A new study has shown that in the UK the internet contributes around 8.3% of countries total economy. This places Britain at the top of G20 countries in terms of the size of its internet based economy.
Put into figures this means that in 2010 the internet economy accounted for £121 billion, which actually means that it was bigger than both healthcare and construction in terms of its contribution.
The study also showed that the UK buyers carry out far more online purchases than any other G20 economy with 13.5% of all purchases made online in 2010.
However the good news doesn’t just stop their as predictions show that over the next 4 years the total amount generated by the internet economy in the UK will rise to £221 billion, equivalent to 11% per year.
So what does this all mean for small and medium sized businesses in Britain?
Well firstly if you are thinking that this means you need to start selling products online then don’t worry because that is not the case. In basic terms if you consider that more than 80% of people now go online to look for information such as a business providing a product or service, but only %13.5 of all purchases are made online that means that the vast majority of people going online are still looking to walk through your door to buy what they need. At the end of the day some goods and services just aren’t suited to being sold online and never will be.
However what this does highlight is the need to promote your business online. If more than 80% of people are now looking online for information, and the majority of sales are still made face to face or over the telephone how much potential revenue are you losing out on by not getting your name out there?
The internet economy is not just about selling something online and reducing the amount of contact you have with your customer to nothing, in fact it is far from it. The idea of getting your business online is to promote what you do to a mass audience who just want to know what options are available to them.
This new study merely serves to highlight the huge importance of a good quality website to any business. You have a huge base of potential customers out there to tap into, so why don’t you get started today?
For more information on my web design (or redesign) services please don’t hesitate to contact me and begin to reap the rewards no matter what your business does.