Merchants must adapt to shifts in growth across retail sales channels. Payment providers can help by optimizing payment methods, boosting conversion, and integrating mobile payments. They can also help social media platforms become commerce players.
Key Question: What do in-store, online, and social commerce retail sales growth trends mean for payment providers?
Key Stat: When purchasing items they discovered on social media, users are more likely to go outside of the platform than to complete the transaction within it, per a March 2024 survey. That could change as social media players look to develop in-house commerce platforms - opening a new opportunity for payment providers.
Key Report Features:
- 2 Exportable files for easy reading, analysis and sharing.
- 3 Charts: Reliable data in simple displays for presentations and quick decision making.
Table of Contents
- Executive Summary
- Retail payment channel trends reveal new opportunities for payment providers to serve merchants
- In-store retail payments are going contactless amid broadening payment method choice
- Payment providers can help improve the payer experience in ecommerce - and especially mcommerce
- Social commerce is the fastest-growing retail channel as platforms innovate to capture sales
- Sources
- Media Gallery
Charts in This Report
- Purchase-Related Activities Conducted by US Social Media Users, March 2024 (% of respondents)
- US Retail Mcommerce Sales, 2024-2028 (billions and % of total retail ecommerce sales)
- US Smartphone Mcommerce Sales, 2024-2028 (billions and % of total retail ecommerce sales)
