reviews or chargeback costs, was substantially greater than the costs of robust FDP (Fraud Detection and Prevention) solutions. According to research author Dr Windsor Holden, "Service providers must focus on highlighting the bottom-line benefits of identifying genuine transactions as a priority over simply promoting the ability to reduce transaction or account fraud."

Juniper Research is acknowledged as the leading analyst house in the digital commerce and fintech sector; delivering pioneering research into payments, banking and financial services for over a decade.

Contact:


www.juniperresearch.com


More Info:

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country.

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


MENAFN1203201901420000ID1098242753


Consumer Retail Spend to Rise by 25% by 2023, Hitting $30 Trillion, as Online Alternative Payments Fuel Growth

  Most popular stories  

Day | Week | Month