Brits will be spending around £19.3 billion a year buying goods from mobile devices within a decade, claims a new study. Author: Joe Elvin
Brits will be spending around £19.3 billion a year buying goods from mobile devices within a decade, claims a new study.
Research by Barclays Corporate has indicated that ‘m-commerce’ is set to grow almost 15 times over in the next ten years. An estimated £1.3 billion will be spent using smartphones and tablets this year.
It was claimed that groceries, personal care and electrical goods are set to become the most purchased items during this boom. Many stores selling these products are already benefiting from having invested in an internet merchant account.
Speaking to Fresh Business Thinking, Barclays Corporate head of retail and wholesale Richard Lowe claimed that a lack of space on the high street would be a significant factor behind the boom.
He said: “M-commerce is still a relatively niche channel accounting for 0.5 per cent of total retail spend. However, with little new shop space coming into play the real growth opportunities lie on the virtual high street and those retailers which are prepared to invest will be at a significant advantage to the competition.”
According to The Press Association, more than half of consumers are already using mobile phones or tablets at some stage of the shopping process. Barclays Corporate claimed that the introduction of 4G would help this figure rise beyond the current rate of 52 per cent.