Forecast GBP 28 bn online Sales by 2011
According to a recent study by retail analysts Verdict Research, online sales in the UK will almost triple over the next 5 years and they predict that online spending will reach GBP 28.1 bn in the UK by 2011 – equivalent to 8.9 pct of all UK retail spending.
The report reveals the fastest rate of growth in the online sector since the bursting of the dotcom bubble in 2001. In 2006, online retail spending in the UK grew by 33.4 pct , to a record GBP 10.9 bn, almost 13 times faster than the retail sector overall. (Verdict Research figures in this report exclude spending on services such as flights, tickets and insurance).
Despite the scale of this online opportunity, the report urges retailers to take care not to jeopardise the trust of their customers. Whilst we mentioned earlier that we’re pretty relaxed about spending GBP 2.3k online, not all online shoppers are like us and many shoppers still need great assurance that their financial details are safe online.
