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 Tuesday, 28th February 2012, 17:05:55

E-commerce predicted to grow by 12% each year

E-commerce predicted to grow by 12% each year

Europe's online shopping market is set for an annual growth of 12 per cent, new figures have revealed.

According to a report from research company Forrester Research Inc, in the UK alone e-commerce sales are expected to enjoy a compound annual growth of 11 per cent.

It predicts that the online retail sector will surge from £30.1 billion in 2011 to £51 billion in 2016.

As a result, e-commerce sales will account for more than 14 per cent of total retail sales in the UK within the next five years.

In Germany, it is also predicted to thrive, and will make up ten per cent of total sales during the same growth period.

Surprisingly, Forrester predicted that the biggest surges in online shopping transactions would occur in the countries that have been more hesitant to embrace the e-commerce phenomenon.

The annual growth rate is predicted to hit 18 per cent in Italy and 19 per cent in Spain.

Among the many reasons for the enduring popularity of online shopping, the convenience of this option is crucial.

Consumers have very busy lifestyles, which is why 69 per cent of European respondents in the Forrester study cited "time saving" as their main reason for making internet purchases.

It is becoming even easier to shop online thanks to developments in 'm-commerce' – accessing a retailer's site and making purchases using a smartphone or tablet.

A number of stores such as, Topshop, Amazon and All Saints have mobile apps which allow users to shop and spend more swiftly than ever.

Forrester analyst Martin Gill noted in his report that the "lines are blurring" between physical stores and web stores, as even customers who shop in bricks-and-mortar buildings tend to research their products online before making a final purchase.

"Shopping journeys are becoming more complex to understand, and this complexity will only increase as shoppers begin to use their smartphones to access the web while they are shopping offline, extending the immediate reach of online-only retailers onto the high street," he wrote.

Posted by Phil Williams

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Categories:  |  Ecommerce  |  

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