The Internet is revolutionizing UK business

The Internet is revolutionizing UK business, according to recent studies.  It is now responsible for more than £100 billion in annual revenue, which is around 7 per cent GDP.  It now tops the UK’s utilities, transport, and construction industries.

About £60 billion of that number is attributed to Internet consumption; the remainder is from the Internet infrastructure, net exports, and Government IT.  For every £1 that is spent importing goods online, nearly £3 is spent exporting them.  This is what has helped the UK become the world leader in e-commerce.

On the other hand, the economy offline exports only 90p for each £1 it imports.  The Internet numbers might even be larger if so many people didn’t shop online, but purchase offline in order to save money.

Internet revenue is expected to reach 10 per cent GDP by 2015.  This rise of around 3 per cent is expected to come due to increases in Internet consumption.

Over 250,000 jobs exist in Internet companies and small businesses that take full advantage of Internet options are said to increase at a rate four times faster than those who do not.

Given all of this it is surprising to find that the UK rates sixth in Internet infrastructure among European nations and the U.S., although the U.S. did rank even lower.

All of this tells us that despite economic hard times, the Internet appears to be a viable and growing sector of the economy.  Perhaps one seeking employment and/or business opportunities may do well to look there for them.