12 November 2007
There will be a big rise in the amount of internet shopping in the UK, research from uSwitch has shown.
A total of £40 billion is set to be transacted online this year - and the study predicts that this will quadruple to £162 billion by 2020.
In other words, 40% of total annual retail spend will take place on websites - a massive rise from the 2% recorded just five years ago.
Moreover, uSwitch says that Britain is leading the way in this particular aspect of the online revolution - with a record-busting 27 million shoppers using shopping sites for their Christmas shopping, spending £14 billion in the process.
Head of Communications Services at uSwitch Steve Weller added that internet shopping can actually save consumers money in the long-term due to the lower prices found for goods online.
"It can actually pay for itself," he said. "Each household can save £500 [per year] - which pays for your annual broadband cost nearly three times over."
He added: "Over the last five years broadband prices have halved while speeds have gone up, making it cheaper and simpler for consumers to log on instead of going out to the shops - online security has [also] vastly improved so our peace of mind is greater than ever before."
© 2008 Adfero Ltd
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