Amazon’s move into groceries will help secure its position as the dominant online retailer in the UK.

This is according to a new report from GlobalData, which suggests that the ecommerce giant will account for one in every five pounds spent online in the UK by 2024.

The study predicts that the company’s UK retail revenues will grow by 58.2 per cent by 2024 to £15.7 billion.

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But that figure excludes Amazon Marketplace purchases, meaning that Amazon’s real reach could be significantly wider.

GlobalData believe that the retailer’s move into groceries will account for the biggest boost to Amazon’s revenues during the period, with growth of 174.7 per cent predicted in the next five years.

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The company’s retail analyst James Yacoub said: “Although food has not historically been a focus point for the online pureplay, it will prioritise investment in this sector through ramping up its Amazon Fresh operation, developing Whole Foods and introducing its checkout-free Amazon Go stores.

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Overall Amazon will grow its total online market share to 19.8% in 2024, up from 16.6% in 2019.”

As we reported earlier this month, Amazon is set to launch a series of pop-up stores around the UK.

The ‘Clicks and Mortar’ venues will provide retail space for independent businesses in a scheme backed by Enterprise Nation.