Online spending via mobile phones and tablets is set to soar as tablets become mainstream shopping devices, according to retail consultancy Verdict.
Such spending will really take off over the next five years, growing from £7.9bn in 2013 to hit £23.1bn in 2018, says new research from the retail consultancy.
“Mobile phones and tablets have become more mainstream shopping devices, often replacing desktops and laptops”, explained Verdict analyst Matthew Rubin.
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.”
Another impact of the increased availability of mobile and tablet devices is that there will be strong expenditure growth from less wealthy 55-plus shoppers, Verdict predicts. As a result, the potential opportunity for lower-value products will boom over the next five years.
Some 38% of online shoppers research goods in-store prior to purchasing online, the study says. “This appears to be a major concern for retailers with a physical presence,” commented Matthew Rubin. “However, with only 7% of mobile phone shoppers completing transactions in a store, there is still a major opportunity to convince them to make the transaction through the store itself or through its own website.
“This requires strong customer service and engagement, but with 57% of online shoppers comparing prices between websites, it’s also essential that retailers with homogenous products match or come close to pureplay pricing.”
Verdict’s data is based on a survey of over 10,000 online shoppers who were asked about their shopping habits in March 2013.