Mobile commerce to have significant impact on UK retail industry
The Economist Intelligence Unit, an independent research and analysis firm operating in the European Union, has released a new report concerning the impact of e-commerce, mobile commerce, and social commerce on the retail industry in the United Kingdom. UK retailers have been seeing an increase in demand from consumers interested in using their mobile devices as payment platforms. In response, many retailers have begun adopting mobile commerce systems, such as NFC terminals, as well as bolstering their online presence to be more accommodating of social commerce and e-commerce.
New commerce to make up a third of all retail sales in the UK in 10 years
The report predicts that sales from e-commerce, m-commerce, and s-commerce are to make up more than a third of all sales in the UK within the next ten years. These types of commerce account for roughly 10% of all retail sales made in the UK currently. Social commerce is one of the most rapidly growing forms of commerce emerging in the UK. This form of concept refers to sales made through social media sites, like Facebook and Google+. E-commerce has always been a popular option for consumers that prefer not to visit physical stores, but mobile commerce may become the leading form of commerce amongst all consumers.
Mobile commerce may reign supreme
The report shows that mobile commerce is growing in popularity and may soon become the primary shopping medium amongst consumers by 2022. The report suggests that consumers are more likely to make impulsive purchases when using mobile commerce platforms, thus giving retailers even more incentive to become more accommodating to these consumers. Given that many of these consumers are constantly connected to social media sites, both mobile commerce and social commerce initiative may stand to net major gains for retailers in the UK.
More consumers expected to participate in new forms of commerce in coming years
Online sales channels continue to outperform traditional channels. The Economist Intelligence Unit predicts that consumers will favor online channels throughout the next ten years, especially as more retailers adopt mobile commerce services and the availability of NFC-enabled mobile devices grows. Several companies are experimenting with alternatives to NFC technology that may broaden the horizon of mobile commerce, as well. These efforts are expected to bring more consumers into the fold and add further momentum to new forms of commerce in UK and around the world.