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Online Sales to Double in 4 Years
Industry experts expect online spending to double by the year 2010. Already this year’s online spend is on target to reach £42 billion by year’s end, confirming the explosion in online sales looks set to continue.
Internet research firm group IMRG anticipate online sales will exceed £78 billion by 2010 if trends continue. Many customers are turning to online shopping for the convenience and speed but there’s also an added bonus: in this environmentally aware age, online shopping is seen as a ‘greener’ option than travelling to the shops.
Although online transactions began in 1994, internet sales really picked up in 2000 with the dot com boom, since when figures have grown steadily every year. In the period from April 2000 to December 2006 monthly online sales jumped from £87 million to an incredible £3.6 billion. Even in the full thrust of the dot com era, sales online topped out at a mere £800 million.
If IMRG’s predictions are accurate, total online sales for the UK this year will be nine times that of London’s West End which happens to be the UK’s biggest shopping destination.
One advantage of internet shopping is the disappearance of geographical restrictions. Almost 20% of the world’s population use the internet regularly (about a third of these are based in Europe) and the worldwide online market is expected to total £250 billion in 2007.
Interestingly, less than half of the UK’s big-name retailers have ecommerce websites – despite most consumers assuming they can go online to make purchases from these companies.
www.liaiseonline.co.uk
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