Insurance companies are ahead of retailers but still trail banking and utility firms in gaining reve...
Insurance companies are ahead of retailers but still trail banking and utility firms in gaining revenue via the internet.
Insurance business recorded 9% of revenue via the internet, according to communications technology service group CMG, which tracks the percentage of companies recording more than 1% of revenues through e-commerce.
The banking industry recorded a figure of 15% via the internet, with utilities and telecoms accounting for 18% of revenue.
Transport and logistic companies posted 18% via e-commerce while retailers only managed to bring in 6% of revenue electronically.
The poll showed a growing acceptance of the internet's importance but highlighted worries over how to harness its potential.
Some 90% of insurance companies polled across Europe expect to experience strong growth in e-commerce over the coming 12 months.
Yet 50% felt their individual culture was too slow to adapt to the opportunities presented by e-commerce compared with a cross sector average of 31%. More than 50% felt online customer loyalty was harder to achieve than loyalty from regular customers, while 41% did not feel they had sufficient technical skills to evolve their e-commerce offerings.
A further 22% believe their company's infrastructure is not sufficiently flexible to support e-commerce initiatives.
CMG group director Ian Taylor said the additional arrivals of mobile and TV commerce meant e-commerce was here to stay but emphasised the industry was still in its infancy.
He added that the gap between expectation and reality is wider than ever both for consumers turning increasingly to e-commerce and industries struggling to adapt to the new challenges of electronic trading.
He said: "E-commerce may be the great opportunity but stand still and you're history. The new economy rewrites received wisdom about customer behaviour because loyalty is far harder to find when switching brands is easier and automatable."
'Asleep at the wheel'
Nomination deadline - 28 June 2019
Tactical opportunities will arise
Multi-asset funds saw £7.9 billion in net retail sales in 2018, sparked by a heightened awareness of risk, following a resurgence in volatility. Scottish Widows examines the appeal of this approach.
What made financial headlines over the weekend?