Many people have tried to explain what makes online shopping so attractive to UK consumers. Whatever their explanations may be, one thing remains for sure – Britons are mad about e-commerce and this fact has now found its proof.
According to research from Boston Consulting Group, e-commerce will account for nearly a quarter of overall sales in the UK by 2016, reaching revenues of over £144.5bn. The research also highlights the rate at which online shopping has been growing in the UK, as in 2010 13.5% of the total sales were made online.
In 2010, online shopping accounted for just under half of the UK Internet economy as a whole, with annual revenues reaching £64bn.
More broadly, the Internet contributes to the GDP of Britain more than any other G20 nation. In 2010 its contribution to the country’s GDP was 8.3%, which equals £121bn, and it is forecast that this figure will reach £225bn in 2016.
While the UK is currently the world’s leader in e-commerce, authors of the study believe that emerging markets will take the lead in a few years’ time.
Elsewhere, Boston Consulting Group has also revealed that the majority of UK consumers rate Internet access as extremely important for their lifestyle, with many of those polled claiming they would rather give up chocolate or alcohol than web access.