The UKs internet grocery market will be worth GBP11.7bn (US$) by 2017

The UK's internet grocery market will be worth GBP11.7bn (US$) by 2017

UK online grocery sales are set to double over the next five years, according to figures from industry analysts IGD.

Figures released by IGD today (17 October) show the UK's internet grocery market will be worth GBP11.7bn (US$18.9bn) by 2017, almost double its current value of GBP5.6bn.

This represents a CAGR of 14.6% between 2012 and 2017, it noted.

IGD chief executive Joanne Denney-Finch said that while online only currently represents 3.4% of the overall UK grocery market, it is the fastest growing sector.

"Increasing smartphone and tablet use together with new fourth generation (4G) mobile technology, should boost online grocery shopping and allow shoppers to use all services retailers provide from in-store navigation to using QR codes to access recipe ideas," she said.

"Although online grocery is still in its infancy it is evolving at a blistering pace. Food companies need to view their websites as digital assets that not only sell groceries, but also add to the shopping experience through initiatives such as product reviews and ratings, or live chat with members of staff."