Online retail in UK set to top £77bn in 2012
By Daniel Hunter
The UK’s online retail market is set to grow 13 per cent in 2012 — cashing in a huge £77bn.
The forecast further strengthens the UK’s position as a global leader in the market, second only to the US in terms of market value.
The market has exploded in recent years, with 30 per cent of all cross border trade in Europe, going through UK retailers.
“This means that British retailers export more than the rest of Europe’s e-retailers put together," said John Andrews, Managing Director of Interactive Media in Retail Groups (IMRG).
"It is a huge business — last year our research found that there were 228,000 UK online retail businesses now, that’s an estimated 30 per cent more than the year before.”
He added that this number was expected to double to 1.5 million by 2015.
The British dominance in online retail is one of the main topics of discussion at the British Business Embassy at Lancaster House on August 9.
The British Business Embassy, developed by UK Trade & Investment (UKTI), is the centrepiece of the Government’s international business legacy programme taking place during London 2012’s Olympic Games time.
“We will be welcoming 3,000 UK and international business leaders at Lancaster House for one of the country’s most ambitious series of business summits," Minister for UK Trade & Investment, Lord Green, said.
"London 2012 offers a unique opportunity for global leaders to meet, debate and do business. It is also a chance for us to demonstrate our outstanding expertise, skills and knowledge in all sectors and share this with the world.”
The Retail Food and Drink day on August 9, will see government ministers and some of the world’s leading CEOs from the sector come together,to showcase UK innovations and introduce international and UK companies to one another. Britain is a great... continued on page two >