Top retailers lose out on £500m in online market

SOME of the UK’s retail giants are missing out on millions in online sales as they fail to grasp the potential of new technology, a survey shows today.

The UK’s best known brands were found to have squandered a potential £500m in sales between 2007 and 2010.

According to research from Oxford Economics, supermarket giant Morrisons was the worst offender, losing out on £314m in sales. Meanwhile Dixons could have boosted its figures by £32.6m with a better online presence and Homebase by £9.6m

Sports Direct missed out on £9.5m and DFS £5.9m. Phones 4U was found to have missed the opportunity to make £17.5m.

The best performing company was Tesco, which added at least £255m in additional sales over the same period. Paul Jervis-Heath, of digital agency Head, which commissioned the report, said: “Too many retailers are behind the digital curve.”