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Europe Digital Receipts Market size is predicted to reach $933.06 billion by 2030, growing at a CAGR of 7.0% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Rising adoption of retail shopping and food purchase applicationsand increasing penetration of online payment solutions are analyzed to significantly drive the market growth andIndustryARC in its recent report, titled “Europe Digital Receipts Market Size, Share & Trends Analysis Report By Distribution System (E-mail, Text, Application, Website), By Shopper Type (Non-Loyalty, Loyalty), By Industry Vertical (Retail industry, Apparel industry, Sports, Home goods, Footwear, Health and Wellness, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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Italy to Register Highest Growth:
The dual impact of the fashion and e-commerce industries is triggering the demand for digital receipts in Italy.According to Fashion Network, the Italian fashion and luxury industry as a whole, including textiles, leather goods, apparel, footwear, jewelry, beauty products, and eyewear, reached a revenue of €92 billion in 2022, up by 10.5% when compared to 2021. These factors have positioned Italycountry as a critical growth driver in the Europe Digital Receipts Market.Thus, the dual impact of the fashion and e-commerce industries is triggering the demand for digital receipts in Italy.
Europe Digital Receipts Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
7.0% |
|
Market Size in 2030 |
$933.06 billion |
|
Segments Covered |
Distribution System, Shopper Type, Industrial Vertical and Region |
|
Geographies Covered |
Europe (Germany, France, UK, Italy, Spain and Rest of Europe) |
|
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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Europe Digital Receipts Market Report – Key Takeaways:
Health and Wellness segment is analyzed to grow with the highest CAGR of 8.4% during the forecast period. Digital receipts are provided to patients for healthcare services rendered, including doctor’s visits, diagnostic tests, surgeries, or hospital stays. Digital receipts are generated for patients when they purchase prescription medications or over-the-counter healthcare products at pharmacies.Based on patient data, personalized health suggestions in the form of suggested vaccinations, preventive tests, or lifestyle changes can be included in digital receipts. Healthcare practitioners can improve patient care and encourage proactive health management by using patient information and analytics.
France held a major market share of 19.5% in 2022. A significant upsurge in the initiatives by various organizations in France to reduce the usage of paper to conserve the environment is driving regional market growth.French businesses will no longer be forced to issue receipts, card slips, or purchase vouchers for each transaction that takes place in their establishments as of August 1, 2023. The legislation instead dictates that these documents can only be printed at the customer’s request.
In addition, the French anti-waste law, implemented in 2020, has set aggressive goals for waste reduction and increased recycling. The law’s main agenda is to lessen the paper waste produced by retail transactions to a great extent, in turn forbidding the automatic printing of paper receipts.The French government is making broader efforts to cut waste and promote sustainable business practices, which include this new rule. Sellers will have the option to provide digital receipts, which can be delivered to customers by email, SMS, or QR codes, in accordance with consumer protection rules. Customers will benefit from more convenient and effective transactions along with a reduction in paper waste, boosting market growth.
The General Data Protection Regulation (GDPR) 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 that misuse, alter, sell, or utilize their customers’ personal data violate GDPR legislation and may face substantial fines.Aside from security concerns, there are other more practical and obvious drawbacks to using digital receipts. For instance, spelling typos or other human errors are bound to happen, and customers can end up leaving the business with absolutely no documentation of the sale.
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Key Opportunity Analysis:
Environmental Sustainability
Companies could take advantage of the potential to represent themselves as environmentally conscious by providing digital receipts as there is an increasing focus on sustainability. Digital receipts contribute to paper reduction, conserving resources, and minimizing the environmental impact associated with paper production, printing, and disposal.Digital receipts eliminate the need for printing, which requires energy-intensive processes such as paper production, ink manufacturing, and printing equipment operation. By eliminating these energy-consuming steps, businesses can reduce their overall energy consumption and decrease greenhouse gas emissions associated with energy production.
Data Analytics and Customer Insights
Digital receipt systems generate a wealth of transactional data that businesses can analyze to gain valuable insights into customer behavior, preferences, and purchasing patterns. This data can be used to tailor marketing strategies, optimize inventory management, identify trends, and enhance overall business decision-making.By applying predictive analytics techniques to digital receipt data, businesses can forecast future customer behavior and trends. This can help in demand forecasting, inventory management, and proactive customer engagement. Predictive analytics enables businesses to make informed decisions and anticipate customer needs.
Additionally, by analyzing digital receipt data, businesses can gain insights into customer behavior. This includes identifying repeat customers, their purchasing frequency, and their preferred products or services. Such information can help businesses tailor marketing campaigns, create personalized offers, and improve customer retention strategies.
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The Report also Covers the Following Areas:
Europe Digital Receipts Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
Many companies in Europe used contactless payment techniques, such as digital receipts, to minimize physical touch and lower the danger of virus transmission. Instead, of handling paper receipts, consumers preferred obtaining receipts electronically through email or mobile applications. Businesses were compelled by the epidemic to speed up their efforts on digital transformation. Retailers and companies that formerly used paper receipts started using digital receipt solutions to increase productivity, save costs, and improve customer experience.
The pandemic’s uncertainties and interruptions may have led to changes in consumer behavior, including a rise in demand for online contacts. Health and safety worries may have made consumers who were first reticent to use digital receipts more amenable.
The conflict between Russia and Ukraine has brought up a number of uncertainties and disruptions that may have an impact on the European digital receipts industry. This market is concerned with the acceptance and use of electronic solutions for creating, transmitting, receiving, and keeping receipts in place of documents.
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The Europe Digital Receipts Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Digital Signature Market – The digital signature market had a global market size of $1.2 billion as of 2018. Furthermore, the demand is poised to escalate at a profitable compound annual growth rate (CAGR) of 35.20% during the forecast period of 2019 to 2025.
Digital Payments Market -The global digital payment market aggregated a revenue of $33.5 billion by the end of 2018 and obtaining demand-pull inflation which is projected to grow at a robust CAGR of 17.6% during the forecast period of 2019-2025.
Contactless Payment Market -Contactless Payment Market size is expected to reach $20.9 billion by 2026 at a CAGR of 14.2% during the forecast period 2021-2026. With the increasing integration of contactless payment technologies in mobile handsets and smartphones, the demand for contactless payment solutions has grown tremendously across all the countries.
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