Trend E-commerce expected to grow significantly

Summary

The report expects e-commerce to grow significantly, supported by the Internet of Things, which may improve connectivity and data analysis capabilities. Online sales already accounted for 26.6% of UK retail sales in May 2022, a sign of the decline of traditional retail. Falling smartphone costs and surging data use, which made smartphones the main device for going online, also underpin this growth. The report argues that agile regulation can let digital platforms stimulate the economy through e-commerce and technology jobs. It also warns that as reliance on digital platforms grows, organised criminals gain more room to exploit them for cyber crime and scams.