‘Ecommerce UK accounts for 53% of retail sales by 2028’
Ecommerce in the United Kingdom will account for 53 percent of the country’s total retail sales by 2028. Factors powering this online growth are the fact Generation Z and Millennials will be half of the adult population in ten years, faster, cheaper and in-home delivery and fewer physical stores.
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Currently, ecommerce in the United Kingdom accounts for 19.2 percent of total retail sales. It’s expected to grow to 33.8 percent by 2024 and even to 53 percent by 2028.
‘Online drives majority of retail within next 10 years’
This can be concluded from the Digital Tipping Point report by Retail Economics, which says that powered by things like technology, new business models, connectivity improvements, but also changes in the property market and generational shifts, the physical and online retail channels will meld together. “But online will drive the majority of retail sales within the next ten years.”
Retail Economics predicts that online sales will overtake store-based sales within 8 to 10 years, with online accounting for 53 percent of total retail sales by 2028.
Reasons why online will drive most retail sales
These are, according to the research, the ten most important reasons why online will eventually drive most retail sales: the customer journey evolution, the evolution of online spend, Importance of age for category penetration, increased pace and spend of online, increasing significance of Gen Z and millennials, faster, cheaper, in-home deliveries, fewer stores drives consumers online, better connectivity and more powerful devices, new retail business models, and the rise of artificial intelligence.