The continued success of the e-commerce channel was highlighted again this week with the release of yet more impressive growth statistics, this time by analyst company Verdict Research.

The firm's UK e-Retail 2008 report found that last year, online spending rose by 35 per cent to £14.7bn – a rate of growth nearly 10 times that of the total UK retail market, according to Verdict.

The firm also predicted that online retail is set to reach £44.9 billion by 2012, driven by a continued increase in internet use, an increase in the average frequency of purchases and the average amount spent by shoppers.

Malcolm Pinkerton, senior retail analyst at Verdict Research argued that firms will increasingly look to combine their online and offline channels to maximise revenue-making potential and improve customer relationships.

"Having an Internet presence is now vital and the combination of an in-store and online presence with strong links between the two is essential, giving the consumer choice by becoming multichannel is the key to success," he said in a statement.

But others argued that retailers are missing out on the potential goldmine by failing to install the right technology solutions.

Robert Bredlau, senior business developer at web content management vendor e-Spirit said that many firms' content management systems are "too clunky and make it difficult to update or modify content".

"These retailers are disappointed with their results because they end up having old content on the site," he added.

Bredlau added that to maximise their revenue-making potential, firms should include multi-language options for their sites, even those which are UK-centric, and explore systems which allow them to exploit the mobile channel for commerce.

Rolf Elmer, chief executive of Avail Intelligence, added that the figures prove consumer confidence is high, despite the threat of recession,

"Retailers must now take a long hard look at the lessons they have learnt online and consider how these can be translated for use in-store if they are to entice shoppers out from behind their computers," he said.