The number of consumers using their mobile and tablet devices to spend is set to reach £23.1bn by 2018, according to new research from Verdict.
The study found that in 2013, consumers’ purchases reached £7.9bn, with this number having the potential to almost triple in the next five years.
Go deeper with GlobalData
Matthew Rubin, an analyst at Verdict, explained: "Cannibalisation of spend has had a major impact in market sizes as mobile phones and tablets have become more mainstream shopping devices, often replacing desktops and laptops.
"Mobile phone spend has grown rapidly, though it remains relatively small, while tablet spend has grown from nothing to almost twice the size of mobile phone spend in just the two years to 2012, and that trend has continued into 2013."
Verdict found that almost 40% of online shoppers were researching goods in-store prior to purchasing online. However, with only 7% of mobile phone shoppers completing transactions in a store, Verdict said retailers need to convince customers to make the transaction through the store itself or through its own website by giving a stronger attention on customer service and engagement.
Rub also added: "With 57% of online shoppers comparing prices between websites, it is also essential that retailers with homogenous products match or come close to pureplay pricing."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRelated articles:
Retailers support deep linking in lead up to Christmas
Paying with your phone; a positive outlook for MPOS technology
