Annual Consumer Spending on Mobile Devices will hit £53bn in 10 Years

By Tim Maytom

Mobile payment contactless POS small merchant retailer corner shop

Consumer spending via smartphones and tablets is set to rocket over the next 10 years, increasing from £9.7bn annually today to £53.6bn by 2024 as the public grows increasingly comfortable shopping via mobile devices and using mobile payment solutions.

Mobile’s influence will extend beyond just money transacted on smartphones and tablets, however, with sales influenced by the mobile channel (such as those where a phone is used to check prices, reserve products in-store or research items) growing to 42 per cent of all retail sales by 2024, or £112bn.

Despite these encouraging figures, research by Barclays suggests that less than three per cent of businesses believe they are at the cutting-edge when it comes to being mobile ready, and 70 per cent said they did not currently offer a mobile website or app for customers.

68 per cent of retailers admitted that had no specific plans when it came to future investment in mobile, and those that did prioritised developing mobile websites, apps and mobile payment options, suggesting many retailers are still getting to grips with the most basic services mobile can offer.

“The size of the retail opportunity is clear for all to see,” said Richard Lowe, managing director and head …read more

Source:: Mobile App News