Europe’s e-commerce sales rose by 11 percent hitting €534bn last year, and experts say the market may grow even faster this 2018.
Well, we know that new-age financial firms have been working to offer the cheapest merchant account uk to retailers, and buyers across Europe are adopting online shopping more and more. But what figures are there to prove there’s growth?
According to European B2C E-commerce Report 2018, online sales in Europe grew significantly (11%) in 2017 and analysts are optimistic European e-commerce may expand further this year.
The study predicts a 13 percent growth (which amounts to €602bn) in Europe’s 2018’s e-commerce, pinpointing that if the 2018 figures come true, it would represent almost double what UK’s e-commerce marketplace made in 2013 (€307bn).
The UK still the largest Market
Western Europe is so far the most active zone in European’s eCommerce market. It accounts for an entire 68 percent of total European online retail revenue; and at the top of the leaders, remains the UK. Spending €178bn each year, the United Kingdom remains the largest market far ahead of the two near counterparts France (€93.2bn) and Germany (€93bn).
More interesting data from the report show that in the UK, online revenue turnover made up 7 percent of GDP. And why not, if a whole 78 percent of buyers are comfortable purchasing items online? The report also said a third of e-commerce transactions in the UK went through Amazon.
At second place was Southern Europe which made up 12 percent of Europe’s per year online retail revenue, followed by Northern Europe which accounted for 8 percent. And at last-place was Eastern Europe (making up for 6 percent). However, these areas have recorded the fastest growth rates. For example, Romanian online sale increased by 37 percent last year.
- Around 85 percent of shoppers across Europe have access to the internet; Northern Europe leads with almost 95 percent.
- The most frequent online shoppers are those aged 25 to 54 years old.
- 38 percent of shoppers (over a third) purchased across borders; almost 20 percent bought from another EU nation, and 15 percent from a web-based retailer not part of the EU.
- The main barriers to web-based shopping were; slow delivery and, technical hitches.
According to Christian Verschueren, Head of EuroCommerce, these figures indicate how fast-growing online sales are and how swift they are in responding to the changing consumer shopping behaviors. Christian also said that slower markets could perform better in the more attention was paid to building the communications and logistical network which e-commerce needs to thrive.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners get the cheapest merchant account uk.