Online shopping rose by 35 per cent to £14.7 billion in the UK last year – a rate of growth almost 10 times higher than that of the total retail market.
According to Verdict Research, strong growth is set to continue and online retail estimated to reach £44.9 billion by 2012 – 13.8 per cent of total online spend. The report points out that convenience was mentioned as the main reason for the internet's success by more than 50% of the 4,059 adults surveyed.
It seems that the internet is seen as a cheaper and easier way to find lower prices and bargains across most retail sectors. The cost of broadband is dropping and consumers are becoming more used to shopping online whilst retailers are improving their online propositions all the time.
Electricals took the major share of all online retail spend last year at 25.1%. The second largest sector was grocery which is on the rise and expected to account for 29% of online sales in 2021, compared with 22% for electricals.