Online Sales In The UK To Almost Triple Over The Next Five Years

A new report from Verdict Research reveals the fastest rate of growth in the online retail sector since the busting of the dotcom bubble in 2001.

Verdict says that in 2006 online retail spending in the UK grew by 33.4%, to a record £10.9 billion, almost 13 times faster than the retail sector overall.

It means that over £1 of every extra £3 spent on retail in 2006 in the UK was claimed by an online retailer.

However, unlike five years ago Verdict Research sees no reasons for an end to the boom and the retail analysts expect online sales to almost triple over the next five years (to £28 billion in 2011).

Much more widespread use of low cost broadband services is a leading reason for the boom in online shopping. Of the 3,000 consumers surveyed for the report, two-thirds of the online shopper population (which now numbers 18 million), said they have broadband access and shop online more frequently because of it.

Verdict adds that over the past 12 months a host of physical retailers including the Arcadia brand sites, Dunelm, IKEA, Oasis, Superdrug, Waterstone’s and Wickes have launched new transactional websites, whilst many existing retailers have greatly scaled up their offers including Asda, B&Q, M&S, Tesco and Woolworths.

A recent report from the European Interactive Advertising Association revealed that European online shoppers are now buying more from their browsing on the internet.

Verdict Research: www.verdict.co.uk