Insights: The Latest Summary Reports of The European E-commerce Market
Create Date: 2019-07-25 08:22:47
European e-commerce is the voice of the European digital commerce sector. With 19 national e-commerce associations, more than 75,000 companies are represented selling goods and services online to consumers in Europe. Recently, the E-commerce Foundation has released a new report on the European e-commerce market, which has some useful insights for European dropshippers to grow further.
I: Progress: Key Figures Summarized
Amazon distanced itself from its top European competitors, registering 21.2% online growth in the region, where it operates e-commerce sites in six countries. As a matter of fact, Amazon was the most-visited online marketplace in Europe in 2018. Of course, major American retailers have their influence on local e-commerce industries in Europe. Amazon is the only company on this list that’s originally from outside Europe. Veraart Research says: “Growth will slow down in the coming years, but the company is expected to double up its turnover value in 3 to 4 years, and eventually surpass Schwarz-Gruppe as the biggest retailer in Europe by 2021.”
UK: New Look
Cards account for the largest share of business-to-consumer e-commerce transactions in Europe, as research from yStats.com shows. Digital wallets are second best. In the UK, credit cards are very popular. About four in ten online transactions are paid this way, debit cards account for 35 percent of all online transactions, while PayPal is the country’s third most used online payment method. Germans like to pay with invoice, while French consumers use debit card Carte-Blue, MasterCard, American Express and PayPal. In the Benelux, iDeal (the Netherlands) and Bancontact (Belgium) are very popular.
IV: Obstacles: Turning Point
However, despite the progress resulting from good cooperation between EU policymakers and industry in building a harmonized digital single market, European businesses still face obstacles to growth, particularly beyond their national borders. One of the biggest challenges for online merchants remains the lack of a level playing field both in the EU and globally, as players based outside Europe are able to exert significant pressure on the European market. In this context, European companies need every support from policymakers and regulators to grow in an increasingly competitive global market.
The e-commerce sector is at a turning point. If the European Union wants its businesses to play their full role in a globalized world increasingly characterized by fierce competition from non-EU businesses, it must create a harmonized market and a favorable environment in which European e-commerce businesses can thrive. The quickest solution is more investment in new technologies and digital education to enable e-commerce companies to shape Europe’s digital future.
V: Latest E-commerce News in Europe
July 23, 2019 -- Etsy, the global marketplace for handmade and vintage items, has acquired Reverb. This is a six-year-old company that enables people to buy and sell new, used, and vintage music gear. The deal is for about 246 million euros in cash.