Online Shopping will continue to Dominate Retail Growth According to IMRG Figures
23-11-2011
Online Shopping will continue to Dominate Retail Growth According to IMRG Figures
Despite a disappointing month of consumer spending, online retail has seen its largest ever percentage of retail sales.
The IMRG have just released retail sales figures which show a significant and continuous increase in online retail sales figures. The UK online retail market grew 14% year-on-year in October, with Britons spending an estimated £5.9bn shopping on the internet.
One of the factors taken into account is the unseable mild weather throughout October. E-retail sales peaked in the latter half of the month as consumers delayed replacing summer clothing with winter fashion items. Most sectors recorded double-digit growth last month, including clothing, where sales were up 21% year-on-year.
Recent reports show that well known high street companies are still suffering, with profit warnings issued by British Retailers still at alarming levels.
Kevin Flood, CEO of Shopow (www.shopow.co.uk), said, “The figures indicate that consumer confidence continues to have a significant impact at the tills and the news of rocketing inflation won’t do much to encourage shoppers to recommence their spending on big ticket items. This is especially the case if they feel they are paying over the odds for such items.
“The pressure is on the retailers in the approach to Christmas as many are finding that more aggressive discounting is necessary to prevent what could be a difficult season. Although the high street is severely being tested, we are expecting an encouraging next couple of months online and stores that are embracing a multi-channel approach across mobile, online and in-store will be best placed to benefit from the latest innovations that include the integration of social media.
“With purse strings tightened, shoppers are using social networking to share the deals anddiscounts they have discovered. The retailers who make social shopping accessible will benefit from natural, word of mouth exposure.”
