While the economic slowdown has made the majority of us increasingly cost conscious, are UK consumers really cutting back as much as the media lead us to believe?
Although 2009 is said to be one of the worst years on record for the high street, with sales expected to decline each year until 2014*, there is some light at the end of the tunnel.
I for one have not made any significant cut backs, changing the way that I shop rather than what I buy.
In the past, the traditional brick and mortar store would have been my first port of call. Now I choose to buy online.
I do not think I am alone, my friends, family and colleagues are all doing the same. Could this be one reason why online retail is set to grow by 129 per cent over the next five years?
Not only can I find products cheaper, it is also convenient. I can buy online at my time and convenience, from the comfort of my own home with some biscuits and a cuppa. And everything is delivered straight to my door.
We’re not the only ones who are benefiting from the wonders of eCommerce. Many retailers are benefiting from consumers moving online. Those with an online presence can benefit from significant cost savings, increased customer reach and extra monthly revenues.
As we ride out the economic storm, this shift in consumer behaviour can only become more pronounced and is probably going to have a big impact on the bottom line for the major retailers.
With more than a third of Britons (36 per cent) intending to do more shopping online rather than on the high street this year, I do feel that those businesses without an online presence will suffer.
*2009
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