Advertise with fastmoving.co.za
 
 

Mobile commerce is set to overtake desktop sales globally by 2023 while the UK’s market is expected to nearly double.
Mobile commerce is set to overtake desktop sales globally by 2023 while the UK’s market is expected to nearly double.

UK mobile commerce market to nearly double by 2022

INTERNATIONAL NEWS

By Ben Stevens - Nov 13th 2018, 08:27

Mobile commerce is set to overtake desktop sales globally by 2023 while the UK’s market is expected to nearly double. 

According to the latest Global Payment Trends report from Worldpay, mobile commerce sales are growing at an average of 16 per cent every year, well-outpacing desktop sales growth of five per cent.

This growth is expected to rise to 19 per cent annually in the next five years, bringing the market’s total value to $2.29 trillion (£1.77 trillion) by 2022.

In the UK, the world’s third-largest mobile commerce market, it is expected to be worth $314.5 billion (£243.7 billion) by 2022, a rise of 55 per cent.

Mobile commerce’s global penetration is also expected to rise from 38 per cent to 49 per cent of total ecommerce sales in the next five years, but e-wallets like Alipay and WeChat Pay are due to become the most popular digital payment method in the same time period.

Cash meanwhile continues to decline in popularity and is predicted to drop from 21.8 per cent of the offline point-of-sale (POS) market in the UK to just 9.9 per cent.

While the UK is predicted to remain the third largest mobile commerce market, behind China on top and the US in second, France is due to take fourth place from Japan by 2022 with a total market worth of $62.3 billion (£48.3 billion).

Nigeria, Turkey and Columbia are set to see the fastest growth in their mobile commerce markets in the same period, increasing 34 per cent, 31 per cent 28 per cent respectively.
Retail Gazette 

Read more about: uk | sales | retail | mobile commerce | market | ecommerce

Related News

South Africans are spending less on their weekly shopping trip
23/05/2019 - 09:44
Tiger Brands, which carries brands including Koo canned foods, All Gold, and Tastic rice, said that revenue from continuing operations fell 2% to R15.4 billion in the interim period.

Bidcorp expects higher food inflation in SA
23/05/2019 - 09:16
Global food-services group Bidcorp expects rising food price inflation in SA, where food producers and retailers are grappling with higher costs and low selling price increases.

Nike and Adidas join 173 US shoe retailers in call to avoid ‘catastrophic’ tariffs
21/05/2019 - 12:23
Nike, Adidas, and other footwear giants urged President Donald Trump to reconsider his tariffs on shoes made in China, saying the policy would be “catastrophic for our consumers, our companies and the American economy as a whole”.

Rhodes Food Group reports slight decline in net profit
21/05/2019 - 09:59
Rhodes Food Group, which makes Bull Brand corned meat and Bisto gravies, says profit after tax was slightly down in the six months to end-March despite better sales.

Walmart reveals plans for a new corporate campus
20/05/2019 - 17:04
Corporate America has been under political pressure to ramp up investments at home.