The online channel is expected to account for 19.8% of UK retail spending by 2024
UK’s retail online spend in four years revealed. Source: shutterstock.com
GlobalData reveals that the UK’s online spend is set to reach £75 billion by 2024, rising 30.4% over the next 5 years.
Apparel remaining the largest product sector as long as retailers keep on providing a seamless online shopping experience.
Data shows that the online channel making up only a small proportion of the food market with 7.3% in 2019. However, this sector will bring the biggest contribution in terms of online value growth over the next 5 years. It is forecasted to rise £5.0 billion, reaching £16.2 billion, making it the second-largest product category after apparel.
Over 1/3 of UK online shoppers have purchased food & grocery online in the past 12 months, compared to nearly 2/3 who have bought apparel.
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