Online retail in the UK will enjoy a compound annual growth rate of 10 per cent over the next five years to reach a value of €40bn (£36bn) by 2015, according to figures from Forrester Research released today.
The analyst firm based its forecast on a survey of around 26,000 consumers in 17 of the largest markets in western Europe.
Forrester predicted that e-commerce sales will hit €114bn (£103bn) by 2014, and that the number of Europeans shopping online will rise from 141 million to 190 million over the period.
Nearly half of all UK consumers make monthly online purchases, the highest proportion in Europe and well above the average for the region of 32 per cent.
The report predicted that online retail in western Europe will grow at about 11 per cent a year, only slightly higher than the UK.
"To maximise that growth e-business professionals will have to enable a multichannel strategy that responds to consumers' increased desire to hop between the offline and online worlds, and their increasingly mobile and social behaviour," said Forrester Research vice president and principal analyst Sucharita Mulpuru.
"The retail innovators over the next five years will demonstrate customer enablement across all touch points, not just via a PC-based web browser."
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