Third quarter research has revealed that the UK retail e-commerce industry is on track to top £60 billion in 2015, surpassing previous and widely accepted forecast figures of £52 billion.
Positive growth and a strengthening UK economy as well as impressive growth in mobile commerce (m-commerce) have been the main contributing factors.
Retailers themselves also need to be congratulated, as their investment in software and other solutions have improved the online shopping experience for consumers, which has encouraged and resulted in more online purchases.
From a global perspective the UK is also now ranked second highest globally with regards to mobile e-commerce sales, surpassing South Korea and remaining only behind Japan. As a result, retail e-commerce equates to just over 13% of the Total UK Economy.
In 2015, m-commerce will provide a third of all retail online sales in the UK, with an expected value of £19.92 billion. This figure is expected to dramatically increase to £60.93 billion by 2019, with over 85% of all online sales coming from multi-device shopping.
This latest research is another clear sign that retailers need to take action in improving their online presence and multichannel shopping experience.
Consumers are constantly browsing, researching and comparing retailers and their products across many devices. If your website is not mobile friendly, easy to navigate or doesn’t have the required information, your brand and products are eliminated as an option. You will not just be eliminated from that purchase decision, it can be ongoing until the consumer gives you another chance, or until you communicate that the customer experience has improved.Ben Murdoch-Smith, Mercurytide Client Services Director
By partnering with software specialists, retailers have capitalised on developing solutions which meet consumers’ demands in terms of usability and functionality, but that also allow back-office integration with customer relationship management (CRM) and stock control software.
Retailers who have been committed and quick off the mark to invest in software and solutions which improve their customers’ shopping experience have benefited the most, and are now seeing their investment pay off. Comparatively, retailers that have yet to understand the value of and fully embrace e- and m-commerce are at risk of falling further behind the competition if they do not act quickly.Craig Varcoe, Mercurytide Marketing Manager
To discuss with Mercurytide how you can improve your online presence and increase your share of £60 billion’s worth of online sales, please contact the team on:
Phone: 0333 666 7007