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Online Retail Will Continue to Dominate Growth

PEG - IMRG figures suggest that online retail will continue to dominate growth

Online posts its largest ever share of retail sales in an otherwise disappointing month of consumer spending

Today the IMRG released retail sales figures which show a significant and continuous increase in online retail sales figures. The UK online retail market grew 14% year-on-year in October, with Britons spending an estimated £5.9bn shopping on the internet.

The mild weather appears to have had an effect on e-retail sales in early October when temperatures were unseasonally warm, especially within the clothing sector, where sales peaked much later in the month as consumers delayed replenishing their summer wardrobes with new winter fashion items. Most sectors recorded double-digit growth last month, including clothing, where sales were up 21% year-on-year.

The number of high street casualties is expected to rise this month as more household names and leading corporations are still suffering. Recent reports have shown profit warnings issued by the British retailers are at alarming levels.

Kevin Flood, CEO of Shopow (www.shopow.co.uk), said, “The figures indicate that consumer confidence continues to have a significant impact at the tills and the news of rocketing inflation won’t do much to encourage shoppers to recommence their spending on big ticket items. This is especially the case if they feel they are paying over the odds for such items.

“The pressure is on the retailers in the approach to Christmas as many are finding that more aggressive discounting is necessary to prevent what could be a difficult season. Although the high street is severely being tested, we are expecting an encouraging next couple of months online and stores that are embracing a multi-channel approach across mobile, online and in-store will be best placed to benefit from the latest innovations that include the integration of social media.

“With purse strings tightened, shoppers are using social networking to share the deals anddiscounts they have discovered. The retailers who make social shopping accessible will benefit from natural, word of mouth exposure.”

ENDS

Editors’ Notes

Shopow is a new revolutionary site that has launched at www.shopow.co.uk.It is the first Social shopping search engine in the UK and is powered by the impartial reviews and experiences of users; allowing them to make an informed choice about their purchases. The visibility for businesses of all sizes gives shoppers access to a greater range of retailers and products than ever before.

Shopow was conceived in October 2009 as the brainchild of Kevin Flood and Mike Harty – two budding entrepreneurs fresh out of university. Both graduated from the University of Leeds with degrees in BA Management and quickly began to use their skills to pursue success in the real world of business.

For more information, images or to book media interviews, contact Aiden at Flame PR on +44 (0) 203 357 9742 or email shopow@flamepr.com

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Online Retail Will Continue to Dominate Growth