The arts and craft segment in the UK is booming, according to a new report.

 

The report, published by GS1, the standards organisation that licences barcodes, revealed that the arts and crafts sector experienced significant growth in 2018, aligning with the growing trend towards using arts and crafts to improve mental well-being.
 
The number of GS1 UK members in the arts and craft space adopting barcodes has more than tripled between 2017 and 2018, with many of these companies trading on the specialist craft marketplace, Etsy.
 

The report cites the explosion of online marketplaces as benefitting small British retailers as well as large, creating a global “iStreet” expected to generate more than $40 billion by next year.
 
Amazon and eBay were cited by 61 per cent and 30 per cent of the GS1 UK’s new joiners in 2018 respectively as their retailer of choice. Smaller marketplaces, like Trouva, Fruugo, Down Your High Street and The Great British Exchange are giving SMEs more routes to market than ever before, with social media providing opportunities to speak directly to potential new customers.
 
While e-marketplaces present companies with an invaluable commercial foothold, the report stresses that less than one in five retail purchases is being made online. It is still vital for SMEs to try and stake a claim to a spot on the crowded high-street shelves.
 
However, it also states that while online sales might only account for 17.6% of all transactions at present, the percentage significantly increases among younger demographics, suggesting only one direction of travel in the future. It says that 95% of all purchases could be facilitated by e-commerce by 2040.