UK eCommerce Well Ahead of Its Time; Experian Report Finds

SourceThe Fintech Times
CountryMiddle east

Despite the onset of the global pandemic, alongside the economic hurdles associated with Brexit, UK business growth in established sectors, including construction, finance, and property, has remained steady. The number of registered digital and traditional retail businesses grew by 8% over the last five years, of which 7% occurred in the last year alone, driven by an online sales boom . The sector includes small, independent companies which have been set up from home, as people sought to use lockdown as a way of establishing their own business ventures.

According to Experian Economics’ ‘Retail Planner 2020’ report, the UK economy has witnessed a significant increase in the expansion of online retail, which experienced four years of expected growth in just 12 months, rising from 12% to more than 34% of total retail spend – a level that previous estimates anticipated wouldn’t be reached until the start of at least 2025. By this time, Experian Economics predicts that online sales more...