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E-commerce has been growing by leaps and bounds in the last several years, and now the overall market is starting to take notice.
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The e-commerce ecosystem is rapidly evolving thanks to advances in online payment processing and electronic payment technology, as well as the willingness of almost all merchants to accept credit cards online.
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 Statistics
Business Insider Intelligence predicts that global e-commerce volume will increase from $3.1 trillion in 2018 to an expected $5.8 trillion in 2024.
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This is unsurprising considering e-commerce’s healthy growth. For example, in the US e-commerce sales totaled $146.2 billion in Q2 2019, making e-commerce nearly 11% of retail overall.
Given the rise in online shopping, Business Insider Intelligence estimates that the revenue for companies processing online payments will increase from $82 billion to $138 billion between 2018 and 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.
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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.
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.
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