UK online retail sales grew 16% to £8.2bn over last year
UK online retail sales have jumped 16 per cent over the past year thanks to the continued popularity of online-only brands.
Ecommerce retailers saw sales increase to £8.2 billion in the year to June 30, while online-only brands enjoyed a 31 per cent increase in sales to £3.4 billion.
Online retailers are able to outpace their bricks-and-mortar rivals due to their “agile” business models and ability to respond rapidly to consumer demands, according to RPC who conducted the research.
Innovative initiatives like try before you buy and subscription services have aided the rapid growth of the sector, led by brands like Farfetch which saw runaway growth of 76 per cent to £247.7 million over the period.
“Speed to market and perceived value remain some of the most important factors for consumers and the most successful online fashion businesses are clearly hitting the sweet spot,” RPC’s co-head of retail Jeremy Drew said.
“Fast fashion online retailers will continue to reshape how retailers do business as consumers increasingly favour shopping electronically.
“Through fast turnover of products, these retailers are able to maintain high levels of demand through constantly creating, emulating and reinventing trends.”