The UK ecommerce technology market will be worth more than £600m by the end of 2010 as retailers continue to invest in digital channels, according to Econsultancy's E-commerce Platforms Buyer's Guide 2010.
That represents an increase of 12% over last year, says Econsultancy, "as companies seek to meet growing consumer demand for online shopping and increased expectations around user experience."
Econsultancy's figures are based on the combined expected revenues of ecommerce platform vendors as well as associated e-business technologies such as on-site search, analytics and optimisation.
"Retailers are investing heavily in ecommerce because they can't afford to allow their competitors to gain a competitive advantage in the digital arena," says Jake Hird, Econsultancy's senior research analyst. "Integration of social media into ecommerce platforms and the enabling of shopping through mobile applications are examples of new developments within the sector. Innovation and experimentation have been particularly apparent over the past year, as retailers have tried to maximise their revenues and increase their appeal."
Key market trends for the year ahead, according to the report, include: