European companies' annual internet sales are expected to explode by as much as 1000% by the year 2002, according to research released today.
The fourth annual pan-European survey by KPMG Consulting said that the current sales figure stands of US$288 billion is expected to increase to an estimated US $2004.4bn.
The estimate follows the findings of the survey which found almost a fifth (18%) of companies have launched a product that is only available over the Internet.
In addition, nearly three-quarters of the 357 European company senior directors questioned, have, in the last three years, launched a new product or promoted an existing one, using e-commerce technologies.
The research revealed that the gap between the electronically sophisticated companies and 'the rest', identified in last year's report, is now narrowing.
Alan Buckle, chief executive at KPMG Consulting, commented: 'In the last twelve months, European business has grasped the monumental scale of the e-business and e-commerce opportunity. All business leaders now know that they must respond quickly or die.'
The report also found 63% of companies now say that they have sales attributable to the Internet, up from 45% last year.By 2002, 83% of respondents said they expect to be making internet transactions. While in the UK internet transactions represent 3.3% of total sales, almost double last years figure.
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