Online retail spending soars
Online retail spending soared by a third to hit a record £10.9bn (€16bn) in the UK last year, a report out today says.
The internet shopping upturn was 13 times greater than the UK’s overall retail sector, according to market analysts Verdict.
Online sales are predicted to almost treble to £28 billion over the next five years.
Widespread use of low-cost broadband combined with retailers’ investment in their website services are behind the boom, the E-Retail 2007 report says.
By 2011 a typical online shopper will spend on average £1,056 (€1,561) per year compared to £606 (€896.30) in 2006, Verdict predicts.
The report says high street chains must ensure their websites enhance their traditional in-store business.
Verdict spokesman Nick Gladding said: “Viewing channels in isolation is more a recipe for failure than success and a seamless fusion needs to be achieved between both physical and online channels.”
The report defines e-retail as all online spending on goods by consumers.
It excludes spending on services such as flights, tickets and insurance, and also excludes business expenditure.
