A survey undertaken by the OXIRM (Oxford Institute of Retail Management) and KPMG, the management consultancy, has predicted that European sales over the internet could increase tenfold to 1.99bn pounds by 2001. The survey found that over half of the 500 companies interviewed believed the internet was vital to their global competitiveness. The survey, which is the first annual research conducted on e-commerce in Europe, cites a number of reasons for the explosion in the new millennium, among them: the freeing up of company funds presently allocated to the Y2K problem, PC market penetration and growing consumer technological familiarity, improvements in telecommunications infrastructure, and a decline in concerns about security. However, some analysts have questioned the accuracy of the survey. The US is currently the leader in the market, responsible for around 80% of global e-commerce, with Europe conducting 15% and Asia 5%.
