Global Ecommerce: Make it Mobile
Worldpay is the UK's leading payments provider, used by more than 300,000 SMEs and dealing in over 120 global currencies. The company has been carrying out detailed research into ecommerce and mcommerce, resulting in the prediction that global mcommerce will 'take over desktop shopping' by 2023.
The Worldpay report is extensive, covering 36 countries across five continents. It found that global ecommerce sales add up to around £990bn, with mcommerce accounting for 38% of this total. A growth of 19% over the next five years is predicted for total global mcommerce.
The UK is the third-largest mobile market in the world (£48.8bn), beaten only by the US (£0.16tn) and China (£0.57tn). Japan (£26.4bn) and South Korea (£22.bn) make up the rest of the top 5 global mobile markets. Motie Bring, the Worldpay UK General Manager for Global Enterprise Ecommerce, said that the UK in particular is a 'highly-developed market'.
The total UK ecommerce market looks set to increase to £240bn between now and 2022, representing a massive growth of 40% (9% CAGR). Rapid growth is also predicted in the popularity of e-wallets, which currently make up 23.2% of mobile payments online; this increase is driven in part by faster mobile networks and increased smartphone ownership.
"With 99% of the population connected to the internet", says Bring, "e-wallets are clearly the future of mobile commerce for shoppers but this is only the beginning. The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before, prompting consumers to ditch desktop in favour of their smartphone or tablet. To stay ahead, UK merchants should invest in their own apps, building a seamless shopping and checkout experience across every device, and support the most popular payment methods.”
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