M-commerce continues to be a top priority for retailers and a new study reveals just how big mobile could become. Annual retail payments on smartphones and tablets are expected to reach $707 billion by 2018, representing 30 percent of all e-retail by that time according to a new Juniper Research report. That figure doubles 2012's mobile retail spend, which accounted for around 15 percent of e-retail as a whole.
With m-commerce on the rise, the report, titled "Mobile Payment for Digital & Physical Goods: Opportunities & Forecast 2014-2018," indicated that retailers were increasingly developing strategies built around mobile, using it to facilitate payment, product discovery and customer retention. Due to these investments, the size and scale of purchases on smartphones and tablets continues to grow. The report also noted that while the majority of retailers have optimized their sites for smartphone viewing, many are still lagging behind when it comes to tablet optimization.
The data also shows an increasing trend toward "showrooming," where consumers view products in-store while simultaneously browsing on their mobile devices to compare prices online. In order to take advantage of this trend, analysts suggest that retailers begin to adapt strategies such as deploying tablets equipped with mobile point-of-sale capability throughout the store, while also introducing a price match option.
For more see:
-This Juniper Research press release
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