Faster broadband helps consumers spend more online
22 August 2014 - 08:51 by David Aiken
As superfast broadband is rolled out to more areas of the UK, a study from the Royal Mail has found that this is having a direct impact on the economy, as quicker connectivity encourages people to use safe shopping online more regularly.
The study revealed that each year, the superfast broadband revolution is helping to generate an additional £225 million in e-commerce sales. And, as the rollout continues to be expanded, this will rise to even higher levels.
Analysts believe that by 2017, the economic benefits of superfast broadband will be worth £740 million to the retail sector alone. And this does not even take into account the stimulation that will be delivered through job creation and other catalysts for growth, according to The Drum.
At the moment, only one million premises in the UK have superfast broadband available to them, with the government spending over £1 billion to help fund upgrades in areas that are off the beaten track and thus likely to be ignored by commercial service providers.
Current deadlines are aiming to get superfast broadband of at least 24Mbps download speeds integrated into 95 per cent of homes and businesses, which is why shopping online will be quicker and easier for more people and sales will keep on rising.
The report found that at the moment, the Scottish capital of Edinburgh is undergoing the most significant e-commerce expansion, with people spending £4.4 million extra in the period since fibre optic broadband was made available.
The transformative impact of broadband is being felt in many communities across the country, as it is a great resource not just for retail and business, but also for education and socialising. So hopefully, the UK can continue to thrive, as superfast services arrive everywhere.