Irish businesses have not fully grasped the implications of the shift to online consumer behaviour, according to a new report issued by the Economist Intelligence Unit, which raises concerns about the level of investment planned for digital development.

More than 150 companies surveyed for the report, commissioned by Accenture Ireland, says digital channels will become more important for them over the next five years.

Almost 20 per cent of executives surveyed say they expect their organisations to receive up to half of their revenue through online channels in five years – up from 10 per cent now.

“However, given the explosive growth of online buying, browsing and interacting through the web, mobile phones, email and social networking channels such as Facebook and Twitter, the survey raises a question-mark over whether Irish organisations are committing enough resources to meet the demand,” the report says.

One-fifth of respondents say their company will make only small increases of up to 10 per cent of current investment in digital channels. A further 38 per cent said they will increase investment by 10 to 50 per cent.

The report also finds that Irish organisations are positive about, and increasingly focused on, opportunities in emerging markets.