E-commerce in the UK to account for 53% of retail sales by 2028
E-commerce in the United Kingdom will account for 53% of the country’s total retail sales by 2028, Ecommerce News reports. Factors powering this online growth are the fact Generation Z and Millennials will be half of the adult population in ten years, faster, cheaper and in-home delivery and fewer physical stores.
Currently, e-commerce in the United Kingdom accounts for 19.2% of total retail sales. It’s expected to grow to 33.8% by 2024 and even to 53% by 2028.
This can be concluded from the Digital Tipping Point report by Retail Economics, which says that powered by things like technology, new business models, connectivity improvements, but also changes in the property market and generational shifts, the physical and online retail channels will meld together. But online will drive the majority of retail sales within the next ten years.
Retail Economics predicts that online sales will overtake store-based sales within 8 to 10 years, with online accounting for 53% of total retail sales by 2028.