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UK: Online Christmas shopping to exceed £13 billion
According to Sage Pay, online spending in the UK will exceed £13 billion (US$22 billion) this Christmas, an 18% increase on last year, but SMBs not yet online are set to lose out on much, much more.
Summer is in its final throes, and thoughts are already turning to Christmas among consumers and businesses. In fact, London store Selfridges opened up its Christmas floor more than three weeks ago, claiming to be the first department store in the world to start Christmas sales, and more than 2.7 million eBay searches for 'Christmas' are expected during August.
Online shopping is set to break records again this year, according to payment processing firm Sage Pay. Their research points to a figure in excess of £13 billion (US$22 billion) being spent online.
For those businesses who are yet to embrace online, Sage Pay estimates they are set to lose out on a whopping £88 billion (US$146 billion). And, with only 10% of small to medium size businesses in the UK currently online, that's a lot of businesses missing out this festive season.
"With record online spending predicted for Christmas 2014, it's never been more important for small businesses to be online. Most larger retailers are already preparing themselves for Christmas, and if independent merchants want to capitalize on consumers' confidence, they need to follow suit and begin preparing too," said Simon Black, CEO of Sage Pay.
According to Black, the key to preparing for the festive season is to ensure both websites and payments systems are optimized for perhaps the busiest online shopping day in the run up to Christmas - Cyber Monday. This year that falls on 1 December.
Image via Shutterstock
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