New Barclays Study Reveals UK Consumers Are Spending Big Using Mobile Devices

Based on research from Barclays, mobile transactions in the UK are expected to hit $71.9 billion annually by 2024.

The surge in smartphone payments means that almost half of retail sales in the area will incorporate a handheld device or tablet.

“The size of the retail opportunity is clear for all to see,” said Richard Lowe, managing director and head of retail and wholesale at Barclays.

“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.”

Conducted by Conlumino, the study included a total of 221 UK retailers as survey respondents.

Roughly 46 percent of the sample acknowledged that some sales are currently being generated via smartphones. Despite the progressive trend, only three percent have a well-implemented mobile consumer strategy.

A whopping 70 percent did not have a mobile-optimized website or customized app for potential buyers.

The respondents also expressed that adopting such strategies are costly.

To be exact, 68 percent did not have clear plans to invest in mobile technology.

“There is also a lingering notion that mobile shopping is bad for store retailing. The physical high street store still has a fundamental role to play and the development of hybrids such as click and collect has conclusively demonstrated that stores can be supported rather than hindered by the growth of digital commerce,” highlighted Lowe.

Local retailers are hesitant to move forward with mobile trends because many feel that online and smartphone purchases are not contributing to the overall business.

“While it may be premature to sound the death knell for desktops and laptops nearly half of consumers claim to be shopping far less on these devices thanks to mobile,” Lowe mentioned.

“With new gadgets and gizmos such as the Apple Watch being launched all the time, this trend will inevitably gain momentum.”