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by Oliver Ewbank on 8th November 2010
Businesses which do not embrace ecommerce face the possibility of being left behind by their competitors.
This is according to David Smith, managing director of e-retail industry body IMRG, who said that while websites will not completely replace physical stores, companies should make use of the opportunities they have to reach customers over the internet.
"Anyone left behind could be forced out of business," he warned.
"They need to go where the customer is and convince customers that the convenience and opportunities online are as rewarding as going into a store."
Mr Smith added that estimates suggesting the online retail economy will grow at ten per cent a year are conservative, as many people are starting to book holidays and do their banking online.
In a recent study from Boston Consulting Group, it was found that the internet contributed around £100 billion to Britain's economy in 2009, representing 7.2 per cent of GDP.