A report by the World Economic Forum (WEF) has found that ecommerce has the potential to create significant economic benefits for the UK.
In a report titled “The Future of Ecommerce: Challenges and Opportunities”, the WEF noted that eCommerce has the capacity to create over $US5 billion in economic activity and that the UK can easily become a major player in the market.
The WEF’s report, titled “An Economic Analysis of the UK eCommerce Industry”, states that “eCommerce is poised to significantly increase demand for goods and services in the UK and potentially even to become the country’s dominant ecommerce market”.
The WEFs report also highlighted that e-commerce is poised for an “economic boom” due to its popularity, the success of its online payment systems and its adoption by consumers.
“The potential of ecommerce to deliver significant economic and societal benefits is very clear,” said Robert J. Schuster, president and CEO of the WEFs World Economic Outlook, in a statement.
“This is due to the ubiquity of the internet, e-waste, low cost logistics, and a number of other factors that make e-Commerce attractive for many consumers,” Schuster added.
“Although this growth is still in its infancy, the opportunity is now present to make a significant contribution to the UK’s economy by providing a convenient and easy way to buy goods and to reduce the cost of buying goods and goods services.”
The WEFS report also stated that e commerce is a powerful tool for consumers, particularly millennials.
“For a generation of young people, it is clear that the internet and e- commerce are tools for accessing a range of goods and other goods services,” it stated.
“By providing a seamless and seamless service, eCommerce can enable a wide range of consumers to access a range for which they otherwise would not be able to afford.”
It also provides a unique opportunity for the future of e-Business, where e-business could become a key driver of the growth of eCommerce.
“As the market becomes increasingly connected, so do the challenges and opportunities for the industry.
While it is currently unclear exactly what role ecommerce will play in the future, it has the chance to play a pivotal role in delivering a better quality of life for people.
While many of the key issues facing the UK economy, such as the economy of scale, are addressed by other industries, the UK has a long way to go to be competitive.
In addition to the potential for ecommerce, it also has the opportunity to become a leading player in ecommerce.
This article originally appeared on the BBC News website.