Online retail sales 'to reach £67bn by 2020'

11:43 18th December 2009

The amount of money spent online in the UK is set to reach over £60 billion in a decade, new figures have revealed.

Research by Verdict, which was carried out for online auction site eBay, has predicted that sales over the web will grow from their current level of £21 billion to £67 billion by 2020.

Over the same period, spending on the high street will fall from £265 billion to £247 billion, which highlights how important it is for firms in Lancashire to have an online presence.

Sales of clothing and footwear are expected to be among those that rise most significantly.

Neil Saunders, analyst at Verdict, said consumers are seeing a wide range of products at competitive prices when shopping via the web.

He added: "Traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online."

Recent figures published by Coremetrics found that the value of the average order placed online in the UK is now 94 per cent higher than it was 12 months ago.

The number of goods being ordered per transaction has also risen in the past two years.

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