m-commerce to surpass £19bn by 2021 | Mobile Payments | Mobile Entertainment

m-commerce to surpass £19bn by 2021

m-commerce to surpass £19bn by 2021
Zen Terrelonge

by

Payments / Commerce / October 17th 2011 at 2:29PM

Food brings home the bacon at £300m as this year's most popular mobile purchase.

Barclays Corporate is behind the research, which explores m-commerce buying habits for the next decade. It says £1.3 billion is to be spent via mobile in 2011.

While food tops the list of most popular mobile purchase at £300 million for this year, it is expected to reach £5 billion by 2021.

The report claims electricals follow food in at second with £290 million for this year, though the relatively small gap will change as electricals falls to fourth in 2021 on £2.1 billion.

Personal care such as hair, beauty and dental will receive the strongest growth from £63 million up to £3.1 billion for 2021, according to the report.

Richard Lowe, head of retail & wholesale at Barclays Corporate, said: "m-commerce is still a relatively niche channel accounting for 0.5 per cent of total retail spend.

"However, with little new shop space coming into play the real growth opportunities lie on the virtual high street and those retailers which are prepared to invest will be at a significant advantage to the competition."

Other results show m-commerce in the next five years will grow by 55 per cent. The rapid growth is expected to be fuelled by developments of NFC mobile wallets and 4G.