Social commerce and connected devices are also showing larger adoption rates and can be expected to continue rising over the next few years. As a result of this uptick, payment providers must invest in their mobile shopping and buying experience. Because consumers have been spending more time on mobile devices, it is predicted that smartphones will generate 87.2% of mcommerce sales this year. Though we forecast ecommerce sales will remain above $1 trillion for the second consecutive year in 2023, some changes will need to be made to the purchasing landscape to address declining computer and desktop retail sales. According to Zebra Technologies, as of July 2022, 45% of retailers worldwide were planning to convert cash register space to self-checkouts due to consumer interest, cost-saving potential, and the need to cut or reallocate labor.

In order to keep shoppers in-store, merchants must broaden their accepted payment methods by allowing proximity mobile payments contactless cards buy now, pay later and account-to-account payment options. By the end of 2026, brick-and-mortar will still account for $4 in $5 spent in retail-making it a critical investment for payment providers despite being less flashy than ecommerce and emerging digital channels. In-store shopping remains the largest US retail channel by both share and dollars. Account icon An icon in the shape of a person's head and shoulders.

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