A new Juniper Research study forecasts consumer spend on digital commerce will reach $14.7 trillion by 2022, up by 60 percent on last year's figure of $9.2 trillion, according to a press release about the report.

The new research, Digital Commerce: Key Trends, Sectors & Forecasts 2018-2022, found that the largest global contributor to payments was currently QR code-based offline purchases for physical goods, which now account for one-third of all Chinese in-store payments by value. However, according to the research, although QR codes will have further growth in the Indian subcontinent and Africa, their value will be eclipsed worldwide by online purchases by 2022.

The research found that with retailers increasingly offering localized payment mechanisms, and reduced friction at checkout thanks to stored credentials, migration from offline to online is likely to accelerate.

Furthermore, it highlighted moves by traditional ‘bricks and mortar' retailers to develop omnichannel strategies as they seek to shore up revenues by using mobile apps both for online purchases and to drive in-store footfall.