Innovation Trends in Global Retail and Payments 2017 code:1344

Innovation Trends in Global Retail and Payments 2017
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, Brazil, China, France, Germany, Italy, Japan, Mexico, South Korea, UK, USA
Pages: 91
Publication Date: 26/10/2017
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Questions Covered in the report:
  • What are the leading technology innovations in global retail and payment industries?
  • Which market trends arise from emerging technologies such as Internet of Things and Artificial Intelligence?
  • How are chatbots and virtual assistants utilized by merchants and consumers?
  • How does the use of innovative payment methods such as mobile wallets and virtual currencies vary across selected top markets?
  • What are the main uses of the blockchain technology according to global payments and financial services professionals?

Key Findings: Retail and payment innovation trends

The rise of technologies such as Artificial Intelligence, Augmented Reality and Virtual Reality, the Internet of Things and blockchain has disrupted retail and payments along with other industries. Both consumers and businesses are adopting these innovative technologies, resulting in a number of trends which are covered in the yStats.com report.

Among them, the trend of conversational commerce arose from the latest developments in artificial intelligence and machine learning. Consumers can now shop by giving voice commands to virtual assistants such as Amazon’s Alexa, Apple’s Siri, and Google Assistant. A double-digit share of shoppers in developed markets such as the USA and the UK already report they would purchase less in physical stores and through traditional web browsing because of the new technology, according to a recent survey cited in yStats.com’s report. Besides virtual assistants, smart chatbots also come to consumers’ help in finding the relevant product or services and placing orders, all inside a messenger app. The cost saving for businesses through the use of chatbots are projected to explode to several billion dollars by 2022.

The Internet of Things is another technological innovation expected to make a great impact on the retail industry. According to a projection cited in the yStats.com report, more than nine in ten newly designed electronics products will have the IoT technology. Among other developments, IoT powers emerging retail solutions such as automatic replenishments and checkout-free convenience stores, for example, Amazon Dash and Amazon Go.

In payments, the deployment of NFC contactless technology has enabled in-store payments through mobile wallets, such as Apple Pay, Android Pay and Samsung Pay. Mobile payments are especially popular in emerging markets such as China, although the advanced economies of North America and Europe also witness the proliferation of smartphone payments, according to market statistics cited in yStats.com’s report. The technology behind another innovative payment method, virtual currency, known as blockchain, has also found application in the finance and payment industry such as for improving payment infrastructure and fraud detection. Industry surveys reveal that the use of artificial intelligence, machine learning and biometrics are also on the innovation agenda in payments.

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1. Management Summary

2. Top Innovation Predictions & Most Innovative Companies

  • Global: Top 10 Technology and Innovation Predictions Through 2022, October 2017
  • Global: Technologies Perceived as Most Disruptive for Industries and Business Models for the Next Five Years According to Business and Technology Executives, in % of Respondents, 2016
  • Global: List of Top 50 Most Innovative Companies, 2016

3. Innovation Trends in E-Commerce & Retail

3.1. Conversational Commerce: Chatbots and Voice-Activated Virtual Assistants

  • Global: Chatbot Trend Overview & Examples, October 2017
  • Global: Annual Cost Savings from Chatbots, in USD million, 2017e, 2019f & 2022f
  • Global: Share of Companies Which Launched Chatbots or Plan to Launch, in %, H2 2016
  • Global: Top Platforms Preferred for Building Chatbots, in % of Respondents Among Businesses, January 2017
  • EMEA: Share of Senior Sales and Marketing Executives Using Chatbots for Customer Interactions, in %, 2016 & 2020f
  • UK: Predicted Uses of Chatbots and Barriers to Usage, in % of Consumers, May 2016
  • France: Breakdown of Awareness and Intention to Use Chatbots, in % of Consumers, November 2016
  • Germany: Share of Consumers Who Could Imagine Using Chatbots, in %, and Interest in Potential Chatbot Uses, in % of Consumers Who Could Imagine Using Chatbots, November 2016
  • USA: Breakdown of Likelihood of Purchasing Products/Services from Brands Using a Chatbot, in % of Millennial Internet Users, December 2016
  • Global: Voice-Activated Virtual Assistant Trend Overview & Example, October 2017
  • Global: Share of User Interactions with Smartphone via Virtual Personal Assistants, 2019f
  • Global: Top Uses of Voice-Activated Virtual Assistance Devices, in % of Virtual Assistant Users, by the USA and the UK, by Gender, April 2017
  • Global: Perceived Influence of Voice-Activated Virtual Assistance Devices on Shopping Behavior, in % of Virtual Assistant Users, by the USA and the UK, by Gender, April 2017
  • Global: Breakdown of Experience With Voice-Activated Ordering, in % of Generation Z Shoppers, March 2017

3.2. Augmented Reality and Virtual Reality in Shopping

  • Global: Augmented Reality and Virtual Reality in Shopping Trend Overview & Examples, October 2017
  • Global: Industry Spending on AR/VR in Retail Showcasing, in USD million, 2017e & 2021f
  • Global: Industries Expected to Benefit the Most form AR According to Global Business and IT Professionals, in % of Respondents, November 2016
  • Global: Share of Consumers in Selected Countries Who Heard about VR/AR and Would Consider Shopping Using VR/AR, in %, March 2017
  • USA: Interest in Possible Shopping Uses of AR/VR, in % of AR/VR Users, July 2017
  • USA: Product Categories Which Consumers are Willing to Shop via AR, in % of Consumers, August 2016

3.3. Internet of Things in Retail: Checkout-Free Shopping and Automatic Replenishment

  • Global: Checkout-Free Store Trend Overview & Examples, October 2017
  • Asia: Overview of Selected Automated Convenience Stores in Asia, July 2017
  • Global: Share of Internet Users Who Believe Automatic Checkout Will be Important in the Future, in %, July 2017
  • USA: Breakdown of the Likelihood of Trying Amazon Go, in % of Consumers, by Gender, Age Group and Total, December 2016
  • Global: Automatic Shopping Replenishment Trend Overview & Examples, October 2017
  • Global: Share of Internet Users Who Believe Online Automatic Replenishment Would be Important to Their Experience in the Future, in %, July 2017
  • Global: Share of Generation Z Shoppers Interested in Automatic Replenishment Programs, in %, March 2017

4. Payment Innovation Trends

4.1. Overview of Innovative Technologies in Payments

  • Global: Overview of Selected Innovative Technologies in Payments, October 2017
  • Global: Most Relevant Technologies for Global FinTech and Financial Companies to Invest In, in % of Respondents, April 2017
  • Global: Most Relevant Emerging Technologies for Large FinTech and Financial Companies to Invest In, in % of Respondents in Each Group,  April 2017

4.2. Mobile Wallets & Contactless Mobile Payments

  • Global: Contactless Payment Transaction Value, in USD billion, 2017e & 2019f
  • Global: Number of Contactless Payment Users of Android Pay, Apple Pay, and Samsung Pay, in millions, 2015 – 2017f
  • China: Share of Internet Users Who Use Mobile Payment in Physical Stores, in %, 2016
  • China: Payment Transactions Processed via Offline QR Code Scanning, in CNY billion, Q1 2016 – Q1 2017
  • Australia: Mobile Contactless Payment Awareness, in % of Individuals, by Total and by Generation,  December 2016
  • USA: Proximity Mobile Payment Transaction Value, in USD billion, 2016 – 2021f
  • USA: Penetration of Apple Pay, Android Pay and Samsung Pay, by Enrolled, Have Used and Frequent Users, in % of Compatible Device Owners, January 2017
  • USA: Merchant Mobile Wallet Ownership, in % of Banked Smartphone Users, and Merchant Mobile Wallet Apps Used, in % of Merchant Wallet App Users, January 2017
  • Western Europe: Mobile Payment Transactions, in EUR billion, 2016 & 2021f
  • Western Europe: In-Store Mobile Payment Share of Total Mobile Payment Value, in %, 2016 & 2021f
  • Europe: New Technologies That European Multichannel Retailers Are Taking Advantage of, in %, January 2017
  • Europe: Share of Millennials Using Mobile Payment Service from PayPal and Apple Pay, in %, by Germany, Italy, the Netherlands, and the UK, July 2016
  • UK: Breakdown of Frequency of Using Mobile Phone to Make Contactless Payments In-Store, in % of Smartphone Users, By Age Group, Gender and Total, 2016
  • France: Breakdown of Belief in That Smartphone Will Become the Main Mean of Payment by 2025, by Payment Amount, in %, December 2016
  • Latin America: Share of Consumers Interested in In-Store Mobile Payments, in % of Surveyed Consumers, by Brazil and Mexico, June 2016
  • Middle East: Share of Consumers in the Middle East Who Would Opt for Alternative Payment Methods, in %, and Selected Alternative Payment Methods They Would Opt for, incl. “Mobile Wallet”, in %, May 2016

4.3. Artificial Intelligence & Voice Payments

  • USA: Examples of AI-based Advanced Analytics Usage in Payments and Banking, October 2017
  • USA: Voice Payment Users, in millions, and Penetration, in % of U.S. Adults, 2017 – 2022f
  • USA: Payment Transactions Carried Out Using Voice Command, in % of Voice Users, April 2017

4.4. Biometric Authentication

  • Global: Mobile Payment Security Features Demanded by Consumers and Implemented by Businesses, in %, 2016
  • Global: Security Authentication Features That Online Shoppers in the USA and the UK Would Consider Setting Up for Online Purchases in the Next 12 Months, in %, November 2016
  • USA: Innovative Authentication Technology for Making and Receiving Payments in 2027 According to U.S. Consumers, in % of Consumers, June 2017
  • Europe: Top Locations Where Consumers Would Want to Use Biometric Authentication for Payments, in % of Respondents, May 2016
  • UK: Services that Adults Would be Most Comfortable Using Biometric Identification for, incl. “Authorizing Payments”, in %, September 2015
  • Germany: Usage of and Interest in Mobile Payments In-Store and Payments Based on Biometric Identification In-Store, in % of Consumers, and in % of Retailers, May 2016
  • South Korea: Breakdown of Preferred Method of Authentication in Convenient Payment Services, in % of Users, October 2016

4.5. Blockchain & Virtual currency

  • Global: Status of Adoption of Blockchain Technology Among Global FinTech and Financial Companies, in % of Respondents,  April 2017
  • Global: Business Use Cases for Blockchain According to Global FinTech and Financial Companies, in % of Respondents,  April 2017
  • Global: Blockchain Trends Expected to be Most Important for the Payment Industry According to Industry Participants, in % of Respondents, April 2017
  • Europe: Share of Internet Users Who Believe that Digital Currencies Are the Future of Spending Online, in %, by Selected European Countries, Australia, and the USA, April 2016
  • Japan: Breakdown of Awareness of Virtual Currencies, in % of Internet Users, and Interest in Using Them, in % of Internet Users Who Know Virtual Currencies, May 2016
  • Japan: Locations for Current/Intended Use of Virtual Currencies, incl. “Online Shopping”, in % of Internet Users Who Are Aware of Virtual Currencies and Are Interested in Using Them, May 2016
  • USA: General Payment Methods Used, incl. Online and Mobile Methods, in % of Internet Users, March 2016
Read More
  • Alibaba Group
  • Amazon.com Inc
  • Apple Inc
  • Facebook Inc
  • Google LLC
  • PayPal Holdings Inc
  • Samsung Electronics Co Ltd
  • Wal-Mart Stores Inc.
Read More

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