Payments on mobile and tablet devices are expected to account for 30% of all electronic retail by 2018.
According to Juniper Research, mobile retail spend totalled $182bn in 2013, but is expected to hit $707bn by 2018.
The Mobile Payment for Digital and Physical Goods report also found retailers were increasingly developing strategies built around mobile. Retailers are using mobile to facilitate payment and product discovery, and to retain customers.
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Retailers have found the size and scale of purchases from mobile devices have been increasing strongly. But a trend for customers to browse on mobile devices and complete purchases on tablets is apparent, with retail spend on tablets overtaking mobiles towards the end of 2013.
The Juniper report also addressed the trend of "showrooming", where customers see products in-store and browse on mobile devices to compare prices elsewhere. The report stated retailers need to adapt strategies to incorporate this new trend. One solution would be to deploy mobile point of sale (mPOS) tablets in store, and also offer price matches.
The report's author, Windsor Holden, said: “This means that not only is the retailer proactively offering the consumer the opportunity to price check in-store, but that the purchase can be made immediately, without having to queue elsewhere in the store.”