Figures released by price comparison website Kelkoo have signalled good news for UK businesses that trade online. The price comparison website has revealed that the UK market is the largest in Europe, based on spending habits across Europe in 2009. The figures show that UK shoppers spent more online last year than shoppers from any other country in Europe.
The research was carried out for Kelkoo by the Centre for Retail Research. The grand total spent by the British online in 2009 was £38 billion. They have also predicted that British online spending will grow further in 2010, to £42.7 billion – a rise of 12.4%.
Consumer confidence in the Internet in the UK is growing rapidly as the number of people in the UK who have spent more than £1,000 on one online purchase also grew last year.
The Internet is rapidly becoming an integral part of the UK economy as 9.5% of all retail sales in the UK in 2009 were made online.
Bruce Fair, the MD of Kelkoo, stated:
This year is when we will really start to see online sales achieving a significant share of overall retail trade in the UK.
The report concludes by predicting that all sales across Europe in 2010 are expected to reach £152.8 billion, a growth of 19.6% on 2009. Almost one third of those sales are expected to come from the UK alone.
If your business isn’t trading online, perhaps it’s about time you started? With almost 10% of all retail sales in the UK coming from the Internet, that’s a sizable chunk of missed profits your company could be losing out on.