A new study shows that the Internet contributes an astounding £100bn per year to the UK economy, with around 60% of that figure attributed to online shopping, plus the cost of connections and devices to access the web.
The research, commissioned by Google, indicates that the Internet accounts for 7.2% of the UK’s gross domestic product (GDP) which means that if categorised as an economic sector, it would be the fifth largest in the UK and greater than the construction, transport and utilities industries.
Richard Bendelow, Visualsoft Director, says: “We welcome the findings of Google’s newly published study, which not only indicates that the UK is the world-leader in eCommerce, but also suggests that the Internet’s economic contribution will continue to grow in this country at a healthy rate. It also shows that the UK is now a net exporter of eCommerce goods and services, exporting £2.80 for every £1 imported, which is the opposite of the trend seen in the offline economy, which exports just 90p for every £1 imported.
“As a dedicated eCommerce provider, we’ve always championed the online shopping market as it provides an excellent growth opportunity for many UK retailers, which is why we work with a wide spectrum of new-start businesses, well-established independents and national brands to help them become part of the eCommerce industry’s ongoing success story.”
Matt Brittin, Managing Director for Google in the UK and Ireland, says: “We all know how the Internet has changed the way people access information and communicate. Now for the first time we can see how its adoption by British business has become a major contributor to the UK’s GDP, and that the Internet is a central pillar of the UK’s economy. The sector has come of age, and with great prospects for further growth the UK internet economy, will be vital to the UK’s future prosperity.”
For further findings from the report, entitled The Connected Kingdom: How the internet is transforming the UK, click here.
For more information on your growing e-commerce business or any of our eCommerce Solutions please contact Visualsoft e-Commerce today on 0870 766 1092.