For the first time in UK shopping history, etailers without any physical stores are expected to outsell retailers.
That’s right - research from Mintel predicts that stores with no physical interaction whatsoever will see around £21.8bn of sales this year, an 18 percent increase from last year. In comparison, companies which have actual high street stores and sell online will see £21.5bn in sales.
It’s not quite the same in the US, however online behemoth Amazon is the leading etailer in the US with more sales than the entire UK etailer market combined - almost $90bn worth, to be precise.
So, is it time to sell everything off, shut your store, give up, and retire to a sunny island somewhere?
No. But it is time to get online.
Long live the High Street
You see, the High Street isn’t dead the High Street isn't dead. It never has been and it probably never will be. In fact, the shopping mall of the future might well be a better, more interactive sibling of the online sphere.
But “online is putting consumers back in control,” as Richard Perks, director of retail research at Mintel, puts it.
And what do you need to succeed in the daunting online marketplace? Trust.
You might well be the cheapest online retailer, you might have the most colourful webshop, but do you have a reliable reputation?
Well now’s the time to get one - and our FREE eGuide explains everything you need to know.