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

Mobile payment contactless POS small merchant retailer corner shopConsumer 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.

Mobiles 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 of retail & wholesale at Barclays. “The question every retailer should be asking themselves is what they are doing about it to not only satisfy todays consumer but, also tomorrows.

“With almost three quarters of consumers using their mobile devices whilst out and about, ignoring this trend would be a missed opportunity. Retailers must cater for the mobile consumer in order to remain relevant. Its not just about driving sales via mobile though, but about making sure mobile marketing strategies are put in place to deliver results in all channels. Mobile must integrate with other marketing strategies if retail is to make good on market growth predictions.”

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