UK e-commerce technology market to grow to £600m
The UK eCommerce technology market will be worth more than £600m by the end of 2010 as retailers continue to invest in digital channels.
Research for Econsultancy's eCommerce Platforms Buyer's Guide 2010, published this week, found that the sector will grow by 12% this year, as companies seek to meet growing consumer demand for online shopping and increased expectations around user experience.
This market valuation reflects the combined revenues of eCommerce platform vendors, alongside associated e-business technologies such as on-site search, analytics and optimisation.
Econsultancy's previous valuation of the eCommerce technology market was during 2009, when the sector's value was estimated at £540 million.
Econsultancy's Senior Research Analyst, Jake Hird, said: "Retailers are investing heavily in e-commerce because they can't afford to allow their competitors to gain a competitive advantage in the digital arena."
He added: "Integration of social media into e-commerce platforms and the enabling of shopping through mobile applications are examples of new developments within the sector. Innovation and experimentation have been particularly apparent over the past year, as retailers have tried to maximise their revenues and increase their appeal."
Key market trends in 2010, outlined in the report, include:
- Retailers grapple with mobile integration
- Marketers seek nirvana of joined-up social media and e-commerce
- Cross-border capabilities become more important as retailers target international markets
- Multi-channel players drive innovation and integration
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