M-commerce to double in size within five years
New research forecasts that mobile and tablet shoppers will spend up to 15 times more on mobile shopping by 2021.
The latest figures from Barclays Corporate revealed that m-commerce (making purchases through your mobile or tablet device) is expected to rise by 55% over the next five years. It will be the fastest growth of any retail channel in the coming years, considering that online sales will go up by 8% and in-store sales by 1.6%. In contrast, mail order sales are expected to decrease by 1.2%.
Food and groceries shopping was one of the most popular purchases using this method of purchase, with Argos, Tesco and Asda being among the ten most visited websites via mobile.
Electrical goods are the second ‘most popular’ mobile purchase right now. By 2021, however, electrical sales are expected to fall in terms of value, dropping to fourth position in the rankings, according to the Barclays figures.
Personal care products are among the fastest growing sectors in this sphere having generated £63 million so far this year, and it is expected to account for a return of £3.1 billion by 2021.
The convenience of amending shopping lists, making payments and arranging delivery times via mobile are the aspects consumers suggested they liked the most about ‘on the go’ mobile purchasing.
A number of banks have grasped the growing popularity of this format and have subsequently launched renewed systems of mobile banking to meet consumer demand. Visa Europe, Lloyds TBS, Santander, RBS and NatWest are just some examples.
The process of comparing banks and financial products is fundamental to choosing the one which best suits your needs.