Online to take 20% of all sales by 2020
Heartwarming New Year news if you’re serious about doing business online.
Ebay and Verdict (a retail research specialist) released a report a couple of weeks ago that indicates that as much as £1 in every £5 will be spent online by 2020.
And in some categories such as books and electrical goods, online sales will overtake their offline counterparts.
Currently the figure taken by online retailers is around £1 in every £13.
Ebay says this means 2020 could well be a tipping point beyond which independent high street retailers who do not have an online presence will not survive.
The report suggested that over the next 8 years online spend will grow by £46bn (up 223%). By contrast, offline spend will drop by £18bn (down 7%).
The largest growth areas will be clothes and footwear, which are forecasted to grow by 351%. Health and beauty is predicted to rise by 330%.
The report also said that 4 out of 5 retailers claim their offline businesses would not survive if not supported by their online arms.
Whatever your area, there’s no doubt that building websites and doing business online is set to continue its phenomenal growth rate.
Have you built a website to support an offline business? Are your sales trending upwards?
Any comments please leave them below.