According to a recent survey, ecommerce turned into double digit growth, as shoppers flocked online to purchase goods and services. Historically, the UK has had some of the highest retail profit margin in the world, hence when the internet came along and brought levels of competition and transparency, especially with electrical goods, it just took off like a rocket.
Online retail sales in the UK is predicted to reach 52.25 billion Euros this year, which is 16.2% increase in 2014, when the total stood up to 44.97 billion Euros. This equates to 15.2% of all online retail sales in the UK. Which means on average consumers in the UK will spend 1,174 pounds online in 2015; this would make UK the most frequent online shoppers in Europe.
In 2015, it is predicted that the online sales will drop by 1.4%, however 18.4% increase on an online sales means that the total online retail revenue will increase by an average 2%.
UK shoppers are expected to shop online more often in 2015; they are expected to spend an average of 55.36 pounds per online transaction this year compared to 57.8 pounds last year.
Online traders will be able to reduce prices for those shopping on the internet by reducing overheads like physical stores. The fact is that, more and more people have become comfortable shopping online than heading to the high street or a shopping centre. Security fears like entering personal information and bank details in shopping carts of companies selling online have eased considerably over the years. In recent years, online retail has become a multi-billion dollar industry.
Consumers in the UK appreciated the kind of value they got form the internet at about $3, 753. The reports on UK’s online retail are highly encouraging and show that the internet penetration in the UK is leading the world in ecommerce. At the times of financial uncertainty, the UK internet economy continues to grow at a fantastic rate creating thousands of new opportunities for businesses and jobs.
The small and medium sized businesses in the UK that made use of the internet for marketing and sales grew at the rate of 12 percent, which was faster than those who barely used the internet, a t only 4%.
The whole spectrum of society, from children and grandparents are heading online on daily basis. The general population is moving online for various activities, shopping being one of the primary ones.