Research reveals that businesses operating online are thriving despite the difficult economic climate, according to a study by the Technology, Media and Telecoms division of Barclays. Half the participants divulged that they have produced double digit growth in the last three years.
The study suggested that the online sector it growing 57 times faster than the UK economy. The online businesses surveyed experienced an average of 11.4% compound annual growth over the last three years, with the UK economy growing just 0.2% in the same period.
64% of online businesses are optimistic about their own growth prospects for the year ahead, while 48% state that they are optimistic about the UK economy in 2013.
More than a third (35%) name a rise in competition in their sector as the biggest threat they face this year, a surprisingly low number if you consider that more and more businesses are moving into online trading.
The Barclays research also explores online companies’ relationship with mobile sales, and the attitudes towards this area of the market.
64% of online businesses in the UK believe a mobile strategy is an important factor in their 2013 business success, yet almost the same percentage (60%) admit they are yet to plan and implement this. Online businesses that have developed mobile sites or apps generated 27.8% of their revenues from mobile in 2012.
It’s clear that businesses should be taking advantage of trends such as mobile sites and apps in order to harness the growing market. Do you have a mobile website? Share your experience below.
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