Annual retail payments on mobile handsets and tablets are expected to reach $707bn in the US by 2018, according to a report by Juniper Research.
Annual retail payments on mobile handsets and tablets in 2013 reached $182bn and mobile accounted for around 15% of e-retail.
An increasing trend towards ‘showrooming’ has been revealed as well, with customers examining retailer products in-store while simultaneously browsing on their mobiles to compare prices online.
Dr.Windsor Holden, author of the report, said: "This means that not only is the retailer proactively offering the consumer the opportunity to price check-in store, but that the purchase can be made immediately, without having to queue elsewhere in the store."
The report says that leading retailers are increasingly developing strategies built around mobile, using it as a ‘hub’ facilitating payment, product discovery and customer retention.
Another important finding of the report is that ‘Cyber Monday’ saw retail sales via mobiles and tablets approach $400m just in the US.