The Centre for Retail Research study forecasts that online sales in the US will grow by 15% in 2014 to £189.3 billion, with sales in Europe expected to rise by 18% to £132.2 billion. As online shopping matures, the most successful retailers will be the ones who view online as a powerful complement which can help them increase sales.
This new report from The Centre for Retail Research reveals that 46% of Europeans and 55% of Americans now shop online. On average, European shoppers will make 15.2 online purchases this year with a typical basket size of £49, whilst shoppers in the US will make 15.6 online purchases with an average spend of £71.
The research shows that the UK, France and Germany are predicted to account for the majority of this growth in Europe, accounting for 81% of the online sales forecast in 2014.
The UK is expected to account for more than a third of all online retail sales in Europe, with an anticipated £45 billion spent online this year, an increase of 16% from last year.
According to RetailMeNot who commissioned the study, online sales across Europe are predicted to grow at a rate that is 11.9 times faster than in-store sales. In the UK, online retail’s growth of 15% compares to just 2.4% from offline sales.
As shopping online matures in Europe and the US – fast becoming a commonplace activity for most consumers – it’s increasingly vital that retailers adopt an all important omnichannel strategy. In 2014, the most successful retailers will be the ones who view the online channel as a powerful complement which can help them increase sales.
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