UK e-commerce technology market worth an estimated £690m
The UK e-commerce technology market will be worth an estimated £690m in 2011 as online retailers invest in their platforms to meet burgeoning consumer demand.
Research for Econsultancy’s E-commerce Platforms Buyer’s Guide 2011 published this week found that the e-commerce technology sector will grow by 14% this year.
This market valuation includes the combined revenues of e-commerce platform vendors from technology, maintenance and services such as consulting. It also includes the revenues for associated e-commerce technology such as on-site search, analytics, testing and optimisation.
The research follows recent IMRG figures for the UK which revealed that £5.3 billion was spent online during May alone this year, which equates to a year-on-year increase of 18%.
Econsultancy’s Senior Research Analyst, Jake Hird, said: “The e-commerce platforms market is constantly evolving, in order to keep up with consumer behaviour and increased opportunities afforded by technology. It is simultaneously an exciting and challenging time for e-commerce professionals, as the platforms underpinning the industry are in an unprecedented state of flux.
“The need to integrate technology and marketing tools, such as CMS, CRM platforms, analytics, email and social media, is increasingly forcing existing vendors to develop their capabilities. At the same time, consumer expectations are now much greater, with users expecting a rich and seamless experience of online shopping across a range of devices.”
Key market trends in 2011
-) Digital giants strive to develop e-commerce capabilities
-) Mobile commerce matures as a bridge to multichannel retail
-) Commerce continues to get more social
-) Facebook evolves into its own e-commerce platform
-) Retailers seek to join up online and offline channels
-) International e-commerce provides opportunity for growth