E-commerce sales will reach almost £60 billion
22/09/2008
Online sales have bucked the high street trend and continued to grow, despite the credit crunch.
Online sales have bucked the high street trend and continued to grow, despite the credit crunch.
More people are shopping online for bargains as the credit crunch takes hold, with e-commerce revenue set to grow 28 per cent this year, according to new research.
A report by eMarketer estimates that the UK business-to-consumer e-commerce market will be worth £59.8 billion this year, up from £46.6 billion in 2007.
The growth in revenue comes as consumers rein in their shopping on the high street in search of cheaper products online.
Rising fuel costs have also contributed to a fall in high street sales as penny-pinching shoppers stay at home and take advantage of free delivery services.
According to eMarketer, the most popular online purchases are music (CDs and downloads), DVDs, books and tickets.
However, sales of clothing, food and appliances are also increasing online, and the overall growth trend is expected to continue, with the average internet buyer expected to spend £2,926 a year in 2012.
Karin Von Abrams, eMarketer's senior analyst said: "The UK's army of e-buyers increasingly supports niche retailers online, such as specialist food suppliers and boutique clothing shops."
Small merchants with good services, a well-designed website and clear values would continue to attract new business, she added.
Department store John Lewis released figures showing a 39.7 per cent increase in online sales last week, despite only five of their stores that had been open for more than a year making more than the same period in 2007.
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