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Online shopping to reach 15bn record

Published:  23 July, 2008

Online shopping is set to hit a record 15billion in the last quarter of the year.

The figure is up 60% on the 10billion figure spent in the same period in 2006.

Internet sales are increasing 20 times faster than those in the high street, according to the IMRG Capgemini e-Retail Sales Index.

The group, however, warned, that the growth rate in buying on the net was slowing because of higher interest rates and the credit crunch.

The year-on-year growth rate for July to September was 71%. The group, the industry body for e-retailers, said: "October's sales index shows there is no sign of the online shopping boom petering out even when other factors impact on overall shopping trends.

Anthoula Madden, vice president at Capgemini's Consumer product team, said: "Any traditional brick retailers who do not have an online presence are effectively seeing their available market share eroded."