Online and mobile sales are increasing at “a breakneck pace” across Australia, according to a Commonwealth Bank report.

Sales through mobile devices have more than doubled in the past 12 months, rising from 18 percent of all online purchases to 29 percent in the past 12 months, and recording an average annual growth rate of 60 percent, the latest CommBank Retail Insights report says.

Small online retailers are expanding their businesses faster, with almost half hitting $1 million-plus sales a year thanks to the growing trend for shoppers to buy goods via their smartphones.

And many more smaller, pure-play online retailers are joining in the fun. The CBA estimates that the number of businesses generating between $1 million and $10 million in annual turnover will increase by 133 percent in the past 12 months.

Almost half are now turning over more than $1 million, and one in five is generating revenue in excess of $10 million, CommBank retail national manager Jerry Macey told  the AAP newswire service.