The rise and rise of online shopping will continue well into the next decade, new research suggests, with internet trading expected to account for 40 per cent of retail sales by 2020.
By this time the total value of online sales will have reached £162 billion annually, price comparison website uSwitch claims.
According to today's data internet-only sales will generate £40 billion for retailers in 2007 alone, or 15 per cent of total sales.
In comparison, five years ago online transactions accounted for just two per cent of overall retail sales.
The research is based on figures for last Christmas showing that £3.7 billion was spent in the four weeks leading up to December 25th, double that recorded in 2005.
But uSwitch says that Britons are reaping the reward of hitting the virtual high street by saving £13 billion on cheaper deals, equivalent to £500 for every household.
Steve Weller, head of communications services at the website, claims that broadband contracts pay for themselves within four months due to savings on online shopping.
"The dramatic surge in online shopping last Christmas shows that British consumers are already savvy to the benefits of buying goods and services over the internet," he said.
"After the new year celebrations, many people are tightening their purse strings and making resolutions to save. One of the easiest [ways] to do this is to get a broadband connection and shop online as a way to save both money, and time."
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