In the past few years online shopping has become increasingly popular, with an increase in apps for smartphones and tablets contributing to a boom recently. However, experts forecast that this popularity is only set to grow, with the latest research from retail consultancy Verdict indicating that the online retail industry will be worth £50 billion in 2018.
In a survey of 10,000 shoppers, Verdict found that only 4 per cent gain more enjoyment shopping on the high street as opposed to taking an online option – a huge jump from the 25 per cent of respondents answering in this way only 18 months ago. The majority of male shoppers and those aged between 35 and 54 years old are most likely to turn to a tablet rather than hit the high street.
Verdict lead analyst, Patrick O’Brien, believes the rapid change in statistics is due to improvements in accessibility and ease of use in the interim period between surveys.
He says; “Rather than push online spend outdoors, the rapid adoption of touch screen tablets and smartphones has moved online shopping into the living room.
“67 per cent said they shopped from their living room, indicating that second screening, browsing websites while watching TV, has had a major impact.
“This, together with the ability to browse on smartphones wherever you are, and social media, has made online shopping a much more immersive and interactive experience than it was only a few years ago, when more shoppers tended to be restricted to desktops typically located away from the living room.”
According to the Office of National Statistics, consumers presently spend around £1 in every £10 online when both food and non-food items are taken into account. However, this latest research implies that this will grow to £1 in every £7 spent by 2018; a mammoth growth of 50 per cent in only 5 years.
While this may seem like good news for retailers, many have voiced the concern that shoppers have begun to make purchases online from a rival brand whilst browsing the shelves in their own stores. Yet Verdict has debunked this viewpoint as a “myth”, stating that only 2 per cent of the study’s participants have bought a product online whilst in store, with 97 per cent preferring to shop from the comfort of their own home.
Mr O’Brien continues; “Rather than making consumers agnostic about where they make their purchases, smartphones and tablets are used in stores mainly to check prices and product details.
“The idea that showrooming customers are wielding their smartphones in stores to purchase from rival retailers en masse is a myth.”
A major concern regarding the rise of online shopping has been the effect it will have on small local retailers. However, there are plenty of ways small businesses can adapt to the online boom – perhaps by implementing a “click and collect” service, or using PayPal to allow for online payments.
With the upward momentum of online shopping failing to slow, this latest research sends a strong message to retailers. To ensure survival in a changing retail environment, adapting is key.
Do you think online shopping will grow indefinitely, or will the high street and shopping centre prove to be the eventual winners in future?
