A landmark report suggests that the UK Internet economy was worth just over £100 billion ($150 billion USD) or 7.2 percent of UK GDP in 2009.
The Boston Consulting Group / Google UK study indicates that Internet business in the UK now exceeds in value that of construction, transport, or utilities and will likely hit 10 percent GDP by 2015.
Sixty percent of the $100 billion comes from online shopping and the associated costs of connectivity and devices to access the Internet. Investment in the UK’s Internet infrastructure, government IT spending, and net exports accounts for the balance, the report states.
Could Web hosts be more happy?
The UK is now number one globally in eCommerce and businesses are making huge progress in making sales overseas--exporting £2.80 for every £1 imported. Companies involved in eCommerce employ an estimated 250,000 people and have annual revenue of £50 billion.
As broadband penetration continues to rise and with online consumer spending steadily increasing, we expect more companies to join the fray, develop more robust websites and seek out quality Web hosting and related IT services.
The success of online bike shop Wiggle (www.wiggle.co.uk) serves as a great example of potential success. Wiggle's traffic soared to a record 3.4 million visitors (up 62%) in July 2010 and the company increased overseas transactions by 416 percent while increasing revenue 225 percent.
Visit www.connectedkingdom.co.uk to see the full report.
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