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Online Retailing - UK - July 2015

Growth in total online sales slowed to 13.2% in 2014 following surprisingly strong growth of 15.3% in 2013. This represents a return to a longer term trend of decelerating growth as the market matures and we expect this to continue over the next five years.

Consumers are increasingly appreciating the benefits offered by strong multi-channel operators that are able to combine the strengths of selling online and in-store, such as Dixons and John Lewis. Meanwhile, pure plays have come to realise that they can’t afford to keep on selling at ultra-low prices if they want to be profitable and instead need to focus on playing to their strengths of offering convenience and breadth of range whilst working to improve service.

This report looks at the following areas:

  • It is who people buy from, not how, that matters
  • So is there a ceiling to online sales?
  • But aren’t some pureplays already opening stores?
  • Does it really matter which device is used?

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Table of contents

  1. Overview

    • What you need to know
      • Areas covered in this report
      • Executive Summary

          • The market
            • Online sales growth slows in 2014
              • Figure 1: Internet retail sales (incl. VAT), 2010-20
            • Share of the retail market
              • Figure 2: Internet retail sales as % of all retail sales, 2010-20
            • Store-based retailers catching up with market
              • Market segmentation
                • Figure 3: Breakdown of online retail sales by major category, 2015 (est)
                • Figure 4: Online sales as % of total category sales, 2013-15
              • Companies and market shares
                • Figure 5: Leading online retailers: share of all online retail sales, 2014
              • The consumer
                • Devices used for online shopping
                  • Figure 6: Online shopping in last 12 months, by device used, May 2015
                • Product categories purchased
                  • Figure 7: Products bought online, May 2015
                  • Figure 8: Products bought by device used, May 2015
                • Where they shopped
                  • Figure 9: Websites bought from in the last 12 months, May 2015
                • Who shops where
                  • Figure 10: Profile of online shoppers, by retailer used, May 2015
                • Attitudes towards buying online
                  • Figure 11: Attitudes towards buying online, May 2015
                • What we think
                • Issues and Insights

                  • It is who people buy from, not how, that matters
                    • The facts
                      • The implications
                        • So is there a ceiling to online sales?
                          • The facts
                            • The implications
                              • But aren’t some pureplays already opening stores?
                                • The facts
                                  • The implications
                                    • Does it really matter which device is used?
                                      • The facts
                                        • The implications
                                        • The Market – What You Need To Know

                                          • Online shopping peaks for Black Friday
                                            • Tablets becoming the device of choice
                                              • Online market will rise to £71.2 billion by 2020
                                                • Market growth is slowing
                                                  • Impact of m-commerce will diminish
                                                    • Non-store channel still nudging ahead
                                                      • Three major product categories
                                                        • Sales of digital entertainment products exceed £2 billion in 2014
                                                        • Market Drivers

                                                          • Who’s shopping online?
                                                            • Figure 12: Proportion of people who have shopped online in the past three months by age group, April 2014-15
                                                          • Devices used to shop online
                                                            • Figure 13: Devices used to shop online in the past year, May 2015
                                                          • Device ownership
                                                            • Figure 14: Internet-enabled technology products personally owned, April 2014-15
                                                            • Figure 15: Internet-enabled technology products in the household, June 2013-November 2014
                                                          • Broadband access
                                                            • Figure 16: Percentage of households with broadband access, 2011-14
                                                          • Consumer context
                                                            • Figure 17: Consumer confidence levels, March 2011-15
                                                            • Figure 18: Annual % change in average weekly earnings versus annual % change in consumer prices, January 2011-April 2015
                                                        • Market Size and Forecast

                                                          • Growth slows in 2014
                                                            • But picks up again in 2015 first quarter
                                                              • Figure 19: Internet retail sales (incl. VAT), 2010-20
                                                              • Figure 20: Internet retail sales as % of all retail sales, 2010-20
                                                              • Figure 21: Internet retail sales (incl. VAT), in current and constant prices, 2010-20
                                                            • Segmentation: store-based growth starts to move in line with market total
                                                              • Figure 22: Internet retail sales by store-based retailers (incl. VAT), 2010-20
                                                              • Figure 23: Internet retail sales by store-based retailers (incl. VAT), in current and constant prices, 2010-20
                                                            • Segmentation: non-store retailers still nudging ahead
                                                              • Figure 24: Internet retail sales by retailers without stores (incl. VAT), 2010-20
                                                              • Figure 25: Internet retail sales by retailers without stores (incl. VAT), in current and constant prices, 2010-20
                                                            • Forecast methodology
                                                              • The fan chart
                                                              • Market Segmentation

                                                                • Electricals, clothing and grocery dominate online
                                                                  • Figure 26: Breakdown of online retail sales by major category (incl. VAT where applicable), 2013-2015 (est)
                                                                • Proportion of sales online by category
                                                                  • Figure 27: Online sales as % of total category sales, 2013-15
                                                                • Review of major product categories
                                                                  • Electrical goods
                                                                    • Clothing and footwear
                                                                      • Grocery
                                                                      • Digital Spending

                                                                        • Digital sales exceed £2.4 billion in 2014
                                                                          • Figure 28: Breakdown of estimated spending on digital entertainment products, 2014
                                                                          • Figure 29: Digital sales – music, 2013-15
                                                                          • Figure 30: Digital sales – video, 2013-15
                                                                          • Figure 31: Digital sales – e-books, 2013-15
                                                                          • Figure 32: Digital sales – computer/console games, 2013 -15
                                                                      • Key Players – What You Need to Know

                                                                        • Amazon’s growth slows
                                                                          • Store-based retailers catching up
                                                                            • Grocers still see the lowest proportion of their sales generated online
                                                                              • Buy it now
                                                                                • Flexible delivery options
                                                                                  • Online retail advertising spend returns to growth
                                                                                    • TV dominates advertising spend but eBay favours the internet
                                                                                    • Leading Online Retailers

                                                                                      • The top 25 online retailers
                                                                                        • Figure 33: Leading online retailers’ net online revenues, 2012-14
                                                                                      • Top 25: Pureplays versus multichannel
                                                                                        • Figure 34: Distribution of the revenues of the top 25 online retailers (as ranked in 2014) by type of retailer, 2012-14
                                                                                      • Top 25: Proportion of sales generated online
                                                                                        • Figure 35: Top 25 online retailers: Proportion of total sales transacted online, 2014
                                                                                      • Top 25: By major product category
                                                                                        • Figure 36: Top 25 retailer, by major product category, 2014
                                                                                    • Market Shares

                                                                                        • Top 25 retailers increase their share of total spending
                                                                                          • Store-based retailers are the biggest winners
                                                                                            • Amazon drops share for two years running
                                                                                              • Figure 37: Top 25 online retailers: Share of all online retail sales, 2012-14
                                                                                          • Innovation

                                                                                            • Buy now
                                                                                              • Flexible delivery options
                                                                                                  • Figure 38: An artist’s impression of an Argos digital store within Sainsbury's
                                                                                                • Unlocking the potential of social commerce
                                                                                                  • Personalised digital stores
                                                                                                    • Option to buy non-groceries that can be delivered with a grocery order
                                                                                                      • Access all areas
                                                                                                      • Brand Communication and Promotion

                                                                                                        • Online retail advertising spend up in 2014
                                                                                                          • Online marketplace operators are the biggest ad spenders
                                                                                                            • Specialist pure play online retailers
                                                                                                              • Figure 39: Recorded above-the-line, online display and direct mail total advertising expenditure on online retail by leading UK pure play online retail operators, 2011-14
                                                                                                            • TV dominates
                                                                                                              • Figure 40: Recorded above-the-line, online display and direct mail total advertising expenditure on online retail by leading UK pure play online retail operators, by media type, 2011-14
                                                                                                            • eBay favours the internet over TV
                                                                                                              • Figure 41: Main media ad spend by leading UK Pure Play online retail operators, by media type, 2014
                                                                                                          • Brand Research

                                                                                                              • What you need to know
                                                                                                                • Brand map
                                                                                                                  • Figure 42: Attitudes towards and usage of selected brands, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                • Key brand metrics
                                                                                                                  • Figure 43: Key metrics for selected brands, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                • Brand attitudes: Consumers see Amazon.co.uk and eBay.co.uk as providing a strong, innovative service for good value
                                                                                                                  • Figure 44: Attitudes, by brand, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                • Brand personality: Currys PC World and Tesco have closest association with negative traits
                                                                                                                  • Figure 45: Brand personality – macro image, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                • John Lewis, Marks & Spencer and Next are most likely to be seen as stylish, but have prices that may deter some
                                                                                                                  • Figure 46: Brand personality – micro image, September 2014, November 2014, December 2014, January 2015 and June 2015
                                                                                                                • Brand analysis
                                                                                                                  • Amazon.co.uk has a very strong performance
                                                                                                                    • Figure 47: User profile of Amazon.co.uk, December 2014
                                                                                                                  • eBay.co.uk also scores highly on recommendation
                                                                                                                    • Figure 48: User profile of eBay.co.uk, June 2015
                                                                                                                  • Argos lacks some glamour, but has a reliable, trustworthy image that encourages consideration
                                                                                                                    • Figure 49: User profile of Argos, December 2014
                                                                                                                  • Next sits in the middle of both ends of the market
                                                                                                                    • Figure 50: User profile of Next, January 2015
                                                                                                                  • John Lewis has exclusive and expensive brand image that limits usage
                                                                                                                    • Figure 51: User profile of John Lewis, November 2014
                                                                                                                  • Marks & Spencer’s wider availability helps to create more usage than John Lewis
                                                                                                                    • Figure 52: User profile of Marks & Spencer, November 2014
                                                                                                                  • Currys PC World lags behind other brands on a number of traits
                                                                                                                    • Figure 53: User profile of Currys PC World, December 2014
                                                                                                                  • Tesco has high penetration despite certain negative traits
                                                                                                                    • Figure 54: User profile of Tesco, September 2014
                                                                                                                • The Consumer – What You Need to Know

                                                                                                                  • Mobile devices still only a small part of the market
                                                                                                                    • Clothing the most bought product online
                                                                                                                      • Amazon dominant by frequency of use
                                                                                                                        • Satisfaction high
                                                                                                                          • People like reviews, but concerns over security won’t go away
                                                                                                                          • Devices Used For Online Shopping

                                                                                                                              • Figure 55: Online shopping in last 12 months, by device used, May 2015
                                                                                                                              • Figure 56: Profile of those who shop, by device and location, May 2015
                                                                                                                              • Figure 57: Use of mobile devices for shopping, regional profile, May 2015
                                                                                                                          • Products Bought Online

                                                                                                                              • Figure 58: Products bought online, May 2015
                                                                                                                              • Figure 59: Products bought by device used, May 2015
                                                                                                                              • Figure 60: Products bought by device used, May 2015
                                                                                                                            • Who buys what?
                                                                                                                              • Figure 61: Profile of shoppers by product on a laptop/desktop, May 2015
                                                                                                                              • Figure 62: Smartphone buyers by product, May 2015
                                                                                                                            • Number of products bought
                                                                                                                              • Figure 63: Number of different types of product bought online, May 2015
                                                                                                                              • Figure 64: Profile of online shoppers by the number of products bought, May 2015
                                                                                                                          • Who Shops Where

                                                                                                                                • Figure 65: Websites bought from in the last 12 months, May 2015
                                                                                                                              • Who shops where?
                                                                                                                                • Figure 66: Profile of online shoppers, by retailer used, May 2015
                                                                                                                                • Figure 67: Number of different retailers bought from in the last 12 months, May 2015
                                                                                                                                • Figure 68: Profile of online shoppers by the number of retailers bought from, May 2015
                                                                                                                                • Figure 69: Retailers bought from by the number of retailers used, May 2015
                                                                                                                            • Retail Consumer Comparisons

                                                                                                                                • Regional differences
                                                                                                                                    • Figure 70: Leading online retailers, relative strength, by region, May 2015
                                                                                                                                  • Location
                                                                                                                                      • Figure 71: Leading online retailers, relative strength, by location, May 2015
                                                                                                                                    • Education
                                                                                                                                      • Figure 72: Leading online retailers, relative strength, by education, May 2015
                                                                                                                                    • Size of household
                                                                                                                                      • Figure 73: Leading online retailers, relative strength, by number of people in household, May 2015
                                                                                                                                    • Online retailer used most recently
                                                                                                                                        • Figure 74: Websites bought from most recently, May 2015
                                                                                                                                      • Who bought what from where?
                                                                                                                                      • Online Consumer Satisfaction

                                                                                                                                            • Figure 75: Overall satisfaction with the last website bought from, May 2015
                                                                                                                                            • Figure 76: Profile of those who are satisfied or indifferent, May 2015
                                                                                                                                          • Satisfaction by retailer last used
                                                                                                                                              • Figure 77: Overall satisfaction by retailer, May 2015
                                                                                                                                            • Key Driver Analysis
                                                                                                                                              • Methodology
                                                                                                                                                • Service lacking
                                                                                                                                                    • Figure 78: Key drivers of overall satisfaction with Amazon, May 2015
                                                                                                                                                    • Figure 79: Overall satisfaction with Amazon – key driver output, May 2015
                                                                                                                                                • Attitudes towards Buying Online

                                                                                                                                                      • Figure 80: Attitudes towards buying online, May 2015
                                                                                                                                                      • Figure 81: Profile of those agreeing with attitudinal statements, May 2015
                                                                                                                                                  • Amazon.com

                                                                                                                                                      • What we think
                                                                                                                                                        • Strategy
                                                                                                                                                          • Profitability
                                                                                                                                                            • Making the most of online
                                                                                                                                                              • Company background
                                                                                                                                                                • Company performance
                                                                                                                                                                    • Figure 82: Amazon.com Inc: Group financial performance, 2010-2014
                                                                                                                                                                  • Retail offering
                                                                                                                                                                    • Figure 83: Amazon UK: Estimated sales mix, 2014
                                                                                                                                                                    • Figure 84: Amazon: Product mix by item count, 2015
                                                                                                                                                                • AO World

                                                                                                                                                                    • What we think
                                                                                                                                                                      • New product categories
                                                                                                                                                                        • Building brand awareness
                                                                                                                                                                          • Eyeing further expansion
                                                                                                                                                                            • Dixons Carphone threat
                                                                                                                                                                              • Company background
                                                                                                                                                                                • Company performance
                                                                                                                                                                                  • Figure 85: AO World Plc: Group financial performance, 2012/13-2014/15
                                                                                                                                                                                • Retail offering
                                                                                                                                                                                • Argos

                                                                                                                                                                                    • What we think
                                                                                                                                                                                      • ‘GET SET GO ARGOS’
                                                                                                                                                                                        • Customers being won over by the new-look digital stores
                                                                                                                                                                                          • Digital enhancements driving traffic to Argos’ digital channels and online sales
                                                                                                                                                                                            • Store network advantage
                                                                                                                                                                                              • Fulfilment partnerships
                                                                                                                                                                                                • Concession opportunities
                                                                                                                                                                                                  • New hub-and-spoke distribution model
                                                                                                                                                                                                    • Same-day delivery service coming
                                                                                                                                                                                                      • More product choice
                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                              • Figure 86: Argos: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                              • Figure 87: Argos: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                            • ASOS

                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                  • A comprehensive product offering that caters to all its target audience
                                                                                                                                                                                                                    • Expanded fulfilment options
                                                                                                                                                                                                                      • Adjusting prices for different territories
                                                                                                                                                                                                                        • Innovative customer engagement feature
                                                                                                                                                                                                                          • Website enhancements
                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                • Figure 88: ASOS: Group financial performance, 2010/11-2013/14
                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                              • Debenhams.com

                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                    • Speedier online delivery
                                                                                                                                                                                                                                      • New stores support multi-channel service
                                                                                                                                                                                                                                        • Targeted promotions through single customer view
                                                                                                                                                                                                                                          • Enhanced online experience
                                                                                                                                                                                                                                            • Meeting the demand for increased international online orders
                                                                                                                                                                                                                                              • Unique product offering
                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                    • Record online sales in the week leading up to Christmas
                                                                                                                                                                                                                                                      • Figure 89: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                    • Dixons Carphone

                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                          • Online and in-store working together
                                                                                                                                                                                                                                                            • Integration of the brands
                                                                                                                                                                                                                                                              • International
                                                                                                                                                                                                                                                                • Longer term threats remain
                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                    • Dixons
                                                                                                                                                                                                                                                                      • Carphone Warehouse
                                                                                                                                                                                                                                                                        • Dixons Carphone
                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                              • Figure 90: Dixons Carphone: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                              • Figure 91: Dixons Carphone: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                            • Johnlewis.com

                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                  • Click & collect boosted by increase in the number of collection pick-up points
                                                                                                                                                                                                                                                                                    • New £95m distribution site to fulfil growing demand for click & collect
                                                                                                                                                                                                                                                                                      • New ways to help customers shop across multiple channels
                                                                                                                                                                                                                                                                                        • Asian store expansion opens up multichannel growth possibilities in the region
                                                                                                                                                                                                                                                                                          • Added value services
                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                • Figure 92: John Lewis Partnership: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                              • Next Directory

                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                    • Extended last ordering times
                                                                                                                                                                                                                                                                                                      • “New In” catalogues ensures “weather appropriate” fashion
                                                                                                                                                                                                                                                                                                        • New premium branded business, LABEL expands product breadth
                                                                                                                                                                                                                                                                                                          • Overseas online sales growth expected to slow, but China holds potential
                                                                                                                                                                                                                                                                                                            • Regional hub and overseas delivery lead times
                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                    • Figure 93: Next Directory: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                  • Ocado

                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                        • Website interface enhancements encouraging customer retention
                                                                                                                                                                                                                                                                                                                          • Physical pick-up collection points
                                                                                                                                                                                                                                                                                                                            • Expanded product offering
                                                                                                                                                                                                                                                                                                                              • Market-leading IP potential
                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                    • Figure 94: Ocado Ltd: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                  • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                        • Innovation at its core
                                                                                                                                                                                                                                                                                                                                          • Transformation of 3SI
                                                                                                                                                                                                                                                                                                                                            • Russian troubles
                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Otto Group (multichannel retail): Group sales performance 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Otto group main brands, June 2015
                                                                                                                                                                                                                                                                                                                                              • Shop Direct Group

                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                      • Credit remains important
                                                                                                                                                                                                                                                                                                                                                        • Looking forward
                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                              • Figure 97: Shop Direct Group: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                              • Figure 98: Shop Direct: Estimated sales breakdown, 2013/14
                                                                                                                                                                                                                                                                                                                                                          • Tesco Direct

                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                • Online and stores working hand-in-hand
                                                                                                                                                                                                                                                                                                                                                                  • Streamlining to succeed
                                                                                                                                                                                                                                                                                                                                                                    • Direct maintains wider offer as stores focus on key ranges
                                                                                                                                                                                                                                                                                                                                                                      • A broad appeal
                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                            • Figure 99: Tesco Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                            • Figure 100: Tesco Plc: Estimated net internet revenues, 2012/13-2014/15
                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                          • Zalando

                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                • Successful IPO
                                                                                                                                                                                                                                                                                                                                                                                  • Technology at its heart
                                                                                                                                                                                                                                                                                                                                                                                    • Underwhelming expansion in the UK
                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 101: Zalando: Group financial performance, 2010-2014
                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Key Driver Analysis

                                                                                                                                                                                                                                                                                                                                                                                            • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 102: Overall satisfaction with Amazon – key driver output, May 2015
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 103: Satisfaction with Amazon, May 2015
                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data Sources and Abbreviations

                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                              • Fan chart forecast
                                                                                                                                                                                                                                                                                                                                                                                                • VAT
                                                                                                                                                                                                                                                                                                                                                                                                  • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations

                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco (UK)

                                                                                                                                                                                                                                                                                                                                                                                                    Online Retailing - UK - July 2015

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