Smartphone sales are set to more than treble in value from £13.5bn to £43bn over the next four years, new research shows – but the UK is not adapting to the changing trends as quickly as other countries.
Smartphone purchases will account for two-thirds of all of those made online in the UK within four years, the report by Google, PayPal UK and OC&C found.
However, the research suggests UK retailers are failing to keep up with Asian and US rivals when it comes to the technology.
For example, UK retail sites are around 10% to 25% slower to load than US. Google said improving load times by one second can boost conversion rates by 27%.
PayPal UK’s mobile commerce director Rob Harper said: “Speed is an important factor in any shopping experience, but when it comes to mobile shopping, it’s vital.
“Retailers can reduce the time it takes to browse and select a purchase, but if it takes too long to pay, they may lose that sale. It’s a problem that retailers can easily address.”