Online retailing 'to grow 40%'
20/11/2006 | Source
Internet shopping is to undergo huge growth in the next year as more consumers are getting access to broadband connections, according to latest research.
Sales over the net will reach £42 billion in 2007, up from £30 billion this year, according to the Interactive Media in Retail Group (IMRG) and online consumption is predicted to break the £7 billion barrier over the upcoming festive period.
This trend supports the findings from the latest research by the Office for National Statistics which said that the fastest growing part of the retail sector was in that of non-physical stores in the last three months. Its growth of 3.3 per cent is its strongest since July 2004 and is believed to be due to increased growth by specialist internet retailers.
James Roper, chief executive at IMRG, said: "The take up of broadband is one of the main factors leading this. Shopping online without broadband can be a bit of a pain, but more and more people are getting quicker connections and finding it easier to do."
He added that the growth of online retailing will continue into the long-term: "There has also been impetus from the extra investment made on the supply side. Big retailers, such as John Lewis, Comet and Tesco, are seeing the benefit, but it really is only just starting."
Internet shopping is to undergo huge growth in the next year as more consumers are getting access to broadband connections, according to latest research.
Sales over the net will reach £42 billion in 2007, up from £30 billion this year, according to the Interactive Media in Retail Group (IMRG) and online consumption is predicted to break the £7 billion barrier over the upcoming festive period.
This trend supports the findings from the latest research by the Office for National Statistics which said that the fastest growing part of the retail sector was in that of non-physical stores in the last three months. Its growth of 3.3 per cent is its strongest since July 2004 and is believed to be due to increased growth by specialist internet retailers.
James Roper, chief executive at IMRG, said: "The take up of broadband is one of the main factors leading this. Shopping online without broadband can be a bit of a pain, but more and more people are getting quicker connections and finding it easier to do."
He added that the growth of online retailing will continue into the long-term: "There has also been impetus from the extra investment made on the supply side. Big retailers, such as John Lewis, Comet and Tesco, are seeing the benefit, but it really is only just starting."
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Online retailing
