This guest post is by Sergio Bonaducci
According to the UK’s industry association for online retail, IMRG, the online retail market has an estimated annual value of £87bn, with figures increasing, year on year, by around 17.5%.
All this makes the UK the internet shopping capital of the world – but why is the internet such a popular platform for retail, and why does it continue to grow?
Lower prices
Physical stores suffer from higher overheads, but online retailers don’t have these expenses to worry about – that’s why you’ll usually find the online price represents much better value for money.
Price comparison sites like MoneySupermarket have also become extremely popular with more money conscious online shoppers, and by searching through a list of online retailers, they’ll guarantee that you find the item you want at the lowest price.
Greater variety
High street stores are limited by an extremely important factor: physical space.
Online retailers don’t have this problem. They’re not limited in the choice and variety of goods they can display, and a broader, more diverse product range means that online shoppers are less likely to be forced into making compromises.
The cost of opening and maintaining a business as an online store is much cheaper than opening one as a retail store. This means that more and more businesses are starting up online, offering the consumer a wider, more varied choice.