Online sales of electricals and books are set to overtake those on the high street within 10 years.
According to the Verdict research, conducted for eBay, Brits will spend £1 in £5 on the internet by 2020. This compares with just £1 in £13 currently. Online spend is expected to soar 223% - £46bn – over the next decade.
The report said pressure on retailers that rely on bricks and mortar is set to “intensify” and that 2020 will be a “tipping point” for retailers of books and electricals.
Verdict consulting director Neil Saunders said: “It is a phenomenal shake-up. It is a complete change in the way we buy things.”
The report found that online spend on electricals will grow to £10bn in 2020, compared to £9.2bn offline.
Saunders added: retailers will need a “lot fewer shops to sell products by 2020 because the economic model of retail is changing”.
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