A survey by NOP Research Group has revealed that only 3% of British firms have a formal e-commerce strategy.
The survey, conducted for Barclays, found that while many businesses lack formal planning others hold high expectations for profits from the Internet.
Among companies that already have a Web site there were predictions that 24% of their profits will be coming from the Internet in two years' time.
Of the 700 businesses contacted for the survey, 44% of those that have a Web site and believe it will increase their revenues envisage the rise occurring within the next 12 months.
The researchers also found that 71% of firms that currently have Internet access but do not have a Web site plan to set one up in the coming year.
Rachael Atkinson of Barclays B2B.com, the bank's Internet portal for business customers, said, "These findings show that while Britain is moving quickly to remain at the forefront of the new economy, more work is going to be necessary to ensure that we retain our pre-eminent position in European Internet commerce.
"The growth in e-commerce and online purchasing both actual and predicted, shows that Britain has the potential to become a centre for Internet innovation," she added.