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Online retail set to double in five years
Thursday 9th October 2008, by Daniel King
A recent report has suggested that the revenues generated through online shopping are set to more than double in the next five years.
Conducted by Verdict Consulting, the study predicts that high street stores will grow by around five per cent, reports Eclipse Internet.
Meanwhile, online shopping and ecommerce is set to grow by 129 per cent in this period.
Neil Saunders, consulting director at Verdict, commented: "Standing out from the crowd on the internet has become more of a challenge. Online retailers have to work harder than ever to attract consumers."
He added that this "challenge was not isolated to smaller websites but said that the major players in the industry also face this problem.
The report noted that the UK's retail industry could be losing up to £2.3 billion each year due to a failure to optimise its ecommerce strategies.
Mr Saunders asserted that firms need to find new ways to draw in traffic and said that companies must look at new strategies as well as keeping the old ones in place if they wish to survive.
In related news, those who wish to use their broadband connection to surf the internet and to make purchases may be interested to know that YouTube and Amazon have recently partnered up.
While browsing video files and media on YouTube, surfers will be able to get to Amazon's website to purchase digital equipment or media with a single click.
There will also be direct links with the iTunes music store so that audio files can be accessed easily.
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