The online retail market is set to account for one-quarter of the world’s entire retail sales by the time 2015 comes around. Author: Deborah Bates
The online retail market is set to account for one-quarter of the world’s entire retail sales by the time 2015 comes around.
That’s according to forecasts from the World Retail Congress, which surveyed 100 senior executives from worldwide chains throughout the world.
It found that increasingly, the ease of online payment will allow online retailers to start dominating their market, with e-commerce growing by 28 per cent over the next three years. 67 per cent of the executives surveyed confirmed they would “develop their online presence” in the near future.
It is perhaps no surprise that online retail is growing so fast, given that confidence in online retail is growing fast, according to Retail Gazette.
Writer Gemma Taylor revealed: “Consumers are gaining confidence in purchasing items online.” She also confirmed that largely, it is men who are heading online more frequently than women.
“40 per cent of consumers now shop online,” she added, “with men admitting to purchasing items on the internet once every 2.5 weeks, compared to women, who do so once a month on average.”
However, reports have also confirmed that one in three Britons are hesitant about shopping online for fear that their details could be used fraudulently, suggesting online retailers should invest in high-quality payment solutions to ease any concerns.