451 Research: Four major trends will change the global retail industry

The latest research from 451 Research finds that new technologies, new platforms and new consumer demands are changing the retail industry. These market changes not only affect how shoppers choose to buy goods and services, but also how and where they spend their money. 451 Research predicts four trends will change the retail industry:

This year, $1 in every $10 spent globally was spent online

Thanks to new online purchasing experiences such as click-and-collect and mobile ordering, consumers are increasingly turning to online and mobile channels for purchases that were previously made in-store. According to forecasts, online commerce will continue to expand rapidly, exceeding in-store sales by six times to $5.8 trillion by 2022.

China to become world's first $1 trillion online commerce market this year

In recent years, China has become a powerhouse in e-commerce and mobile commerce, rapidly growing into the world’s largest online sales market. By the end of the year, China’s online spending will exceed $1 trillion, making it the first country to cross this important milestone.

By 2019, the number of mobile e-commerce transactions will exceed the number of global e-commerce transactions

Mobile is already the primary computing platform for the global population, and next year it will become the preferred online commerce platform for consumers around the world. Mobile will increasingly become the first, and often only, touchpoint between retailers and shoppers.

Global contactless mobile payments to exceed $1 trillion by 2022

Sales via contactless mobile payment methods, such as Apple Pay and Google Pay, will grow at a CAGR of 30.7% through 2022, from just 1.4% of global physical retail sales this year to 3.8% by 2022.