Online retail will grow by 36 per cent during the next year and a half, compared to just one per cent for bricks and mortar retail, according to findings published in the PayPal Online Retail Report.
The research, undertaken by Experian, predicts that the online retail segment will grow in worth by £8 billion, with one in every ten pounds to be spent online by the year 2012.
“Online retail is booming even in the current economic uncertainty because shoppers turn to the internet when they are trying to be thrifty,” said the managing director of PayPal Carl Scheible.
“Two thirds of online shoppers are now convinced their money goes further online compared to less than half who believed it last year, an increase of 8.5 million people. The success of online retail really is the silver lining in the economic crisis.”