Retailers told to get online or face closure

Retailers have been told that it is a requirement to have an online presence by 2020 or face closure.

According to a recent study by retail researchers, Verdict, the year 2020 is the point at which sales of categories such as electrical goods and books will overtake offline purchases.

It also revealed that almost 80% of shops with a high-street presence would not have been able to keep their stores open without some form of online presence over the past year.

The report went on to state that while UK consumers currently spend one in every £13.00 online, this will increase to one in every £5.00 during the following decade.

eBay UK’s managing director, Mark Lewis, said that to ensure businesses continue to thrive on the high-street it is imperative to up their game and “exploit new sales channels.” He added that the internet can provide a “lifeline to all businesses” connecting them to consumers worldwide.

Consulting director at Verdict, Neil Saunders, added that retailers could ill-afford to ignore the growth opportunities that the online environment can deliver. He went on to say:

“With the 2020 tipping point fast approaching, businesses need to be looking to the internet to meet their customers’ needs.”

18/12/09