Online retail sales to reach 15% of market in 4 years
Online retail sales are expected to reach up to £50 billion by 2012, new research shows.
In information which may be of interest to those in sales jobs, figures from PricewaterhouseCoopers predict a 60 per cent increase in e-commerce from the current spend of £20 billion.
After the next four years, it suggests online sales will account for 15 per cent of the total retail market.
Olivia Gillan, retail partner at PricewaterhouseCoopers, claims this is partially to do with the flexibility the internet provides.
"More customers are choosing to shop around the clock," she explains.
Identifying the availability of higher quality products online, Ms Gillan suggests this will be another reason for the projected shift towards internet sales.
She predicts a "big impact" on retail sales, with small businesses in secondary and tertiary locations suffering the most from the change.
In a recent report released by Verdict and Webloyalty, the companies identified factors such as delivery issues and cart abandonment which they claim cost e-commerce sites £2.3 billion a year.
They suggest those in online sales jobs need to develop new strategies to harness the medium's potential.
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Filed: 30-09-2008