Neustar put out a study and an infographic on the high conversion rates experienced  in local search by those using mobile phones.

Jessica Lee covered this on Search Engine Watch

From the article:

How Local Searches Convert

Four out of five searches via mobile devices lead to a purchase, often within a few hours, the survey said. Compared with other devices, the mobile phone showed the highest conversion rate, with nearly 80 percent of mobile phone searches ending in a purchase.

And, nearly three out of four of those mobile phone searches that converted brought the customer into a brick-and-mortar store.

“This research may be our clearest indication yet of the ongoing maturation of the mobile market,” said Brian Wool, vice president of content distribution at Neustar. He added that consumers “expect a consistent and navigable search functionality that serves up exactly the depth and quality of information they need.”