Online retail growth

Source: Technology Digital

Date :25/05/2007 12:18:08

Online retailing in the UK has grown at its fastest rate since the dotcom bubble burst, a survey has claimed.

Research carried out by analysts Verdict Research revealed that the amount of money spent by consumers shopping online increased by 33.4 percent to £10.9 billion last year.

Verdict also sees online sales almost tripling over the next five years.

The research group said that faster and cheaper internet access was driving the growth at a time when many high street retailers were seeing demand wane.

Of 3,000 customers surveyed, two thirds had broadband internet connections and shopped online more often because of it, Verdict said.

The company's research covered online spending on goods, and did not include sales of flights, tickets and insurance.

Verdict predicts that in 2011, online retailing will be worth about £28.1 billion, or about 9 percent of the UK's total retail sales.

However, Verdict said that most of the growth in sales probably would come from existing online shoppers buying more items rather than more people shopping over the internet.

May 25 2007