Consumers are increasingly turning to online and mobile channels to make retail purchases that they traditionally would have made in-store in prior years — thanks to new online purchasing experiences like click-and-collect and mobile order-ahead.
In 2025, traditional brick and mortar retailers will spend $34 billion on AI technologies — that’s up from just $4 billion in 2018. According to the ABI assessment, computer vision will account for 29 percent of this IT spending.
The value of spending on remote payments for digital and physical goods will surpass $3.3 trillion this year — that’s up 10 percent on the 2017 total of $3 trillion, according to the latest worldwide market study by Juniper Research.
Food and beverage retail is the next big sector that will feel the influence of digital shopping. We’re seeing the shift already: 23% of U.S. shoppers bought groceries online in 2016, an increase of 20% versus just two years prior—and adoption has only accelerated since then.
Digital transformation in retail is changing how people shop. Across channels consumers are buying less each time they shop. This shift is more concentrated in pure-play online retailers, where consumers don’t fill their baskets. Their goal is to get what they want quickly and without any friction.
eMarketer estimates the value of U.S. proximity mobile payment transactions will total $49.29 billion in 2017 — that’s up 78.1% from last year. Though the growth rate will remain in double digits through the forecast period, it will slow down to 23.9% in 2021.