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Digital Receipts Market Size Worth $2.9 Billion By 2030: IndustryARC

Apr 17, 2024 7:00 PM ET

Digital Receipts Market Size Worth $2.9 Billion By 2030: IndustryARC

The Digital Receipts market size is estimated to reach $2.9 billion by 2030, growing at a CAGR of 7.5% during the forecast period 2024-2030. The market growth is due to increasing adoption of retail shopping applications & websites, increasing use of food purchase applications, rising penetration of online payment and delivery options and so on to rising preferences for online shopping, growing use of electronic receipts in retail industries, finds IndustryARC in its recent report, titled “Digital Receipts Market Size, Share & Trends Analysis Report- By Distribution System (E-mail, Text, Application and Website), By Shopper Type (Non-loyalty and Loyalty), By Industry Vertical (Retail industry, Apparel industry, Sports, Home goods, Footwear, Health & Wellness and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030’’

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Europe Set to Dominate Digital Receipts Market:

Europe dominated the Digital Receipts market with a share of 28% in 2023 and expected to grow at CAGR of 8.8% in forecast period 2024-2030, attributed to increasing adoption of paperless receipt system, rising customer demands for convenient & efficient shopping solutions, increasing use of internet of things & AI and so on. According to the Confederation of European Paper Industries (CEPI), paper and board production in member countries decreased by 5.9% in 2022 compared to the previous year. Beginning August 1, 2023, retailers in France were no longer required to issue receipts, card slips, or purchase vouchers for every transaction completed in their businesses. France is taking an important step towards a more sustainable future by enacting new laws.

Digital Receipts Market2023-2030: Scope of the Report

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

7.5%

Market Size in 2030

$2.9 billion

Segments Covered

By Distribution Type, Shopper Type, Industry Vertical and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  1. Square Inc.
  2. SAP
  3. Ingenico Group
  4. SumUp
  5. Intuit
  6. Fiserv
  7. PayPal
  8. Cegid Group
  9. Powa Technologies
  10. Oracle

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Digital Receipts Market Report – Key Takeaways:

  • Increasing Adoption of Mobile Applications

The rise in smartphone usage has led to a surge in digital receipt adoption through mobile applications. Retailers and businesses leverage mobile apps to deliver digital receipts conveniently to shoppers’ smartphones, enhancing customer experience and reducing paper waste. The convenience offered by mobile apps for managing and storing digital receipts appeals to tech-savvy consumers, driving the growth of this distribution channel in the digital receipt market.

  • Growing Preference for E-Mail Receipts

E-mail remains a popular channel for distributing digital receipts due to its widespread accessibility and familiarity among consumers. Retailers across various industries leverage e-mail receipts to deliver transaction details and promotional offers directly to shoppers’ inboxes. E-mail receipts provide a seamless way for consumers to organize and track their purchases, while also enabling businesses to engage with customers post-purchase, thereby fueling the adoption of e-mail receipts in the digital receipt market.

  • Expansion of Loyalty Programs

The integration of digital receipts with loyalty programs presents a significant driver for the digital receipt market, particularly among loyalty shoppers. Retailers leverage digital receipts to capture shopper data and personalize offers and incentives based on purchase history. Loyalty shoppers are incentivized to opt for digital receipts to streamline their shopping experience and unlock rewards, driving the adoption of digital receipts within loyalty programs across various industry verticals.

  • Rising Environmental Sustainability Initiatives

Businesses across industries are increasingly adopting digital receipts as part of their sustainability efforts to reduce paper usage and environmental impact. Digital receipts eliminate the need for paper receipts, which contributes to paper waste reduction and promotes eco-friendly practices. Retailers and brands tout the environmental benefits of digital receipts, appealing to environmentally conscious consumers and driving the shift towards digital receipt adoption across distribution channels in the market.

  • Resistance to Change Among Customers

A major challenge in the digital receipt market, especially among non-loyalty shoppers, is the resistance to change from traditional paper receipts to digital alternatives. Some consumers may prefer physical receipts for record-keeping purposes or due to familiarity with traditional receipt formats. Educating non-loyalty shoppers about the benefits of digital receipts, such as convenience and sustainability, and addressing concerns about data privacy and security are essential to overcoming resistance to adoption.

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Key Opportunity Analysis:

Implementation of Real Time Feedback and Surveys

Digital receipts, especially distributed through e-mail and mobile applications, offer retailers the opportunity to gather real-time feedback and conduct customer surveys post-purchase. By embedding feedback forms or survey links within digital receipts, retailers can solicit shoppers’ opinions on their shopping experience, product satisfaction, and service quality. This valuable feedback enables retailers to identify areas for improvement, address customer concerns promptly, and enhance overall satisfaction, thereby fostering long-term customer relationships and driving brand loyalty.

Targeted Marketing and Promotions

For loyalty shoppers, digital receipts present an opportunity for retailers to deliver targeted marketing messages and personalized promotions based on purchase history and shopping preferences. By analyzing past purchase behavior, retailers can tailor promotional offers, cross-sell and upsell opportunities directly within digital receipts, driving incremental sales and maximizing the value of loyalty programs. This targeted approach enhances the relevance of marketing communications, increases customer engagement, and strengthens brand loyalty among loyalty shoppers.

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The Report also Covers the Following Areas:

  • Digital Receipts Market Size and Forecast
  • Digital Receipts Market Trends
  • Digital Receipts Market Analysis by Shopper Type

Digital Receipts Market 2023-2030: Key Highlights

  • CAGR of the market during the forecast period 2024-2030
  • Value Chain analysis of key stake holders
  • Detailed analysis of market drivers and opportunities during the forecast period
  • Digital Receipts Market size estimation and forecast
  • Analysis and predictions on end users’ behavior and upcoming trends
  • Competitive landscape and Vendor market analysis including offerings, developments, and financials
  • Comprehensive analysis of challenges and constraints in the Digital Receipts Market

Covid and Ukrainian Crisis Impact:

The Digital Receipts market has witnessed notable impacts stemming from both the COVID-19 pandemic and the ongoing Ukrainian crisis. Amid the pandemic, there has been a noticeable acceleration in the adoption of digital solutions across various industries, including retail. Concerns over virus transmission via physical surfaces prompted retailers to minimize contact points, leading to a surge in demand for digital receipt options. Retailers swiftly implemented digital receipt systems to offer contactless checkout experiences, thereby enhancing safety measures for both shoppers and employees. Additionally, the shift towards e-commerce during lockdowns further fuelled the adoption of digital receipts, as online transactions necessitated electronic record-keeping.

The Ukrainian crisis has introduced economic uncertainties and geopolitical tensions, impacting global supply chains and business operations. The digital receipt market, reliant on technology components and software solutions sourced from various regions, faced disruptions in supply chains due to logistics challenges and trade uncertainties. Fluctuations in currency exchange rates and increased geopolitical risks also contributed to market volatility, influencing investment decisions and strategic initiatives within the digital receipt sector. However, amidst these challenges, there are opportunities for innovation and resilience.

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List of Key Market Players in Digital Receipts Market:

The key companies profiled in the Digital Receipts Market Report are listed below:

  • Square Inc.
  • SAP
  • Ingenico Group
  • SumUp
  • Intuit
  • Fiserv
  • PayPal
  • Cegid Group
  • Powa Technologies
  • Oracle

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About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

 

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Contact Information:

Mr. Venkat Reddy IndustryARC Email: [email protected] USA:¬†(+1) 518-282-4727 Web:¬†https://www.industryarc.com



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