UK mobile commerce market set for huge growth
The UK’s mobile commerce market is expected to grow by 55% between now and 2023, overtaking desktop sales in the process.
Worldpay’s latest Global Payment Trends report found that the global mobile commerce market is currently growing by an average of 16 per cent per year, as customers increasingly look to their mobile phones rather than computers to do their online shopping.
“The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before, prompting consumers to ditch desktop in favour of their smartphone or tablet,” said Worldpay’s Motie Bring.
The UK’s mobile commerce market is currently the third largest in the world, behind China in second and the US in first. The global market is predicted to be worth over $2tn by 2023, and mobile commerce’s global penetration is also expected to rise from 38 per cent to 49 per cent of total ecommerce sales in the next five years.
The popularity of cash in offline transactions, meanwhile, is predicted to drop further over the same time period from 21.8 per cent to just 9.9 per cent in the UK.
This doesn’t mean, however, that the age of high street and supermarket shopping is over. Deloitte’s Retail Trends 2018 report found that “the high street is far from dead, it is evolving” – no doubt helped by the widespread introduction of contactless payments – so for shoppers who prefer filling an actual shopping basket to a virtual one, there’s no need to worry.
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