New report releases results of predictions regarding online shopping by 2022.
A new retail report has been released by the Economist Intelligence Unit which showed the way that the retail sector will be changing throughout the next decade due to e- and mcommerce as well as social media sales (s-commerce).
It showed that all online purchases will make up more than one third of the sales in the U.K by 2022.
At the moment, the combination of s-, e- and mcommerce make up around 10 percent of sales in the United Kingdom. According to the Economist Intelligence Unit’s chief retail analyst, Jon Copestake, “The opportunities for retail over the next decade and beyond are enormous.” However, he also went on to say “But where the future markets will reside and the way in which we will buy goods will change dramatically. Retailers will need to evolve to adapt to this new landscape.”
Mcommerce is predicted to become a mainstream form of shopping in the next ten years.
The report indicated that impulse purchases will play an important role in the growth of mcommerce because an increasing number of people who will buy their first few items over their mobile devices without having planned them.
It also identified successful websites, such as Pinterest, as an important driver of purchase in the smartphone, tablet, social media, and overall online environment. This will be an important part of sending digital shopping ahead.
Retail analysts have also identified companies that are based on bargain hunting – such as mysupermarket and Groupon – as the type of business that will undergo significant changes and evolutions over the next few years as they merge and expand.
At the same time, even as mcommerce takes off, the researchers did not believe that brick and mortar retail stores would suffer or fade away. Instead, the role that they play is expected to change significantly by the year 2022.
The report also suggested that convenience will be a driving force behind the popularity and success of mcommerce. A growing number of consumers will adopt a multichannel approach as they use their mobile devices to obtain the fastest, easiest and most affordable shopping experience.