Forrester Research predicts the future of online retailing in the UK, France and Germany – saying that while overall economic conditions were deteriorating, online retailers would continue to benefit from a steady migration.
“The recession will hit online sales less hard than other channels as people shop online to find better prices and save on fuel,” says Forrester.
It expects UK online sales for retail and travel to total just over £37bn in 2009, and rise to £56bn by 2014.
Victoria Bracewell Lewis, senior analyst with Forrester said: “For the past decade online shopping in the UK has been driven by a virtuous cycle. Growing numbers of UK online shoppers and growing online spend per shopper encourage retailers and travel operators to improve their online offerings, which in turn draw more shoppers and higher spending.”
Forrester added that while books, DVDs and leisure travel had been the most common online purchases in the UK in 2008, over the past year fashion had been the fastest-growing area of online retail.
This is borne out by strong sales figures from retailers such as Asos. The online fashion retailer, which in January reported an 118 per cent year-on-year rise in sales over the nine weeks to January 16, said it was on track to meet expectations for full year profits of about £13.8m, up from £7.3m last year.
Forrester’s research also showed that UK consumers outspent their European counterparts. UK shoppers spent an average of £1,321 per year in 2008 or €1,378, while the average for European online shoppers was €934.
The consultancy also expects that increasing demand and greater promotion by merchants will drive the number of online shoppers in the UK up from 30m in 2009 to 37m in 2014.
Forrester’s research on the UK is based on a survey of more than 4,100 UK consumers as well as interviews with British retailers.
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Tags: E-commerce, Internet Sales Growth, Website Sales
