Latest News Headlines
Commercial Credit News
|Online consumers in the UK spent £22 billion via smartphones and tablets in 2015|
|Wednesday, 31 August 2016|
Of all UK online consumer spending in 2015, 17% was accounted for by purchases made using a smartphone or tablet, according to financial services research and insight firm Verdict Financial.
The company’s latest report reveals that online spending via mobile devices is expected to grow by 63% between 2015 and 2019, making it imperative for players in the online market to have a strong mobile commerce strategy going forward.
Samuel Murrant, Senior Analyst covering Consumer Payments at Verdict Financial, explains: “The UK market is one of the largest and most mature online commerce markets globally, presenting merchants and payment providers alike with both challenges and opportunities.
“The online commerce market in the UK is the third-largest in the world, behind only the US and China. Historically, it has been dominated by desktop- and laptop-based commerce, and although these channels are still dominant, mobile commerce has been growing impressively. In 2015, almost £22 billion was spent online by UK consumers using smartphones or tablets.”
The rise of mobile commerce has brought with it challenges, with smaller screens in particular making both displaying stock and website navigation potentially difficult. Most businesses now have mobile-optimized sites to mitigate these issues, but there is also a need to optimize the payment experience for consumers. Smaller screens also make manually entering payment details off-putting for consumers, heightening the risk of cart abandonment.
Murrant concludes: “The UK online commerce market is set to grow impressively, and in order to harness that growth, businesses will need to create convenient mobile commerce experiences for their customers. Services that reduce the amount of manual data entry, such as PayPal’s One Touch checkout and Apple Pay’s TouchID, are well-positioned in the market.”
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197