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Trade News Archive June 08 May 08 April 08 March 08 February 08
January 08
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3rd June 2008
Online retail sector continues to boom
Consumers are still shopping on the net despite an economic slowdown elsewhere, according to the latest retail figures.
In its UK e-Retail 2008 report, Verdict Research said the amount of money spent by consumers shopping online increased by 35 per cent to £14.7 billion last year.
The growth rate of e-retail is ten times faster that of the UK's retail market as whole.
The main reason given by consumers for shopping online was to make better use of leisure time, but they also said that they like to look for bargains.
Malcolm Pinkerton, Verdict's senior retail analyst, said: "The internet is widely perceived as a cheaper and easier way of finding lower prices and bargains in most sectors."
Verdict reported that cheaper and faster internet connections, more internet access and increased consumer trust will ensure online shopping continues to thrive. Online retail sales would reach £44.9 billion by 2012, about 13.8 per cent of total spending.
However, this will not spell the end for high street shopping, Verdict said that online and in-store sales "will simply blur into one, becoming fully integrated".
Mr Pinkerton went on to say that there was still a need to visit physical locations and stores should recognise this.
"Having an Internet presence is now vital and the combination of an in-store and online presence with strong links between the two is essential, giving the consumer choice by becoming multichannel is the key to success" he commented.
(c) 2008 Adfero Ltd.
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