Rapid growth forecast for online shopping
03 June 2009 11:39:55
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| Sharp growth in online spending predicted. |
A report from Verdict Research shows that total online spending is set to grow from £2.4bn this year to £30bn in 2013 - with branded items such as electronic goods helping to drive up sales.
If the forecast proves correct, it would mean that roughly £1 of every £10 spent on retail goods is transacted via the internet in four years' time.
Verdict Research also identified credit card driven online sales as a potential recession-buster for vendors.
The total retail sector is predicted to contract by 0.6% in 2009, but the online market is on course to grow by 13% over the same period.
Malcolm Pinkerton, senior retail analyst at Verdict Research, commented: "The more affluent groups, who do still have money to spend, continue to appreciate the internet for its convenience, making the channel doubly resilient to the downturn."
He added: "The key for individual retailers is to formulate two clear strategies: one for succeeding through the recession and one targeting growth beyond this, as the online channel begins to approach maturity."
Customers using credit cards, rather than debit cards, to purchase goods online enjoy greater legal protection from fraud.
Section 75 of the Consumer Credit Act allows cardholders to claim against their card issuer, as well as their supplier, if they suffer breach of contract or misrepresentation for items costing over £100.
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