Despite the ongoing pressures of the credit crunch, web-based businesses are flourishing, research has suggested.
Consumers in the UK have spent almost £15bn online in the last 12 months – a third more than last year, said a report by Verdict Research.
The increase is 10 times faster than during the same period in the overall retail sector, the organisation added.
And there’s more good news in store for online retail – the report predicted sales will grow to almost £45bn by 2012, accounting for up to 14% of the money spent by UK consumers.
However, it also said online travel agents and airlines are faring less well, with Easyjet falling from 8th to 10th place in the most popular retail website rankings, while Ryanair dropped from 9th place to 14th.
Malcolm Pinkerton, a spokesman for Verdict, said consumers see the internet as a cheaper and more convenient way to find lower prices and bargains.
“Online retailers are likely to weather the economic storm easier than most because of better broadband, better websites and an increasing proportion of people who are familiar with the internet,” he said.
“The web will find itself extremely well-placed to capitalise on the falling consumer confidence and lower levels of disposable income currently impacting the retail market.”
© Crimson Business Ltd. 2008
