UK online retail market to hit £25bn in 2010, research claims

LONDON - Nearly seven in 10 people will buy some of their Christmas gifts online this year, new research claims.

The research, carried out by accountancy firm Deloitte, claims the online retail market, worth £9bn in the UK in 2005, will leap to £25bn by 2010, as more consumers switch to the convenience of online purchasing.

Deloitte also found that 46% of people buy more products online now compared to the previous year.

However, there is still room for improvement, with 61% saying retailers need to offer a more flexible service, such as in-store collection.

 The research also claims that about 75% of retailers say online sales have increased compared to this time last year, while 85% expect them to increase over the next 12 months.

Ian Geddes, retail consulting partner at Deloitte, said: "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."

 The research involved 1,000 consumers across the UK.

Published by: John Reynolds

Published 1st December, 2009

Add comment