UK retailers need to take note of popularity of Internet

It has been suggested that in order to keep on track retailers in the UK need to take note of the rising popularity of online shopping, which is expected to treble by 2020.

Online shopping has become very popular over recent years, and with more and more people enjoying access to cheap, higher speed broadband services many people now rely on the Internet to make all sorts of purchases. Industry officials are now expecting retail sales online to rocket over the coming decade, and have said that UK retailers need to recognise the importance of the rising popularity of online purchases.

Around one in every five pounds of retail spending will be spent online by 2020 according to recent figures. The amount of online retail spending for this year came in at around twenty one billion pounds, but by 2020 this is expected to treble to around sixty seven billion pounds. In some areas online sales will overtake sales in High Street shops, and this includes areas such as electrical items and books.

The study was carried out by retail researcher Verdict on behalf of eBay, and the results showed that over the coming decade more and more people will start making their purchases via the Internet, as broadband becomes increasingly accessible and affordable.

One industry official said that High Street retailers could not afford to ignore the threat that the popularity of online purchases posed, and in order to keep up with competitors would need to ensure that they were able to offer online facilities. He said: “Traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online.”

Source – Reuters