“AI raises the analytical capabilities of CPG manufacturers and retailers to a new level and helps to optimize decision-making and to automate processes and actions. This includes optimizing internal processes such as logistics, inventory, and supply chain management.”
Contactless transactions at POS are increasingly displacing cash in multiple markets. The study found that the average value per contactless transaction will grow from under $19 in 2019 to over $23 in 2024, with mobile payments and increasing contactless card issuance in the U.S. driving transaction growth.
According to Juniper Research, global spending on digital commerce will reach $18.7 trillion by 2024 — that’s up from $11.2 trillion in 2019; an increase of 66 percent over the 5-year forecast period.
The global retail analytics market will reach a value of $24 billion by 2027 — expanding at a CAGR of ~19% from 2019 to 2027. Asia Pacific is anticipated to dominate the global retail analytics market and expand at a CAGR of ~24% during the forecast period.
Mobile’s share in U.S. online retail and travel commerce will increase from 36% in 2018 to 45% in 2024, according to Forrester. Retailers are investing in smoothing the checkout process to encourage more consumers to complete their purchase on their smartphone.
Juniper now forecasts that over half of global revenue will be generated in China by 2024 — primarily owing to its increasing consumer affluence, and vast usage of Chinese social payments platforms such as WeChat Pay.
In recent years, cashless payment has become increasingly prevalent, whether using conventional methods or innovative and convenient financial services on mobile phones. This trend will make our economy and financial system more efficient.