UK’s retail online spend in four years revealed

The online channel is expected to account for 19.8% of UK retail spending by 2024 

retail online spend

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.

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
Sofie Willmott, Lead Retail Analyst at GlobalData

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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