Europe 's e-commerce industry is expanding at its quickest rate ever. The article provides Europe's top ecommerce sites, as well as general information regarding the Europe government's policy on internet business activity reporting, as well as an ecommerce growth in europe and low-cost online payment solution for EU online enterprises, particularly SMEs and startups.
Ecommerce growth in europe
1. Leading E-commerce growth european markets
According to the E-commerce Germany News, it's time to look at some statistics and numbers about the major European ecommerce platforms.
The ecommerce market in Europe is approximately $363 billion, with an annual growth rate of 7.3 percent predicted. According to experts, the European market volume will be valued at $481 billion by 2022. This is a lot when you consider that Europe is made up of 50 distinct countries, more than 200 languages spoken, and 28 different currencies.
Obviously, the majority of the activity takes place in just three European countries: the United Kingdom, Germany, and France, but we have included europe ecommerce market that are leading or developing in other parts of Europe on our list.
The coverage level of European digital commerce
Here's some brand names and europe ecommerce market that are involved in e-commerce platforms in Europe:
- Allegro - Poland
- Asos - UK, Europe, USA and Australia
- Cdiscount - Belgium, Germany, Italy and Spain
- Emag - Romania
Recommendations of ecommerce Europe
2.1. Business to Business (B2B)
Business to Business (B2B) dominated the e-commerce growth industry in terms of revenue in 2019, with a share of 63.1 percent, and is predicted to grow at the quickest rate from 2020 to 2027. This can be due to businesses' increasing preference for online selling and purchase of goods and services. Furthermore, the B2B e-commerce segment is expected to be driven by increased smartphone adoption and internet usage over the projection period.
The purchasing and selling of goods and services between businesses is referred to as business to business e-commerce. Furthermore, B2B e-commerce platforms provide businesses with new ways to buy and sell products, lowering both operational and inventory expenses. Over the projection period, this is expected to help the segment grow. In the B2B europe ecommerce market, the rise of specialized or vertical marketplaces is creating new opportunities. Vertical markets provide a diverse selection of products within a particular category. Similarly, specialist marketplaces offer value-added services such as volume discounts and a variety of payment choices.
The trend of businesses selling and purchasing goods and services through a B2B e-commerce growth platform can be seen all over the world. Businesses that prefer B2B e-commerce growth platforms conduct business using either the marketplace model or the direct model. Corporations offer their products on a shared platform alongside their competitors in the marketplace model, whereas companies set up their own private B2B platforms and sell directly to buyers in the direct model.
Europe e commerce statistics: Global Ecommerce Market Share
Source: https://www.grandviewresearch.com/industry-analysis/e-commerce-market
2.2. The Model Type Insight
According to statistics, with 64 percent of total European ecommerce turnover in 2020, Western Europe will have the biggest share of total European ecommerce turnover. Southern Europe accounts for 16% of overall turnover. Eastern Europe outperformed Western Europe in terms of growth in 2020, with a rate of 46%, while Western Europe's rate remained mild at 4%. Central and Southern Europe grew at almost the same rates, at 28 and 24 percent, respectively.
The e-commerce business is becoming more efficient and accessible as technology becomes more widely accepted. The rise of the middle class and the widespread use of social media are also fueling demand for online purchases of various goods and services, boosting the expansion of the Business to Consumer (B2C) market.
The way individuals sell and buy goods and services has changed dramatically thanks to the internet. Customers' purchasing experiences are altering as a result of e-commerce or internet retail. Banks and other e-commerce businesses are providing a safe and secure online platform for customers to pay with a payment gateway. In order to enable sellers and customers to trade online, market players are focusing on making unique improvements to their business structures. The market's top retailers are attempting to supplement their traditional selling with internet commerce by partnering with other significant e-commerce companies.
Some insights of ecommerce growth Europe.
3. Digital shopping behavior in Europe
It has become obvious over the last decade, particularly since the coronavirus (COVID-19) epidemic, that e-commerce is gradually becoming a pillar in the European economy. Business-to-consumer (B2C) e-commerce, for example, has accounted for over 5% of GDP (Gross Domestic Product) in numerous Western European countries in recent years. According to the Statista Report , in the last 11 years, the average share of e-commerce as a percentage of total turnover of EU enterprises has increased by approximately 10%. In other words, internet retail and, by extension, consumer online shopping have become increasingly prevalent in Europe, and both are growing year after year.
3.1. Digital shopping habits among Europeans
Although internet purchasing for goods and services was common throughout Europe, it was more prevalent in specific regions. In 2020, approximately four out of every five Western and Northern Europeans had shopped online. In Eastern Europe, just around a third of consumers used the internet to make purchases. While it is predictable that the majority of Europeans purchase offline on a weekly basis, a startling 40% of surveyed customers in Germany shop online on a weekly basis.
Europe e commerce statistics: the Share of e-commerce as a proportion of total turnover of enterprises in the European Union from 2009 to 2020.
Source: https://ecommercegermany.com/blog/12-leading-marketplaces-europe
Before determining whether or not to buy an item they want online, most European shoppers have a few requirements. When asked what was most essential to them, customers in a number of countries, including France and Spain, typically answered fast and/or reliable shipping, a good returns policy, and in-stock availability of the product(s) in issue.
3.2. E-commerce use during COVID-19
The pandemic has wreaked havoc on the retail industry. The number of internet retailers increased dramatically as a result of EU shutdown restrictions, and the economic pain of having to close physical stores was partially offset by the ecommerce growth europe.
The coronavirus outbreak had a huge impact on retail and online shopping behavior on a global scale, as was to be expected. Since the epidemic began, a substantial number of European customers have indicated they have been purchasing more digitally, notably in countries like Spain, Belgium, and Italy. Some people have begun to use internet shops as their principal purchasing route for specific things, such as electrical appliances and fashion, since the crisis.
E-commerce growth in europe use during COVID-19
4. Factors that will drive e-commerce growth europe.
4.1. Localisation of Internet content
Online retailers perceive this emerging sector as a new growth driver, as incremental increase in mobile subscribers comes mostly from people who are comfortable speaking languages other than English.
4.2. Growth of mobile commerce
The adoption of cutting-edge mobile technologies is helping to propel e-commerce forward. Mobile shopping grew in popularity as a result of the desire for convenience when purchasing on the go.
More clients are turning to online mobile shopping as mobile internet usage rises in tandem with rising disposable income. Customers are also becoming sharper and more aware about their wants and potential solutions than ever before, and they are entrusting their money to online retail networks.
4.3. Growing usage of debit cards for cashless transaction
Payments are made or received without the use of hard cash in cashless transactions. Payments made through credit/debit cards, checks, DD (demand draft) , NEFT (national electronic funds transfer) , RTGS (real-time gross settlement) , or any other type of online payment that eliminates the need for cash fall under this category.
Customers will be able to select their preferred mode of payment if you provide a range of payment options, which will result in speedier payment. Adding online payments to your list of options allows your clients to pay in the way that is most convenient for them. Digital payment modes can assist both business owners and consumers in a variety of ways.
4.4. Growing investment in logistics and warehouses
Logistics is critical for creating visibility in the e-commerce supply chain, as well as determining customer satisfaction, efficiency, and service delivery. Regrettably, logistics are both difficult and time-consuming. It also necessitates a high level of skill as well as a complicated network of multiple small units.
A lot of e-commerce companies are focusing on e-commerce shipments and have developed technologies to support the industry. The businesses provide storage maintenance, storage, and delivery services, minimizing the need for warehouses and transportation. They also lessen the chance of products being damaged while in transportation.
Ecommerce growth europe
4.5. The payment trends in E-commerce Europe. The e-commerce trends in Europe.
4.5.1. Overview
As businesses and consumers shift funds from cash and checks to digital payment systems, the power dynamics in the payments sector are shifting. In-store retail is dominated by cards, but mobile wallets like Apple Pay are rapidly gaining traction and paving the way for the future of payments.
At the same time, as smartphones attract a growing share of internet shopping, ecommerce will eat into brick-and-mortar retail. As they become more enticing and helpful than ever, digital peer-to-peer (P2P) programs are displacing cash in the daily lives of users across generations.
4.5.2. Payment Trends
E-commerce will cut into brick-and-mortar retail as smartphones attract a rising share of internet shopping. It has summed together some of the facts about payment trends from previous years and anticipated future trends based on the data received from Insider Intelligence.
In-store payment methods
In-store payment methods fell by 3% in 2020, although they still account for the majority of purchases. As cash and check usage declines, debit and credit cards continue to lead the market. In the next few years, rising contactless penetration is expected to propel mobile payments into the spotlight for the first time.
Ecommerce growth
Ecommerce's rapid growth will continue to eat into in-store payments' percentage of total retail sales. Thanks to increased spending on smartphones in particular, online retail sales soared to $794.50 billion in 2020, accounting for a record-breaking 14.4% of total US retail. Ecommerce sales are predicted to increase this year, accounting for 21.0 percent of total retail sales.
Digital payments
Payments digitization isn't only limited to retail, with real-time mobile P2P payments, digital remittances, and digital business payments all growing in popularity as the ecosystem evolves. According to Insider Intelligence, mobile proximity payment volume increased to $131.36 billion in 2020, as major wallets recruited subscribers at a record rate.
Credit cards
Payments made via credit card will grow from $1.75 trillion in 2019 to $1.82 trillion in 2024, marking a 0.79% CAGR. High credit appetite and robust rewards programs—which are set to expand as issuers aim to keep their payments solutions top-of-wallet—will entice spending and help the segment tick up, though growth will be slower than inflation.
Cryptocurrency, or the future of payments
Coins and paper money are no longer in use. In the future world, money will be made up entirely of digital letters and numbers, or 'cryptocurrency.' There will be no more banks in the near future.
In the projection period, 2021-2028, the global cryptocurrency market is expected to increase at a CAGR of 11.1 percent, from $910.3 million in 2021 to $1,902.5 million in 2028.
Several fintech companies, as well as traditional banking institutions, are attempting to simplify the process of buying, holding, and selling decentralized cryptocurrency. Square enabled users of their famous Cash App to buy and trade Bitcoin in June 2018. The Bitcoin would have to be sold within the app or moved to another wallet before it could be used to make purchases from Square merchants.
5. What does PayCEC offer for Europe ecommerce websites
PayCEC is a worldwide payment provider that helps SMEs and startups not only set up ecommerce sites in Europe with full payment processing capabilities, but also expand their online businesses globally.
5.1. Free integration
You don't need to be an IT expert to complete these complex setup processes. The PayCEC development team has provided you with a FREE open source API that is simple to use. If you're still having trouble setting up your payment platform, the PayCEC IT staff can help.
5.2. Acceptable cost
PayCEC offers a variety of price packages to meet the needs of our customers. Depending on the payment method and your incorporating jurisdiction, you can choose from a variety of price levels. Learn more.
5.3. Security
With varied levels of encryption and data authentication, digital payment channels are made secure. To offer an extra degree of protection, most payment methods have enabled two-factor authentication (TFA). Furthermore, carrying a smartphone rather than wads of cash is always easier and safer.
Your European digital commerce platform.
Read more:
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- Best payment gateway UK
- UK ecommerce statistics 2021
- SEPA area countries list
- Learn About SEPA Payment Gateway and SEPA Payment Method
- What is difference between 2D and 3D payment gateway?
- 4 types of payment gateway - Advantages and disadvantages
About us
PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.
PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.
We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.
PayCEC Team
- [emailprotected]
- +44 2032 864370
- www.paycec.com
