Latest press releases provide continuing evidence that Internet Marketing and the use of the internet is expanding. The internet is now said to be worth £100 billion a year to the UK economy, and in the last few years we have seen an exponential increase in business advertising and marketing over the world-wide web.
To me this is really welcome news! I have a habit of getting involved in projects just at the wrong time. My forays into the property market are a great example of this – I couldn’t have timed the development of my property portfolio with any worse precision. I buy four properties and the property market collapses – what joy!
The report, commissioned by Google, states that 31million adults in the UK (62% of the adult population) bought goods and services online in the past year, spending about £50 billion on travel and goods. More than 19 million UK households, 73% of total, have an internet connection. Recent announcements by Virgin and their new 100Mbps super fast internet connections show the clearest intentions for continued growth.
Other research has found that the internet traffic is growing at a staggering 40% to 45% each year, with no sign of abating. Of the £100 billion figure for the British market, around 60% was found to come from internet consumption – the amount spent by consumers on online shopping (including connection costs and web-access devices).
So what has fuelled this remarkable growth in internet traffic, and in particular internet marketing? There seem to be a number of factors involved:
1. increased internet advertising – in recent years there has been an inexorable shift in advertising demand from traditional media such as newspapers and magazines to online portals and publications.
2. changes in consumer behaviour – it is more common now for consumers to shop on the internet, and in many countries eCommerce sales are growing faster than the more traditional high street sales.
3. growth of video marketing – marketing experts predict that online video advertising will be one of the fastest growing marketing channels in coming years, and some research has suggested a 30% increase in online video ad spending year-on-year.
4. the continuing economic recession – even though there are signs that the recovery has been maintained, businesses are still looking to cut costs, and internet marketing is seen to have significant cost savings when compared to more traditional methods.
For all of us Internet Marketers, the indications couldn’t be more positive – for once it would appear that I havn’t totally screwed up my entry point into a market, and that Internet Marketing is here to stay and grow for a long time!
Speak to you again soon,