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yStats: Half of physical stores in UK to close by 2020
As the number of Internet users in the UK continues to grow, so does the number of people shopping online. According to new figures released by Germany-based market researchers yStats, online and mobile shopping channels could force the closure of many physical stores.
The number of people shopping online in the UK rose from two-thirds in 2010 to more than 70% last year, and continues to grow. That figure is above the EU average of less than half, says yStats in its latest "UK B2C E-Commerce Report 2012".
Food and fashion are the most popular online purchases. Revenues from online food sales are expected to grow more than 10% annually over the next few years as consumers become more at ease with the process. Similarly, fashion and clothing sales online are up with almost half of UK consumers making at least one purchase per month in this category.
Daily deal websites, such as Groupon, KGB Deals and LivingSocial, are very popular in the UK as consumers keep a wary eye on their purse-strings. Four million daily deals coupons were sold in the first quarter of 2012 generating almost $325 million.
Such is the popularity of online, and mobile, shopping that yStats estimates half of physical stores in the UK will close by 2020.
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