According to recent research in the US, the online economy is now worth more than £2,000 for every one of the planet’s population.
These are the 2010 findings of research group Boston Consulting Group (BCG) and means that the global internet economy is now valued at more than £121billion. This makes it a bigger contributor than the likes of the construction, education and healthcare sectors, traditionally the big players.
It all equates to more than 13.5% of all retail transactions being carried out on the internet. As growth continues, the researchers at BCG expect that 23% of all retail purchases will be made via the internet within the next four years.
This will make its worth £221billion by 2016.
The UK is a huge representative in the arena too. In total, more than 8% of the country’s total economy already comes by means of the internet. The growth here will be at the fastest rate too, representing a year on year growth of 11% from 2012 and through until 2016.
That is a faster rate of growth than in any other economy, including China at 5.4% and the US at 6.9%. As such, it is important businesses here ensure they are ready and able to meet demand.
It looks likely that SMEs are best positioned to take advantage of the growth. Already they have seen their profits increase by 12.5% over the same time period that the study focused on.
Many are also embracing communications through the web too, through the use of tools such as business VOIP applications, allowing relationships to be managed far more effectively.
As consumers become ever more aware, ever more connected through mobile devices and trusting of internet transactions too, there is a chance the economic stimulus the government is longing for could already be well under way; just in a guise not necessarily considered thus far.