Businesses have been advised to make the most of online sales channels and benefit from an expected surge in internet shopping.
Data compiled by research agency Verdict, on behalf of eBay’s Online Business Index, found online purchases for some products such as books and electrical items, could outstrip sales on the high street within the next decade.
According to a report by the Press Association, the amount of money spent online will jump from one pound in every 13 to one in five by 2020. That would mean a 223 per cent rise from £20bn to £67bn. The research also predicts a 7 per cent fall in high street sales from £264bn to £246 billion.
Health and beauty products, clothes and footwear are expected to lead the way with a much greater proportion bought online in the coming years.
Neil Saunders, a consulting director at Verdict, said: “Traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online.
“We are increasingly seeing consumers demanding a wider choice of products at competitive prices alongside improved customer service levels. With the 2020 tipping point fast approaching, businesses need to be looking to the internet to meet their customers’ needs.”