So far in 2018, online sales already account for 17.5% of all retail transactions
64 years from now, all retail sales will be made online, according to a new study. Could 2082 be the year the high street sees its final shopper?
Using retail sales data from the Office for National Statistics (ONS), live chat platform Yomdel made projections for every year on the proportion of purchases made online compared to bricks and mortar shops.
For the last decade, the general trend has been a dramatic shift towards ecommerce, with technology enabling consumers and businesses to trade easily online. Retailers that have failed to adapt have already struggled to square the overheads of running a physical business with the competitive prices found online.
In 2007, the average number of online sales as a proportion of all retailing was just 3.3%. So far in 2018, online sales already account for 17.5% of all retail transactions.
Year
Online sales as a proportion of total retail sales
Online sales as a proportion of total retail sales
Year-on-year change
2044
51.04%
1.29%
2082
100.06%
1.29%
The study concluded that bricks and mortar retail outlets could become instinct by 2082 as 100% of retailing moves online.
Commenting on the findings, Yomdel CEO, Andy Soloman, said further innovation to the retail sector could see the high street struggle to exist “a lot sooner” that the figures suggest.
“However, we believe the human element is absolutely vital in commerce even with the best technology and particularly when dealing with complex customer enquiries, ” he explained.
“Rather than the high street becoming obsolete, we like to believe it will survive and evolve to deal with the changing face of consumer behaviour as people will always value that personal aspect that a physical shop provides.”
“What’s perhaps more important for high street retailers to consider, is how they not only pivot with the times but integrate a successful solution into their current offering to accommodate a growing preference for customers to approach and engage with their business online.
“This could be through a more engaging website, web-based contact options such as automated contact forms, a well-formed FAQs section or a managed live chat service. The internet isnt going away, but there’s more than enough room for everyone to exist and to use it to our benefit.”
Read more on the current state of UK high streets:
