Kochava Why-Pay-For-an-MMP

40 per cent of the global population will be using digital commerce by 2021

Tyrone Stewart

eCommerceThe number of people using digital commerce services will reach 3bn by 2021, equalling 40 per cent of the global population, up from 32 per cent this year.

According to forecasts from Hampshire-based analyst Juniper Research, the digital commerce industry will be dominated by remote payments for digital and physical goods, and digital banking via bill payment services, over the next few years. By 2021, it is predicted the two segments will account for more than half of global transaction values.

Chatbots will pay a key part in the digital commerce market by 2021, the analyst’s study found, with businesses adopting automated customer experiences to drive customer engagement and sales.

“Juniper has found that chatbots and natural language search can greatly improve retailer understanding of consumer behaviour, so we are witnessing growth in this sector, for example investment by Facebook and Google, as well as the launch of digital assistants by companies such as Amazon,” said research author Lauren Foye.

Furthermore, Juniper’s research found that digital banking will be adopted by nearly one in two adults by 2021. Usage will continue to rise as consumers lean toward banks with multi-channel digital services, meaning ‘providers will need to focus on present ever more frictionless digital experiences to their customers’.