BOPIS market poised for substantial growth

The global BOPIS (buy online, pickup in-store) market is poised for substantial growth, with estimations projecting a value of around US$666.20 billion by 2028, says a report from ResearchandMarkets.com.  

The global BOPIS market is anticipated to register a compound annual growth rate (CAGR) of 11.57% between 2022 and 2028. The in-store experience remains a vital point of engagement for retail chains aiming to fortify their customer relationships. BOPIS offers retailers increased profit potential, allowing customers to explore additional items while collecting their online orders, as opposed to alternatives like curbside pickup. This unique opportunity encourages customers to make supplementary purchases, thereby boosting loyalty and the likelihood of revisiting the same stores. This dynamic reinforces the buyer-seller relationship, ultimately benefitting both parties. 

Technological advancements have played a pivotal role in fostering the BOPIS trend. Increasing adoption of smartphones, tablets, laptops, and internet traffic across developed regions is propelling the e-commerce industry to unprecedented heights. With comprehensive software available on smartphones and laptops, consumers can review products, experiences, and satisfaction, shaping their preferences and delivery expectations. 

The BOPIS market's payment methods encompass digital wallet; credit card; debit card; account-to-account (A2A); buy now, pay later (BNPL); cash on delivery; prepay; and other. Digital wallets gain prominence due to their seamless payment integration, security, and touchless nature. They also facilitate loyalty programs and personalized offers, enhancing the overall shopping experience.