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Online Retail Sales Hit Century, Poised to Grow in Future
Jun 04, 2007
A recent report “UK Supermarket Analysis (2007-2010)” by RNCOS has found that online sales in UK are anticipated to account for more than 19% of the combined retail sales by 2012 and are projected to exceed £62 Billion. Therefore, UK supermarkets need to build infrastructure, which will enable them to foray into online retail market.
Shoppers switching to their PCs from the High St. have shelled out more than £100 Billion since the trend of online shopping started 12 years back in 1995, as published by news site of Channel 4 News on May 18, 2007. It all started in April 1995 when Brit shoppers first cautiously shopped for CD-ROMS and books, small beer etc. via e-retail mode. But now, shoppers can buy anything from designer clothes to electronic goods through e-retailing.
The Interactive Media in Retail Group (IMRG), an industry body that keeps track of Internet sales, released a research on May 18, 2007. It shows that Internet sales in UK are projected to grow to £42 Billion in 2007 as against £100 Million in 1995.
The figures by IMRG show that travel formed the largest segment of consumer spending and accounted for about £7 Billion in 2006, trailed by electric goods at £5 Billion. Fashion was another crucial growth area.
James Roper, Chief Executive, IMRG, said, as reported by BUSINESS.Scotsman.com on May 18, 2007, that part of the explanation for this is the large untapped market of those retailers who are still to initiate their online operations. "This is a young industry and retailers are barely beginning to scratch the surface. Research this year found 44 per cent of the UK's top retailers didn't have a transaction website," said Roper.
According to the RNCOS report “UK Supermarket Analysis (2007-2010)”, online retailing will come out as a critical mode of retail. Supermarkets that have well-known brands and are trusted names may be the first preference for the customers when it comes to shop online. For the store chains also, the space will not remain a constraint and therefore, they can offer a wide range of products.
The market research report is a work of in-depth analysis of the UK supermarket covering various parameters of the market like market performance, financial services, industry analysis, and future outlook.
For more information visit: http://www.rncos.com/Report/IM513.htm
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