Visa Report Outlines Speed of Digital Revolution

5 Dec 2019

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Mobile commerce sales in the UK will account for more than half of all retail ecommerce sales by 2020 according to a report from Visa. This will grow 15.3% to total £58.89 billion ($78.51 billion). 

Smartphone commerce already accounts for the majority share of mobile commerce, and that share is expected to increase from 58.9% in 2019 to 71.2% by 2023

The report (The Digital Transformation of SMEs) clearly identifies that commerce is undergoing some profound changes with significant implications for the high street. Fuelled by smart technologies, mobile devices, and 24/7 connectivity, the way consumers browse, shop, and pay has been moving towards digital. UK consumers will spend £106.46 billion ($141.93 billion) online in 2019 (+10.9% vs 2018). This will make up 22.3% of all retail spend, a proportion that will reach 27.9% in 2023. In 2019 mobile commerce will grow 16.7%, passing £50 billion ($66.66 billion) for the first time.

About the Report
Visa recently surveyed consumers and small businesses to better understand how digital transformation is impacting their daily lives and found that customers are more likely to buy from businesses that offer flexible and omni-channel shopping experiences and like being rewarded for their spend. Meanwhile, businesses are saving time by optimising processes with digital tools that provide a holistic view of the business, are simple to use and can integrate with each other.

Click Here to Download 'The Digital Transformation of SMEs' Report

A New Era for Commerce?
The profound changes to the way we trade should give the town and city management industry pause for thought. We are quickly moving into a new era for commerce which dislocates trade from 'place' with digital technology enabling exchanges anywhere and at anytime. 

To help members get to grips with this issue, we are delighted to announce it will be a central theme for Summer School 2020 (working title - 'High Streets v The Industrial Revolution'). This will take place in Cardiff on the 24th and 25th June with networking for members on the evening of the 23rd. Interest in this event has already been shown by the Welsh Government, Metro Bank, Visa and the Bank of England. FOR Cardiff are supporting the ATCM in hosting this flagship event.