Research from Barclays shows that by 2024, mobile devices will generate £53.6 billion a year from consumer purchases, a huge increase on the £9.7 billion being spent today.
Mobile payment technology is having a profound effect upon consumer spending habits in the UK. The influence of mobile technology upon spending itself is set to increase to £112 billion by 2024.
These statistics show that the retail sector will be moving to mobile extremely quickly. By 2024 nearly half of all retail sales will involve a mobile device.
‘‘While it may be premature to sound the death knell for desktops and laptops nearly half of consumers claim to be shopping far less on these devices thanks to mobile. With new gadgets and gizmos such as the Apple Watch being launched all the time, this trend will inevitably gain momentum,’’ said Richard Lowe, managing director and head of retail and wholesale at Barclays.
Retailers are struggling to catch up with the ferocious growth in smartphone usage. In 2009, 14 per cent of consumers owned a smartphone. By 2019 around three quarters of adults are predicted to own one. Although 46 per cent of retailers claim that some of their sales are processed through smartphones, only 3 per cent of them believe they are truly ‘mobile ready.’
‘‘The physical high street store still has a fundamental role to play and the development of hybrids such as click and collect has conclusively demonstrated that stores can be supported rather than hindered by the growth of digital commerce. Retailers must cater for the mobile consumer in order to remain relevant,’’ continued Lowe.
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In this guest blog, Apriva's SVP, Stacey Tappin, talks about the evolving payment interactions and the increasing importance of providing a cohesive consumer experience across all channels.