Recent growth in the online retail industry will continue as shoppers flock to the web in search of bargains, one expert has claimed.
New figures from the Interactive Media in Retail Group (IMRG) show the sector grew by 18 per cent in the 12 months to August 2014, with overall sales reaching £8.1 billion during the year.
According to Nigel Holland from Holland & Co Chartered Accountants, this is just the beginning and the trend is likely to continue, with clothing playing a particularly big part in the surge.
He was quoted by skemnews.com as saying: “The online growth of sales of 18 per cent is very encouraging. I am anticipating that a £100 billion year will be exceeded in 2014 which is good news all round. I also anticipate that this trend will continue in 2015.
“The UK is certainly well and truly out of the economic downturn and at my firm we are pleased to see local businesses prosper.”
While the growth is encouraging, the findings weren’t all positive. Data collected for the Confederation of British Industry (CBI) show that manufacturers in the UK experienced a notable decline in orders between August and September this year. Export orders during this period were also at their lowest level since the beginning of 2013, icaew.com reports.
Author: Graeme Parton