The latest figures have shown that it will climb to $730 billion in 5 years.
According to data from the latest forecasts put out by Juniper research, mobile commerce will have reached a value of $730 by the year 2017, primarily driven by smartphones.
The British firm released its results saying that smartphone payments will be vitally important to this growth.
The report detailed how mobile commerce payments are already rapidly increasing, and that over the next five years, they will become far more mainstream and process a much higher number and value of transactions.
The Juniper Research mobile commerce report said that this growth will include brick and mortar stores.
According to a press release from the firm, “Transaction growth will be driven by the increasing scale of real-world (nondigital) purchases from major brands and retailers.” It also went on to say that “Companies such as Domino’s in the US and Argos in the UK already seeing 6-7% of all sales occurring via the mobile channel.”
The report, entitled Mobile Payments for Digital & Physical Goods, the electronic devices, themselves, will become an important part of the growth seen both in the online and real world stores.
However, the company stated that the “couch commerce” trend (where consumers shop while watching television) will continue to expand to the point that by 2017, smartphones, tablets, and other nomadic devices will make up approximately 30 percent of the e-retail marketplace. Equally, though, it pointed out that these transactions will continue to make up only a small percentage of the overall sales worldwide that are currently worth over $16 trillion.
Therefore, as much as there will be a “significant migration” over to these device as tools for shopping, and their value should not be ignored, it is also important that they not be overblown. Indeed, they will be taking a portion of the desktop and laptop shoppers into the mobile commerce sphere, but the majority will still remain where they are, or will continue to shop in the live locations of the stores themselves.
Mobile commerce is still being seen as a method of convenience rather than a primary shopping channel, at least for five more years.