The Centre for Retail Research study forecasts that online sales in the US will grow by 15% in 2014 to £189.3 billion, with sales in Europe expected to rise by 18% to £132.2 billion. As online shopping matures, the most successful retailers will be the ones who view online as a powerful complement which can help them increase sales.
This new report from The Centre for Retail Research reveals that 46% of Europeans and 55% of Americans now shop online. On average, European shoppers will make 15.2 online purchases this year with a typical basket size of £49, whilst shoppers in the US will make 15.6 online purchases with an average spend of £71.
The research shows that the UK, France and Germany are predicted to account for the majority of this growth in Europe, accounting for 81% of the online sales forecast in 2014.
The UK is expected to account for more than a third of all online retail sales in Europe, with an anticipated £45 billion spent online this year, an increase of 16% from last year.
According to RetailMeNot who commissioned the study, online sales across Europe are predicted to grow at a rate that is 11.9 times faster than in-store sales. In the UK, online retail’s growth of 15% compares to just 2.4% from offline sales.
As shopping online matures in Europe and the US – fast becoming a commonplace activity for most consumers – it’s increasingly vital that retailers adopt an all important omnichannel strategy. In 2014, the most successful retailers will be the ones who view the online channel as a powerful complement which can help them increase sales.
Discover how Profitero delivers accurate and reliable competitor price intelligence to help retailers compete more effectively in today’s omnichannel retailing environment. Email us at sales@profitero.com or visit www.profitero.com to find out how we can help you grow sales and increase margins.
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About Profitero
Profitero is the leading global provider of online competitor pricing data. We provide both bricks & mortar and online retailers with their competitors’ prices, promotions and full product assortment information. Profitero’s accurate and timely competitor intelligence enables our customers to make better informed and more profitable pricing decisions, helping them to increase sales as well as margins.
More than 40 global retailers, including Staples, Sam’s Club, Tesco, Waitrose and Ocado, rely on Profitero Price Intelligence to:
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To discover how Profitero can help make your pricing smarter, contact us at sales@profitero.com or visit www.profitero.com.