Digital Receipts Market 2027 Status And Development, Average Product Price And Market Shares Of Key Players

2022-11-02 09:04:01

(MENAFN- EIN Presswire)

Market Research Reports, Business Consulting Services & Analytics

Retail industry in Digital Receipts market is analysed to grow with the highest CAGR of 8.4% during 2022-2027

HYDERABAD, TELANGANA, INDIA, November 2, 2022 / / -- The size is estimated to reach $2.3 billion by 2027, growing at a CAGR of 7.5% during the forecast period 2022-2027. The market growth is due to increasing adoption of retail shopping applications & websites, increasing use of food purchase applications, rising penetration of online payment and delivery options and so on to rising preferences for online shopping, growing use of electronic receipts in retails industries and so on. Retailers can incorporate marketing messages or customized messages to individual customers using digital receipt technology. It aids in customer relationship management and retailers can easily build email lists, and collect client data at the transaction level by using digital receipts. Retailers can use digital receipt to identify top consumers and the types of items they are most likely to purchase in the future.

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Key Takeaways
1. Based on distribution, E-mail segment is analysed to grow at the fastest rate of 7.9% in the Digital Receipts market during the forecast period 2022-2027, owing to growing use of e-commerce sites, increasing use of mails, rising adoption of online shopping apps & websites so on.

2. Retail industry in Digital Receipts market is analysed to grow with the highest CAGR of 8.4% during 2022-2027 attributed to rising consumer demands for personalized shopping experiences, growing sustainability movements combined with demands for reducing operational cost and so on.

3. North America dominated the Digital Receipts market with a share of 35% in 2021, attributed to increasing adoption of paperless receipt system, rising customer demands for convenient & efficient shopping solutions, increasing use of internet of things & AI and so on.

4. Rising adoption of retail shopping & food purchase application and increasing penetration of online payment solutions are analysed to significantly drive the market growth of Digital Receipts market during the forecast period 2022-2027.

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Segmental Analysis:

Digital Receipts Market Segment Analysis- By Distribution System
Based on distribution system, E-mail segment is analysed to grow at the fastest rate of 7.9% in the Digital Receipts market during the forecast period 2022-2027, owing to the growing use of e-commerce sites, increasing use of mails, rising adoption of online shopping apps & websites so on. Electronic receipts are environment friendly as they eliminate the use of paper bills. They are cost efficient and convenient, offering a digital receipt to customers minimises the risk of losing it. They help in building positive customer experience thereby helping a business to grow as per the needs and demands of the consumers. According to a report published by Paymentsense in 2021, more than half (53%) of emails are opened on smartphones, and personalised emails have 6x greater transaction rates.

Digital Receipts Market Segment Analysis- By Industry Vertical
Retail industry in Digital Receipts market is analysed to grow with the highest CAGR of 8.4% during 2022-2027 attributed to rising consumer demands for personalized shopping experiences, growing sustainability movements combined with demands for reducing operational cost and so on. The digital receipt system records transaction data, which can be used for current and future marketing campaigns. Retailers can use electronic receipts to increase online store traffic and establish social media communities. They can promote customer interaction by providing links to website, social media and loyalty programmes in receipts and help in customer relationship management.

Digital Receipts Market Segment Analysis- By Geography
North America dominated the Digital Receipts market with a share of 35% in 2021, attributed to increasing adoption of paperless receipt system, rising customer demands for convenient & efficient shopping solutions, increasing use of internet of things & AI and so on. In November 2020, American Express has launched a new digital receipt that allows customers to view precise transaction details for purchases made from firms such as Apple, Square, Microsoft, and Google.

Competitive landscape:

The top 5 players in the Digital Receipts industry are:

1. PayStand
2. Square, Inc
3. ClassWallet
4. Dashlane
5. Sensibill

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