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Explosion in mobile online buying being ignored by many UK retailers

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15 April 2015

Explosion in mobile online buying being ignored by many UK retailers
Explosion in mobile online buying being ignored by many UK retailers

SMARTPHONES and tablets are expected to herald an explosion of online buying with consumers spending £53.6BN a year using them by 2024 compared to £9.7BN spent today, according to new research by Barclays.

But its research also shows retailers are dragging their heels over how to react to these changing shopping habits.

This comes set against a backdrop of predictions for single digit growth across the wider retail sector

The influence of mobile on spending is expected to more than double this figure from £18.4Bn to £112Bn over the same period. This means 42.4% of all retail sales will involve a mobile device in some way or another, making mobile the fastest growing retail segment.

This comes set against a backdrop of predictions for single digit growth across the wider retail sector. In 2014 the value of retail sales reached £325Bn. During the next five years the sector is forecast to enjoy 8.1% growth taking sales to £351Bn with the figure rising to £391Bn by 2024.

Richard Lowe, managing director and head of retail and wholesale at Barclays, said: “The size of the retail opportunity is clear for all to see. The question every retailer should be asking themselves is what they are doing about it to not only satisfy today’s consumer but, also tomorrow’s.”

The number of tablet users has doubled in each of the past two years, with almost half of adults now owning one, while smartphone penetration has rocketed since 2007 following the launch on the first iPhone. In 2009, 14% of consumers owned a smartphone. By 2014 the number had more than quadrupled to 61% and by 2019 around three quarters of adults are predicted to own one.

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