A report from GlobalData reveals Amazon is set to continue its upward growth trajectory within the UK market, and is expected to account for almost one fifth of all UK online spending by 2024.
Despite its status as a mature online retailer, Amazon has experienced exponential worldwide group revenue growth of 161.7% between 2014 and 2018, with revenue reaching $232.9bn in 2018.
The GlobalData report states that the online retailer’s UK retail revenue is expected to increase from £9.9bn in 2019 to £15.7bn in 2024, a rise of 58.2%. This soundly outstrips the expected performance of the UK retail online market over the same period, where an increase of 32.7% is anticipated.
GlobalData’s survey, conducted in 2018, involved 10,000 online shoppers and showed that 19.4% of UK online shoppers were members of Amazon Prime. This subscription model, with its unparalleled delivery options, gives it the competitive edge over other pureplay retailers and accounts for the service’s continuing success.