One of the biggest stories to emerge from the retail industry over the last few years is the seemingly unstoppable rise of mobile commerce. From being practically non-existent ago, m-commerce has become a multi-billion dollar global industry. In fact, a new study published this week just underlines how big a deal mobile commerce has become in the UK.
According to research from IMRG and Capgemini, mobile commerce generated £7.5bn last year – an increase of four per cent from 2011. Impressively, mobile sales posted growth of 300 per cent over the course of the year and accounted for a sizeable 12 per cent of the £64.2bn spent online in 2012. This isn’t to be sniffed at, and the way things are going it looks as if this is only going to increase in the years ahead.
However, there’s still plenty for online retailers to consider if they’re going to capitalise on the boom in mobile commerce. For one thing, they need to make sure their website is fully mobile optimised. If consumers are less than satisfied with the mobile web experience, they may well be inclined to take their custom elsewhere. It’s also worth remembering that those firms which move quickly are likely to glean a crucial early advantage over the competition.
Nevertheless, in spite of these issues, the general direction of travel appears to be clear – and as smartphone use continues to increase, mobile commerce is likely to expand over the coming years. It certainly seems that consumers are much less worried about security issues than they once were, and so are much more willing to make transactions using their mobile handset. However, it’s probably fair to say that this could pile yet more pressure on the already struggling high street.
Are you a regular mobile shopper? How have you found the experience? Join the debate by posting a comment below.