3 June 2008 12:35 GMT / By Katie Scott
The UK online retail market is booming despite concerns about a worldwide credit crunch.
A new survey canvassed 4000 shoppers in the UK and found that eCommerce is doing incredibly well.
Retail analysts, Verdict Research claim, in fact, that the amount of money spent by consumers shopping online increased by 35% to £14.7bn last year.
The growth rate is about 10 times that of the UK's retail market as whole, and is the fastest in 6 years, it says.
People seem to be turning to the worldwide web as it saves time and also, says Malcolm Pinkerton of Verdict Research: "The internet is widely perceived as a cheaper and easier way of finding lower prices and bargains in most sectors".
And the boom is set to continue as more people get access to the internet and those who already have the internet use it more regularly.
Verdict Research is predictig that online retail sales could reach £44.9bn by 2012, about 13.8% of total spending.
But this doesn't mean the death of the highstreet, adds the researcher.
"There is still a need and place for physical locations - the key is to ensure that synergies with online retailing are exploited to drive footfall to stores."
"While having an Internet presence is vital, giving the consumer choice by establishing strong links between the in-store and online offer is now essential."
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