Remote purchases of physical goods on the rise
The remote purchase of physical goods will exceed the threshold of 30 MM€ this year in Spain (7% of the total of Europe). It will approach 37 MM€ in 2024, according to our last analysis about digital payment of physical goods, based in Juniper Research data.
Since the beginning of this year, purchases of services (travel, leisure, subscriptions and others) were at the top of the digital market. In recent months, online purchases of physical goods have been gaining ground, particularly in the fashion, footwear and accessories, technology, household appliances, food, sports and toys sectors.
By 2020, Spain will have made 735M purchases of physical goods remotely. This figure will grow by 18% to 868M in 2024. In 2020, each Spanish user will make an average of 31.2 transactions (vs 26.3 European figure).
More purchases from mobile phones
According to Roberto Monge, our Chief Operations Officer: “85% of Spanish users over 15 years old have already bought a physical good remotely from a computer. The proportion of users who buy and pay for physical goods remotely from their mobile devices is now 26%, and we estimate that this percentage will increase to 32.5% in 2024”.
The remote purchase of physical goods will grow by 70% (from 2020 to 2024) well above the European and global figures increasing 46% and 59%, respectively. In Spain, turnover from computers will stand at 16M€ this year and will register an accumulated decrease of 11% to reach slightly over 14M€ in 2024.
On the other hand, the average value of these purchases made from mobile devices in Spain will grow by 17% in the 2020-2024 period, from 36€ to 42€. This ratio is also higher than the current average in Europe (30€) and the rest of the world (20€).
More opportunities for mobile payments
Payments of physical goods through the manufacturer’s wallet proposal (OEM) such as Apple Pay, Google Pay or Samsung Pay, will also grow in the coming years.
The analysis points out that only 5.2% of remote purchases of physical goods are currently paid with these systems in Spain. However, in the next 4 years, this percentage will double and reach the12.6% of the total.
“With new technical developments and mobile payments technologies, retailers have a good opportunity to grow, if they can offer their customers a liquid and memorable digital experience,” explains Roberto Monge.
Are you interested in reading the full analysis of digital payment for physical goods? Download it here.