Consumer spending via mobile phones and tablets will rocket in the next five years, growing from £7.9bn to £23.1bn in 2018, according to research from Verdict.
The firm suggests that as tablets become mainstream shopping devices over the next five years, the major driving factor will be a greater tablet proliferation, resulting in the ‘cannibalisation’ of laptop shopping.
Verdict analyst, Matthew Rubin, said: "Cannibalisation of spend has had a major impact in market sizes as mobile phones and tablets have become more mainstream shopping devices, often replacing desktops and laptops.
"Mobile phone spend has grown rapidly, though it remains relatively small, while tablet spend has grown from nothing to almost twice the size of mobile phone spend in just two years to 2012, and that trend has continued into 2013."
An increase in expenditure from less wealthy shoppers will also result from the growing trend, according to the market analysis company, leading to a boom in potential lower-value products.
In a survey of over 10,000 online shoppers, results show that 38 per cent of shoppers research good inshore prior to purchasing online.
"This appears to be a major concern for retailers with a physical presence” said Rubin, “however, with only 7% of mobile phone shoppers completing transactions in a store; there is still a major opportunity to convince them to make the transaction through the store itself or through its own website.
"This requires strong customer service and engagement, but with 57 per cent of online shoppers comparing prices between websites, it is also essential that retailers with homogenous products match or come close to pureplay pricing.”