Digital Receipts Market - Forecast(2024 - 2030)

Report Code: ITR 0379 Report Format: PDF + Excel

Digital Receipts Market Overview

The Digital Receipts market size is estimated to reach $293 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 retails industries and so on. Retailers can incorporate marketing messages or customized messages to individual customers using digital receipt technology. It aids in customer relationship management and retailers can easily build email lists, and collect client data at the transaction level by using digital receipts. Retailers can use digital receipt to identify top consumers and the types of items they are most likely to purchase in the future. Additionally, rising use of smartphones, increasing use of internet of things, artificial intelligence technologies in shops and growing trends towards mobile payments are some of the major factors set to transform the Digital Receipts industry outlook in the coming time. 

Market Snapshot:

Digital Receipts market

Digital Receipts Report Coverage

The “Digital Receipts Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Digital Receipts Market.

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: North America (U.S, Canada, Mexico), Europe (U.K, Germany, France, Italy, Spain, Others), APAC (China, Japan India, South Korea, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa)

Key Takeaways

Based on distribution, E-mail segment is analysed to grow at the fastest rate of 7.9% in the Digital Receipts market during the forecast period 2024-2030, owing to growing use of e-commerce sites, increasing use of mails, rising adoption of online shopping apps & websites so on.
The E-Mail segment of Europe Digital Receipts Market generated a revenue of $238.87 M in 2022 and is projected to reach a revenue of $403.62 M by 2030 growing at a CAGR of 6.7% during 2023-2030.
North America dominated the Digital Receipts market with a share of 28% in 2022, 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.
Rising adoption of retail shopping & food purchase application and increasing penetration of online payment solutions are analysed to significantly drive the market growth of Digital Receipts market during the forecast period 2024-2030.
                                           Global Digital Receipts Market Value Share, by region, 2022 (%)

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Digital Receipts Market Segment Analysis- By Distribution System

Based on distribution system, E-mail segment generated a revenue of $238.87 M in 2022 and is projected to reach a revenue of $403.62 M by 2030 growing at a CAGR of 6.7% during 2023-2030 in the Digital Receipts market during the forecast period 2024-2030, owing to the growing use of e-commerce sites, increasing use of mails, rising adoption of online shopping apps & websites so on. Electronic receipts are environment friendly as they eliminate the use of paper bills. They are cost efficient and convenient, offering a digital receipt to customers minimises the risk of losing it. They help in building positive customer experience thereby helping a business to grow as per the needs and demands of the consumers. According to a report published by Payment sense in 2021, more than half (53%) of emails are opened on smartphones, and personalised emails have 6x greater transaction rates. It goes on to say that 72 percent of individuals prefer to get promotional content via email, while only 17 percent prefer social media. Additionally, increasing penetration of smartphones, rising demands for mobile payments and online banking facilities are some of the significant factors impacting the growth of e-mail segment in Digital Receipts industry outlook overtime.

Digital Receipts Market Segment Analysis- By Industry Vertical

Retail industry in Digital Receipts market was valued at $144.9 Mn & is projected to reach a revenue of $231.29 Mn by 2030. This attributed to rising consumer demands for personalized shopping experiences, growing sustainability movements combined with demands for reducing operational cost and so on. The digital receipt system records transaction data, which can be used for current and future marketing campaigns. Retailers can use electronic receipts to increase online store traffic and establish social media communities. They can promote customer interaction by providing links to website, social media and loyalty programmes in receipts and help in customer relationship management. In June 2022, The Lidl supermarket launched an initiative to phase out paper receipts in order to save 10 tonnes of paper per year. The initiative's major goal is to pave the road for more responsible consumption while also improving the customer experience. The option to digitise receipts allow customers to safely and conveniently maintain their purchase history in the app while participating in green initiatives and actively supporting long-term sustainability commitments. Such factors are analysed to impact the growth of retail industry within Digital Receipts industry outlook in the coming time.

Digital Receipts Market Segment Analysis- By Geography

Europe dominated the Digital Receipts market with a share of 28% in 2022 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 will no longer be 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. As per consumer protection regulations, retailers will have the option of providing electronic receipts, which can be given directly to customers by email, SMS, or QR codes. This will not only cut paper waste but will also make transactions more convenient and efficient for customers. Steps like these will drive the market growth in Europe in forecast period.

Digital Receipts Market Drivers

Rising Adoption of Retail Shopping and Food Purchase Applications is Boosting the Demand for Digital Receipts:

The growing popularity of retail shopping and food purchase apps is driving-up the demand for digital receipts. Mobile apps help in personalization of consumer buying experiences. Increasing development of smartphone shopping apps and retail shopping websites. Smartphones are the most effective means of reducing friction in shopping channels. The retail website makes it easier for customers to find what they're looking for and investigate products before making a purchase in-store. Customers do not have to worry about the time because they may order a product at any time and on any day. This is one of the most significant advantages of mobile applications, as it significantly improves customer service for shops. In June 2022, Amazon Business launched a new Android and iOS optimized app aimed at improving procurement experiences for the customers. The app enables business clients to easily access business exclusive services on-the-go instead of having to wait for a desktop/laptop to order supplies needed to run their company. Such factors will help in propelling the growth of Digital Receipts market size in the long run.

Increasing Penetration of Online Payment Solutions are Positively Impacting the Growth of Digital Receipts Market:

Growing usage of digital payment options is boosting the growth of the digital receipts market. Modern cashless payment mechanisms such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies are fast evolving. Many payment technology companies are cooperating with traditional financial institutions to meet the demands for personalised shopping experiences and merchant preferences in the digital age. The rise in the adoption of mobile payment solutions can be attributed to improved broadband access, increased mobile commerce, the emergence of new technologies such as virtual reality, artificial intelligence, internet of things and rapid digitization in both developed and developing countries. Furthermore, growing e-commerce, digital remittances, digital business payments and mobile B2B payments are bolstering the non-cash transaction environment. In July 2022, Qori has created an online payment solution using bank or cryptocurrency wallet that does not require the download of a proprietary app. Hundreds of thousands of retailers can now use pay by bank and pay by crypto technologies through partnerships with European payment service providers, terminal distributors, ecommerce integrators, and POS makers. Qori will initially target France, Spain, and the United Kingdom, promising a totally digital, multi-channel, and less expensive alternative to card payments. These factors are encouraging the use of the electronic receipts thereby accelerating the Digital Receipt market size in the coming time. 

Digital Receipts Market Challenges

Increasing General Data Protection Regulation combined with Cyber Security Concerns are Restricting the Growth of Digital Receipts Market:

Growing General Data Protection Regulation, paired with cyber security concerns, is limiting the growth of the Digital Receipts market. The General Data Protection Regulation is an attempt to modernize regulations to safeguard personal data and data processing for the general public. It now holds businesses responsible for how they manage, keep, and handle their customers' personal data, which might range from their email address to their name, gender, or age. Companies who misuse, alter, sell, or utilize their customers' personal data violate GDPR legislation and may face substantial fines. As a result, businesses avoid utilizing digital receipts because they must be issued via email or text. Emails are frequently connected to bank accounts and are readily compromised. With recent revelations of data breaches at major corporations such as BA and Uber, people are understandably anxious about what firms are doing to safeguard their valuable and lucrative information. Make sure your emails are stored in a secure system, and remember to stay up to current on upgrades, credentials, and user rights. Aside from security concerns, there are other more practical and obvious drawbacks to using digital receipts. For example, spelling mistakes or other human errors are certain to occur, and consumers may find up leaving the store with no proof of purchase at all. In January 2020, Sonos accidentally discloses the 450+ email addresses of its consumers in an email mishap. A Sonos representative was responding to customer complaints. Instead of BCC, all emails were CC'd, which meant that every customer who got the email could access the personal email addresses of everyone else on the list. The event was reported to the ICO, which could result in sanctions. These factors are limiting demand for Digital Receipts, while adversely impacting the growth of Digital Receipts industry.

Digital Receipts Industry Outlook

Product launches, acquisitions and R&D activities are key strategies adopted by players in the Digital Receipts Market. The top 10 companies in the Digital Receipts market are:
  1. PayStand
  2. Square, Inc
  3. ClassWallet
  4. Dashlane
  5. Sensibill
  6. Cardlay
  7. Flux
  8. inovera
  9. ReceiptHero
  10. Appcard
Recent Developments

In May 2022, Paystand launched an automatic billing and payment services for NetSuite AR to reduce the time taken in cash transaction, eliminate transaction fees and simplify billing. The payment service will help in the submission of minimal deposits, instant cash transfer on sales and auto-payment at shipment. These features will increase the adoption of such services in retail sector.
In June 2023, investment firm KKR acquired up to $43.71 billion of PayPal's buy now, pay later loans in Europe, generating an estimated $1.8 billion in gross proceeds. PayPal's shares rose by 2% on the news, and the deal is expected to close in the second half of the year. PayPal plans to allocate approximately $1 billion to share repurchases in 2023, for a total of around $5 billion in repurchases this year.
Further, in April 2022, Fiserv, a global provider of payments and financial services technology solutions, completed its acquisition of Finxact, a leading next-gen core banking platform provider. This acquisition aims to enhance the ability of fintech and financial institutions to deliver innovative digital banking experiences.

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1. Digital Receipts Market- Market Overview
    1.1 Definitions and Scope
2. Digital Receipts Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by Type
    2.3 Key trends segmented by geography
3. Digital Receipts Market–Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Digital Receipts Market– Industry Market Entry Scenario Premium
    4.1 Regulatory Framework Overview
    4.2 New Business and Ease of Doing business index
    4.3 Case studies of successful ventures
    4.4 Customer Analysis
5. Digital Receipts Market – Startup Company Scenario
    5.1 Investment Analysis
    5.2 Venture Capital Funding Scenario
6. Digital Receipts Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Digital Receipts Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product/Market Life Cycle
8. Digital Receipts Market- By Distribution System
    8.1 E-mail
    8.2 Text
    8.3 Application
    8.4 Website
9. Digital Receipts Market- By Shopper Type
    9.1 Non-loyalty
    9.2 Loyalty
10. Digital Receipts Market- By Industry Vertical
    10.1 Retail industry
    10.2 Apparel industry
    10.3 Sports
    10.4 Home goods
    10.5 Footwear
    10.6 Health & Wellness
    10.7 Others
11. Digital Receipts Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Others
    11.3 APAC
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia
        11.3.6 Others
    11.4 South America 
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Others
    11.5 RoW
        11.5.1 Middle East
        11.5.2 Africa
12. Digital Receipts Market – Entropy
13. Digital Receipts Market - Industry Competition Landscape
    13.1 Global Market Share
    13.2 Market Share by Region
    13.3 Market Share by Industry Vertical
14. Digital Receipts Market - Key Company List by Country Premium
15. Digital Receipts Market Company Analysis
    15.1 Square Inc.
    15.2 SAP
    15.3 Ingenico Group
    15.4 SumUp
    15.5 Intuit
    15.6 Fiserv
    15.7 PayPal
    15.8 Cegid Group
    15.9 Powa Technologies
    15.10 Oracle
    "* Financials would be provided to private companies on best-efforts basis."