eCommerce is becoming increasingly widespread across the globe and is having an especially high amount of success in the United Kingdom. It appears that operating an online store has become more preferable to a physical one. As some feel it is a simpler and more efficient way to do business, sometimes even being cheaper as payments to not need to be made for the stores building or allotments.
With studies showing 15 physical shops per day were closing across the UK for the first half of 2016 and a rise in customers for online shopping, it is becoming apparent that eCommerce is becoming more favourable. To some this is surprising as for customers these kinds of stores do have disadvantages, such as worries of hackers and poor customer service and higher prices due to delivery. But online stores with reliable security and service seem to have put a lot of people’s minds to rest, winning them over with benefits such as being able to offer quicker service and more stock and choice of products than a conventional store as well as a form of convenience that a physical store cannot always offer, such as constantly being accessible or ‘open’ and being able to be accessed and ordered from from anywhere.
Growth in eCommerce is unmistakably apparent with a growth of 8.2% in sales in 2016 from 2015 with a further predicted growth of 7.3% in 2017. Even though the growth in the market is steady and more people shop online every year, growth is slowly dropping over the years from 12.2% in 2014 to a growth of 8.2% in 2016. This drop in growth however is to be expected.
There were 83.66 billion in GBP worth of sales for 2016 with a predicted 89.73 billion in 2017. As online shopping becomes more popular the revenue from the market gets higher and higher, statistics show an ongoing trend of increased amounts of money being spent on online transactions year by year, easily shown by the statistics for 2012 shown next to the ones for 2017, in 2012 there were sales equating to 54.97 billion GBP, but beside the estimated 89.73 billion GBP for 2017 these numbers seem miniature.
Multiple studies and sources show that eCommerce seems to be the clear way forward, with its offerings of convenience and accessibility fitting perfectly into this fast paced generation with less time to shop.