LONDON: Online retail sales in the UK will reach a value of £67 billion ($108.2bn; €75.4bn) by 2020, more than three times the total set to be recorded this year.
A new study commissioned by eBay, the internet auction service, from Verdict Research, the consultancy, estimates that eCommerce revenues will stand at £21bn in 2009.
The electronics market will account for £10bn of web purchases in 2020, overtaking the £9.2bn generated offline by the category by this date.
Apparel, footwear and health and beauty brands are also all likely to see their online figures quadruple during the forecast period.
By contrast, the value of in-store acquisitions will decline from £265bn to £247bn in the same timeframe, Verdict predicted.
Neil Saunders, an analyst at the company, said "traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online."
A new study commissioned by eBay, the internet auction service, from Verdict Research, the consultancy, estimates that eCommerce revenues will stand at £21bn in 2009.
The electronics market will account for £10bn of web purchases in 2020, overtaking the £9.2bn generated offline by the category by this date.
Apparel, footwear and health and beauty brands are also all likely to see their online figures quadruple during the forecast period.
By contrast, the value of in-store acquisitions will decline from £265bn to £247bn in the same timeframe, Verdict predicted.
Neil Saunders, an analyst at the company, said "traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online."
Data sourced from Reuters; additional content by Warc staff
