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UK online spend soars to £10.9bn
Online shopping in the UK was worth almost £11 billion in 2006, a surge of more than 33% over the previous year.
Retail analysts Verdict Research predicts a tripling in online sales over the next five years to £28.1 billion or almost 9% of the UK’s total retail sales.
The company’s research excludes the sale of flights, tickets and insurance – all booming online purchases.
Faster and cheaper internet access is fueling the growth at a time when high street retailers are seeing demand decline.
But the research group warned that most of the growth in sales would probably come from existing online shoppers buying more items rather than more people shopping over the internet.
Two thirds of the 3,000 customers surveyed had broadband internet connections and shopped online more often as a result, according to Verdict.
The company identified three types of retailers that were proving reluctant to increase their online presence – food retailers with no online presence, ‘value retailers such as Primark and Matalan and small specialist retailers.
“Even with some retailers staying out of the market, online sales in the UK are set to triple in value,” Verdict said in a BBC report.
“”By 2011, the typical spend of an online shopper will grow to £1,056 per year with the clothing and footwear, DIY and gardening, and food and grocery sectors achieving the fastest growth.”
by Phil Davies
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