Almost 1 in 4 of all UK’s retail sales will take place over the internet within four years, according to a new report.

By 2016, the Boston Consulting Group in a report titled The $4.2 Trillion Opportunity: The Internet Economy in the G-20 predicts, some 23% of UK retail sales will be made online, bringing in total revenues of some $230bn (£144.6bn).

The report suggests UK Internet Retailing will more than double in value from the $102bn turned over in 2010, when the sector accounted for 13.5% of UK retail sales.

The study, part of the group’s Connected World series of reports, found that online retail accounted for $102bn (£64.1bn), or 13.5% of total UK retail.

By 2016 the report predicts revenues from online shopping will rise to $230bn (£144.6bn), or 23% of total retail sales.