UK online retail spend to jump by a third between 2020 and 2024
A fifth of all retail spend in the UK will be conducted online by 2024, according to GlobalData's latest research.
The trend of Brits shopping more online is set to rise by 30.4% in the next four years, lifting annual spends online for retail products to a whopping £75bn.
UK Online Retailing 2019-2024, the latest study by GlobalData, a research company headquartered in London, was created after surveying 10,000 online shoppers who highlighted convenience and choice as the leading reasons for shopping online.
Clothing & footwear is set to stay on top as the largest single market online, and the food & grocery sector is expected to rise to second place in the next four years with sales rising from £5bn to £16.2bn.
Sofie Willmott, Lead Retail Analyst at GlobalData, said: “Clothing specialists continue to develop their online proposition with many players now offering easy to use credit options like Clearpay and Klarna’s buy now, pay later, driving online conversion and giving shoppers another reason to choose the online channel over stores.
“Often first to market with tech developments, ASOS last week launched its ‘See my fit’ augmented reality tool which enables browsers to view selected items of clothing on different size models to help with purchase decisions and potentially reduce return rates.”