In a recent article published by The Retail Gazette, online sales are expected to grow by £320bn by 2018 across UK, US, Germany and China. Taking the value of the online market in these specific territories to £645bn. The figures are a result of a recent survey by OC&C Strategy Consultants, PayPay and Google.
According to the survey, Brits are currently spending almost £1 in every £5 of their shopping via the web. With online sales boosted by smartphones, retailers also continue their investment in digital initiatives.
59% of online sales are now through mobile devices in the UK, followed by the US with 45% and Germany 24%.
Chinese consumers continue to enjoy 'All things British' and UK retailers will benefit from the steady increase in overseas sales IF their product offerings are exposed the Chinese audiences and shipping and delivery options accommodate this overseas opportunity.
Anita Balchandani, Head of Retail at OC&C, said: “The study has shown that UK retailers are some of the world’s most popular and are in a strong position to seize more opportunities abroad.
“But at the moment, the majority are only doing the basics to adequately serve foreign markets, for example, by offering international delivery on their UK website and working with partners to provide local returns addresses.”
International shoppers cited choice of product, pricing and the quality of British goods as reasons for buying overseas, while concerns included data security and the inability to return unwanted products.
Martijn Bertisen, Sales Director at Google UK, added: “The number of people with internet access is growing fast, with many new consumers skipping the desktop phase entirely and only experiencing the web through a smartphone.
“Our study shows that this is increasingly translating into mobile transactions and that a mobile-first or even mobile-only strategy is now imperative to international success in retail. UK retailers should be well positioned to lead this growth internationally, as UK consumers are already amongst the most mobile of all.”
The survey is based on search trends on Google and payment transactions through PayPal.
