Spending on digital commerce is going up. Way up.
It is now estimated that total digital commerce spending will reach $18.7 trillion in 2024, an increase of 66% from this year.
More than a quarter (27%) of the spending will be the remote purchase of physical goods, according to the new forecast by Juniper Research.
That is the largest single digital commerce sector, which are being driven by digital-native merchants and a new focus from traditional brick-and-mortar retailers.
Digital commerce spending this year will reach $11.2 trillion, according to Juniper.
Payments from Internet of Things devices, primarily in the smart home and via connected vehicles, is projected to reach more than 32 billion transactions by 2024, compared to 1.8 billion this year.
An increase of 85% in digital money transfer spending also is projected.
Connected technology, most notably smartphones, is allowing consumers to make purchase anytime from anywhere, and that is what more of them are going to be doing.