Recent research has indicated that in less than a decade, consumer spending through m-commerce retail platforms will represent £1 in every £20 that is spent.
The research has been conducted by Barclays Corporate, (Barcorp), and in real terms, their findings suggest a fifteen fold increase from where present levels of such spending are.
As things currently stand, in the autumn of 2011, UK consumers spend £1.3bn on retail items through their mobile devices, with £300m of this spent on groceries and food.
Whilst many of these transactions are completed through smartphones, it is the rise in popularity of tablet use that will account for the biggest increases.
Over the next five years, spending is likely to increase by well over 50 per cent from present levels. Again, an increase in tablet use will be a main driver, but things go further than this.
Improvements in the technology itself, in both the hardware used and the applications accessed, will make things more consumer friendly than they are already are.
As companies master the use of mobile marketing techniques too, it will be easier to target consumers far more effectively. It is this reality that sees predicted spends of £19.3bn by 2021.
For businesses not having a significant high street presence and, finding it difficult to open in suitable locations, the potential is vast.
Presenting the findings of the research, Barcorp’s head of retail and wholesale, Richard Lowe said:
“…growth opportunities lie on the virtual high street (where retailers) prepared to invest will be at a significant advantage”.