UK Online Retail Market To Be Worth £25bn In 2010

Recent research by Deloitte shows that not only is online retailing continuing to grow, the market is due to hit £25bn by 2010.

With UK internet users increasingly looking online for cheaper deals and in many cases, a more convienient shopping experience, 46% said they have bought more items online than last year.

7 out of 10 will be buying a proportion of their Christmas gifts online and 85% of retailers believe their sales will increase next year.  Overall a good looking outlook for the online retail industry which will grow to more than £25bn next year in comparison to 2005 when it was at just £9bn.

Ian Geddes, at Deloitte, commented on the research findings: “Online retailing continues to rise at a much faster pace than the overall retail market.

“As recently as 2005, the online market was worth under £9bn. By 2010, we forecast the market will be worth more than £25bn.

While this is still a relatively small part of the total retail market, the influence of online has a much wider reach. The digital sage has embedded itself in mainstream life.”

Continued growth is great news for the wider retail sector though external influences can always affect numbers whether in or out of the recession as e-Consultancy are reporting.

The report from MRPG mentioned in the article shows the recent Royal Mail strikes cost the online retail market £53m.  Two thirds of etailers saw a 30% dip in sales.

Although October saw £4.2bn in online sales in the UK, more importantly in the current climate, consumer confidence would have taken more of a battering.