Ecommerce set to boom

09/10/2008

A recent study has predicted that online retail is set to grow by 129 per cent over the next five years.

Conducted by Verdict Consulting, the research revealed that high street shopping is only likely to grow by five per cent, reports Eclipse Internet.

However, the findings also showed that by failing to optimise their ecommerce strategies, UK retailers are losing over £2.3 billion in revenue each year.

Neil Saunders, consulting director of Verdict, commented: "Standing out from the crowd on the internet has become more of a challenge. Online retailers have to work harder than ever to attract consumers."

He added that this is not just the case with small websites. Mr Saunders noted that even "big players" in the industry need to be "creative about customer acquisition".

In related news, Amazon, iTunes and YouTube have signed an agreement, which will see direct links to digital products being placed on the video sharing page.