Insurance for online retailersBy Sam Burton
The online retail sector is a growing industry, with estimates of over 300,000 pureplay etailers (i.e. those selling online with no physical shop presence) in the UK. There was some concern that the insurance options for these online retailers were quite limited, and that there could be low awareness of risks in this market.
As a result a UK Insurance Provider wanted to develop a suitable product for this market, and needed some research to understand the sector.
BVA BDRC conducted 356 online surveys with online retailers, from sample sources including online panels.
Those surveyed were made up of people working for a business that sells products online, people working for themselves and selling products online and people who have a sideline / hobby which involves selling products online.
Conclusions centred on the size of the opportunity, how the product should be positioned and which elements should be included or excluded from the product.
As a result of the research, the client has taken strategic decisions about the proposition, aided by BVA BDRC moderating a one-day workshop with internal stakeholders for the final product to be discussed and finalised.
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