A recent report by Deloitte highlighted the trends in retail purchasing using mobile devices and why retailers need to be seriously planning their mobile strategy.
When it comes to mobile, many retailers focus mainly on sales transactions made through mobile devices, otherwise known as mCommerce. But research suggests that mobile will play a huge role in driving in-store sales as well.
Mobile (defined as smartphones) already influences 5.8% of all retail store sales in the United Kingdom – which translated to roughly £15.2 billion in sales for 2012. That figure smashed the £1.5bn forecasted for mCommerce sales in 2012. And this is just the beginning. By all accounts, we are the beginning of a period that will see massive growth in the amount of mobile influence on in-store retail sales. Its influence is expected to grow by approximately 200% to 2016, which means 15-18% of retail store sales. That amounts to £35–£43 billion in mobile-influenced store sales.
Some key stats to come out of the report were:
- 58% of today’s UK consumers own a smartphone and by 2020, it is estimated that nearly 100% of UK consumers to own a smartphone.
- Smartphone ownership is forecast to grow to 81% by 2016.
- 64% of smartphone users today use their mobile to make payments or their bills. However, only 1% roughly have paid in-store using their smartphone (i.e. using NFC).
- The influence of mobile on informing in-store shopping is set to grow by 200% by 2016
- Whilst ¾ of smartphone users make use of GPS and location services only 1/5 are prepared to share information with retailers, even in return for financial benefit.