Mobile spending is set to grow from £7.9bn in 2013 to £23.1bn in 2018, according to new research from Verdict.
“Cannibalisation of spend has had a major impact in market sizes as 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.”
With over 10,000 online shoppers questioned, Verdict found that 38 per cent of them research goods instore prior to purchasing online.
“This appears to be a major concern for retailers with a physical presence,” said Rubin.
“However, with only 7 per cent 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.”