Online businesses grow 57 times faster than UK economy

Businesses which operate online are growing fifty times faster than the national economy, reports.

According to new research from Barclays, businesses with an online presence are thriving, despite forecasts of gloom elsewhere in the economy.

In its ‘Online Business Outlook 2013’ report, Barclays found that the economy grew by 0.2 per cent over the last three years. Online businesses, on the other hand, reported an average growth of 11.4 per cent, meaning it is growing at a rate that’s 57 times faster than the wider national economy.

Furthermore, British businesses have been hailed as a success, as they have thrived even when their foreign peers have struggled. This has trickled down into economic confidence, with 64 per cent of business owners feeling optimistic about the year ahead. Conversely, only four per cent said they felt pessimistic.

For retailers, this may be the proof they need to open an online outlet and set up online payment processing to handle the influx of orders that it could bring.

Speaking to of the results, managing director and head of technology, media and telecoms at Barclays, Sean Duffy, explained: “Online businesses have bucked the trend over the last three years and experienced success in spite of the stagnant economic conditions.

“The next challenge for companies operating online is sustaining this level of growth and ensuring that they take advantage of new and rising trends. Businesses that fail to move with the times risk losing out on valuable economic opportunities.”


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