The UK’s online retail market passed the £300bn milestone last month, according to the IMRG Capgemini e-Retail Sales Index.
The sales index uses real sales data from retailers in the UK, making it an accurate report. When the index was first introduced in 2000, it was estimated that the UK’s e-retail market was worth approximately £0.8bn per year, however in 2010 is was reported to be worth a staggering £58.8bn – an astonishing growth of 6,600% in 11 years. IMRG also forecasts that £69bn will be spent online in the UK in 2011, and the markets value will double in the next four years alone.
The sector which has performed the best in the past 11 years was clothing and fashion, which has grown by 3,245%. Meanwhile, the electrical sector has grown by 996% and the online sector for alcohol has also seen a spike in growth by 825%.
James Roper, chief executive of the IMRG, said: “An estimated £300bn has been spent online in the UK during the 11 years that our Index has been tracking the e-retail market, and with around £70bn estimated to be spent this year, we expect that figure to easily double within four years.”
Roper also commented on the further growth expected next year; With 80% of the UK population now online and Government plans to extend the speed and geographical reach of broadband services, we anticipate a continued acceleration of growth irrespective of the economic situation as a whole,” he said.
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