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Online shopping 'defies slowdown' | Online shopping 'defies slowdown' |
(about 11 hours later) | |
Online retailing is continuing to boom in the UK despite pessimism about the economy, according to a survey. | Online retailing is continuing to boom in the UK despite pessimism about the economy, according to a survey. |
The amount of money spent by consumers shopping online increased by 35% to £14.7bn last year, retail analysts Verdict Research said. | The amount of money spent by consumers shopping online increased by 35% to £14.7bn last year, retail analysts Verdict Research said. |
The growth rate - the fastest in six years - is about 10 times that of the UK's retail market as whole. | The growth rate - the fastest in six years - is about 10 times that of the UK's retail market as whole. |
Among 4,000 shoppers quizzed, making better use of leisure time was the main reason given for online shopping. | Among 4,000 shoppers quizzed, making better use of leisure time was the main reason given for online shopping. |
The internet is widely perceived as a cheaper and easier way of finding lower prices and bargains in most sectors Malcolm PinkertonVerdict Research | |
The growth in internet access and users making more regular and expensive purchases online meant the growth would continue, Verdict's report suggested. | |
It forecast that online retail sales would reach £44.9bn by 2012, about 13.8% of total spending. | It forecast that online retail sales would reach £44.9bn by 2012, about 13.8% of total spending. |
But while some of this was "cannibalisation" - people buying via their computers what they would previously have gone to shops for - physical shopping was far from doomed, the report said. | But while some of this was "cannibalisation" - people buying via their computers what they would previously have gone to shops for - physical shopping was far from doomed, the report said. |
"There is still a need and place for physical locations - the key is to ensure that synergies with online retailing are exploited to drive footfall to stores," Verdict said. | "There is still a need and place for physical locations - the key is to ensure that synergies with online retailing are exploited to drive footfall to stores," Verdict said. |
"While having an Internet presence is vital, giving the consumer choice by establishing strong links between the in-store and online offer is now essential." | "While having an Internet presence is vital, giving the consumer choice by establishing strong links between the in-store and online offer is now essential." |
The development of faster broadband had made the process of shopping quicker and easier for many people, Verdict concluded, while many saw it as a way of getting cheaper prices. | The development of faster broadband had made the process of shopping quicker and easier for many people, Verdict concluded, while many saw it as a way of getting cheaper prices. |
âThe internet is widely perceived as a cheaper and easier way of finding lower prices and bargains in most sectors," said Malcolm Pinkerton, Verdict's senior retail analyst. | âThe internet is widely perceived as a cheaper and easier way of finding lower prices and bargains in most sectors," said Malcolm Pinkerton, Verdict's senior retail analyst. |
"As the cost of broadband falls, consumers become accustomed to internet shopping and retailers continue to enhance their online propositions, the channel will find itself extremely well-placed to capitalise on the falling consumer confidence and lower levels of disposable income currently impacting the retail market." | "As the cost of broadband falls, consumers become accustomed to internet shopping and retailers continue to enhance their online propositions, the channel will find itself extremely well-placed to capitalise on the falling consumer confidence and lower levels of disposable income currently impacting the retail market." |
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