£1 in every £7 will be spent via smartphone by 2024
13/04/2015
New research has shown that mobile devices will be used to pay for £1 in every £7 spent in the UKs shops in the next 10 years.
Last year, Brits spent £9.7 billion in UK shops via their smartphones or tablets. In 10 years time, this figure is set to rise to £53.6 billion a year, according to a study from Barclays Bank.
The study predicts that by 2024 smartphones will play a part in 42% of all retail sales, and will be used to browse products, pay for items at the tills and register complaints. New services such as Paym and Zapp are being adopted by increasing numbers of retailers, including Asda and House of Fraser. Last year, one in five people bought clothes via a mobile devices, making fashion the most popular form of mobile shopping.
Despite the current trends, less than a third of UK retailers have a clear plan to begin investments in mobile technology. More than 70% of retails told Barclays that they believe mobile services do not help to generate new sales.
Richard Lowe, head of retail and wholesale at Barclays said:
“There’s some theatre about retail and it’s a social occasion too. Some of these mobile features will bring back that theatre,
I think show-rooming will continue, but it’s part of a retailer’s marketing – when you have a physical high street store, internet sales do increase because people see and think about the brand.”
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