A report issued recently has detailed exactly how the internet has affected the British economy. ‘The Connected Kingdom: How the Internet is Transforming the UK Economy’ is a joint venture between Google and The Boston Consulting Group and has pointed out what we have known for a long time.
The report has detailed that 7.2% of Britain’s GDP is made up of the internet; a figure they predict will rise to 10% by 2015. The internet also provides 250,000 jobs within Britain and delivers a £50 billion turnover. From its inception it was easy to see that the internet was destined to transform the way we live our lives, now 73% of the British population have a broadband connection, while an ever increasing 31% of people currently access the internet via their mobiles.
According to PayPal’s Online Retail Report(June 2010) they predict online retail is expected to grow by over 36% in the next 18 months compared to just 1% for in-store sales. Additionally, where the offline economy exports 90p for every £1 it imports, the internet is transforming the British economy by exporting £2.80 in goods for every £1 it imports.
The internet is now at the heart of everything we do. As a predominately digital agency this is music to our ears. The internet is the first place the majority of the population turn when they are looking for information, products and travel. According to the survey 62% of UK adults have bought products or services online this year. With the ever increasing rise in online socialising, an increasing amount of our lives is being lived online.
By understanding the opportunities the web can offer, a business can have access to a large amount of the population. A badly performing website or a lack of online presence on the other hand, could mean some British businesses might be missing out on a bigger market share, or worse still deterring customers from engaging with them.
Matt Brittin, MD of Google has said that masses of industry in Britain are thriving due to the internet; industries such as media, travel, insurance and fashion are all being transformed due to their embrace of the web. We could not agree more. Understanding the potential of the internet can open a new realm of possibilities for every business.
Make sure your business doesn’t miss out on this huge growth now emerging, and align online as the heart of your marketing campaign!