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BizReport : : October 31, 2012

EIU: By 2022 a third of UK retail will be done online

In their latest report, the Economist Intelligence Unit reveals that at least one third of retail in the UK will take place online 10 years from now.

by Helen Leggatt

Economist-Intelligence-Unit-EIU.jpgIn their report, "Retail 2022", the Economist Intelligence Unit predicts that significant growth will take place in the next decade. While about 13% of UK retail currently takes place online, by 2022 that figure will rise to around one third.

"The opportunities for retail over the next decade and beyond are enormous," says report author Jon Copestake, chief retail analyst at the Economist Intelligence Unit. "But where the future markets will reside and the way in which we will buy goods will change dramatically. Retailers will need to evolve to adapt to this new landscape."

Mobile and social media will play a significant role in shaping shoppers' purchase decisions, according to the research, while brick-and-mortar stores face the risk of being driven out of business if they fail to adapt.

To this end, the "showrooming" trend, is set to continue in the years ahead. "Shops would operate as little more than showrooms but will continue to act as a channel for consumers to see, touch and try out goods - even if they make purchases using other means," writes Copestake.

In the last six months alone, retail chains in the UK closed 20 stores a day on the country's high streets, thanks in part to a downturn in consumer spending but also due to the growth in online shopping.

Tags: ecommerce, forecast, high street, mobile, retail, showrooming, social, UK

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