Report: Online retailers to spend �690 million on ecommerce in 2011

Online retailers are expected to spend as much as £690 million on new ecommerce technology in 2011, according to a recent Econsultancy report.

The report claimed vendors will be drawn to spend on the technology in order to keep pace with growing consumer expectations of cross-channel online shopping.

The figure represents an increase of approximately 14 percent over 2010 and includes revenues from ecommerce platform vendors, online payment gateways, technology, maintenance and services.

Jake Hird, senior research analyst at Econsultancy, said the ecommerce platform market is "constantly evolving, in order to keep up with consumer behaviour and increased opportunities afforded by technology. It is simultaneously an exciting and challenging time for ecommerce professionals, as the platforms underpinning the industry are in an unprecedented state of flux."

As the ecommerce field continues its rapid growth, some traditional retail sectors are going through tough times. This is being felt particularly strongly in the book sector. U.S. book retailer Barnes & Noble recently posted significant losses in all but the online aspects of its business.