European Ecommerce Hits Record High
The current boom in online sales, driven in large part by the COVID-19 pandemic, has seen Europe's ecommerce market grow dramatically in terms of revenue and user numbers. If the upward trend for switching from brick-and-mortar stores to online purchasing continues, as seems extremely likely, ecommerce revenue in Europe is set to reach an all-time record high this year.
Data from Statista shows that European ecommerce revenues grew by £18bn year on year to reach a total of £230.9bn. By the end of 2019, the total revenue figure stood at £255.4bn. In 2020, the growth in revenue was the sharpest as COVID-19 lockdowns began around the world: the total revenue figure for that yea was almost £307bn, representing an increase of over $51bn year on year.
This continuing upward trend is predicted to continue as 2021 progresses, with the market growing by at least 9.5% year on year . As Europe's largest ecommerce market, the UK is forecast to generate more than £75bn in 2021, an increase of over 7% in just one year. The ecommerce sector in Europe is expected to hit over £411bn by 2025.
The growth in users of online shopping services has also been extensive. Statista revealed that the number of European online shoppers had risen from around 395m in 2017 to 480.5m by the end of 2020. The figure is predicted to hit around 506 million Europeans by the end of 2021, with a user penetration approaching 60%. By 2025, the figure is expected to be close to 570m.
Average revenues per user have similarly increased. In 2019, this figure was £560.59 and is expected to rise sharply to £662.31 by the end of this year. Within the next four years, the figure is predicted to be over £720.
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