5000 - The Digital Economy - Lecture 5 Flashcards
Retail Definition
The sale of goods to the public for use of consumption rather than resale
Retail Sector Recent Developments
£394 Billion sales in 2019
2.7 million employees of the sector
Steady rise in last 5 years, not in all areas however
Steep rise in online sales
4 Largest Sectors under the Retail umbrella
Food Shops - 39%
Clothing - 12%
Car Fuel - 9%
Household goods - 8%
Figures as of 2017
Increased use of online retail sales
in 2008 internet sales accounted for 5% of retail sales, in 2018 it stood at 18%
Figures from Parliament files
Online Retail sales in 2020
99.31 billion compared to 33 billion in 2012
Covid Impact on Online Retail
Initially caused a steep decline followed by a much greater increase throughout lockdown, online retail sales now remains high whilst Covid is declining in importance
What is the grocery sector a subset of?
The retail sector and accounts for solely food sales
% of Online Retail sales compared to entire market as of Jan 2022
27.1%
Compared to 20% 2 years prior showing the impact of Covid on the figure
Value of Online Retail Spending as of 2021
£119.64 Billion - From Statista
Value of the Grocery Sector as of 2021
£205 Billion According to Statista
Online Sales in the Grocery Sector as a % of all grocery sales
10% in 2019/2020 of people purchased online shopping at least once a week
2/3rds of people had used it at least once
