The State of US Retail Payment Channels

What In-Store, Online, and Social Commerce Sales Growth Means for Payment Providers

Report by David Morris  | May 17, 2024

The Payments Ecosystem 2024

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The Key Trends Changing How Providers Compete for Customers and Transactions

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Executive Summary
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Table of Contents
Executive Summary
Retail payment channel trends reveal new opportunities for payment providers to serve merchants
In-store retail payments are going contactless amid broadening payment method choice
Payment providers can help improve the payer experience in ecommerce—and especially mcommerce
Social commerce is the fastest-growing retail channel as platforms innovate to capture sales
Sources
Media Gallery
About This Report
In the last of five reports in our “Payments Ecosystem” collection, we look at what’s influencing retail sales growth across in-store, online, and social commerce channels—and what it means for payment providers.
Topics
Financial Services
Payments
US
Table of Contents
Executive Summary
Retail payment channel trends reveal new opportunities for payment providers to serve merchants
In-store retail payments are going contactless amid broadening payment method choice
Payment providers can help improve the payer experience in ecommerce—and especially mcommerce
Social commerce is the fastest-growing retail channel as platforms innovate to capture sales
Sources
Media Gallery

Merchants must adapt to shifts in growth across retail sales channels. Payment providers can help by optimizing payment methods, boosting conversion, and integrating mobile payments. They can also help social media platforms become commerce players.

Key Question: What do in-store, online, and social commerce retail sales growth trends mean for payment providers?

Purchase-Related Activities Conducted by US Social Media Users, March 2024 (% of respondents)
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Key Stat: When purchasing items they discovered on social media, users are more likely to go outside of the platform than to complete the transaction within it, per our March 2024 survey. That could change as social media players look to develop in-house commerce platforms—opening a new opportunity for payment providers.

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Table of Contents

  1. Executive Summary
  2. Retail payment channel trends reveal new opportunities for payment providers to serve merchants
  3. In-store retail payments are going contactless amid broadening payment method choice
  1. Payment providers can help improve the payer experience in ecommerce—and especially mcommerce
  2. Social commerce is the fastest-growing retail channel as platforms innovate to capture sales
  3. Sources
  1. Media Gallery

Charts in This Report

Purchase-Related Activities Conducted by US Social Media Users, March 2024 (% of respondents)US Retail Mcommerce Sales, 2024-2028 (billions and % of total retail ecommerce sales)
US Smartphone Mcommerce Sales, 2024-2028 (billions and % of total retail ecommerce sales)

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authors

David Morris

Contributors

Suzy Davidkhanian
Wendy Louie-Lam
Senior Forecasting Analyst
Tiffani Montez
Principal Analyst, Banking
Amy Rotondo
Director, US Research