Dublin, May 24, 2024 (GLOBE NEWSWIRE) -- The "United States BOPIS Market Report by Product Category, Payment Method and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The US Buy Online, Pick Up in Store (BOPIS) market is on a trajectory of sustained growth, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 16.45% between 2024 and 2032. From a substantial valuation of US$ 111.84 Billion in 2023, the market is expected to ascend to US$ 440.39 Billion by 2032, signaling a transformative shift in shopping habits and retail strategies.
Amidst changing consumer preferences and the quest for instant gratification, nearly two-thirds of US retailers have adopted the BOPIS approach, which merges the convenience of online shopping with the immediacy of in-store pickup. This has not only enabled consumers to avoid shipping costs and reduce waiting times but has also driven significant foot traffic to brick-and-mortar stores. The advancement of these offerings, which now include options such as curbside pickup and enhanced customer service, is allowing retailers to leverage BOPIS as a competitive edge.
In line with the growing digital economy, more than 268 million online shoppers were reported in the United States in 2022. This wide adoption of BOPIS is reflected in a marked increase of curbside pickup usage and in-store pickups. Additionally, a vast majority of US consumers have expressed their preference for this shopping model.
Evolution of Payment Methods
The BOPIS market is also witnessing a shift in payment preferences, where digital wallets are becoming increasingly prevalent. While traditional payment methods still dominate, alternative methods, including Account-to-Account (A2A) and Buy Now, Pay Later (BNPL) options, have emerged to meet the diverse needs of consumers.
Company Adaptations and Strategic Moves
Leading retailers are evolving their offerings to adapt to this paradigm. Announcements of new apps and self-pickup services are evidence of companies embracing technology to facilitate BOPIS, as seen in the initiatives by major players such as Best Buy and Kohl’s.
In particular, Best Buy’s BOPIS strategy has been attributed to a significant portion of the company's online revenues, highlighting the critical role such services play in the current retail landscape.
Such strategic developments are set to refine the shopping experience and cater to the heightened consumer demand for efficiency and immediacy, reinforcing the importance of omnichannel services in retail going forward.
Product Categories and Payment Method Preferences
The BOPIS market encompasses a diverse range of product categories, from Auto and Parts to Furniture and Home Furnishing. Additionally, the different preferences in payment methods are shaping the way consumers choose to transact, ensuring that retailers must offer a variety of options to meet the nuanced demands of the market.
As this market domain continues to evolve, it illustrates the dynamic nature of consumer preferences and the ever-changing retail industry. Retailers who capitalize on these trends through innovation and customer-centric strategies stand to gain a considerable competitive advantage in the years to come.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 125 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $111.84 Billion |
| Forecasted Market Value (USD) by 2032 | $440.39 Billion |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | United States |
Companies Featured
- Walmart
- Home Depot Inc.
- The Kroger Co
- Macy’s
- Kohl’s
- Costco Wholesale Corporation
- Best Buy Co., Inc.
- Nordstrom Inc
For more information about this report visit https://www.researchandmarkets.com/r/v490lr
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