When it comes to tallying up retail sales, it's easy to overlook the impact of mobile.
Although millions of consumers spend hours a day on their smartphones, only a small number of transactions are actually completed on the tiny devices. In 2013, for example, $235.3 billion was spent online, according to ComScore. Among this number, only about $25 billion was attributed to mobile transactions.
Despite the fact that these numbers pale in comparison to the over $3 trillion that was estimated to have been spent last year on in-store sales, the opportunity for these devices is much larger than it appears at first glance.
A new study from Deloitte found that last year mobile devices influenced 19 percent of all in-store sales, giving them a $593 billion value. When accounting for all digital, including desktop computers, that number increases to $1.1 trillion—and it's growing fast. By the year's end, Deloitte predicts $1.5 trillion, or 50 percent, of all in-store sales will be influenced by digital devices.
"The fact is, traditional retailers are leaving too much money on the table and are allowing strictly online retailers to capture a growing share of revenue that could be theirs," the study said.