Ecommerce in Europe Grew to $624 Billion
eCommerce in Europe goes on experiencing double-digit gains. Are you an eCommerce merchant looking for a reliable and affordable high-risk merchant account UK? How can you obtain one easily? What about the eCommerce in Europe? Just read this article and you’ll know more.
eCommerce in Europe
eCommerce in Europe grew 11% in 2017 to account for $624 billion or 534 billion euros. It’s anticipated to have 13% growth in 2018, based on a report from Ecommerce Europe.By the way, cards represent the largest share of business-to-consumer (B2C) eCommerce transactions in Europe. This is according to yStats.com. Nexthigh come digital wallets.
The United Kingdom (UK) accounts for $208 billion, France$109 billion, and Germany $108.7 billion. These countries are still the biggest European eCommerce markets, which represent over 66% of the total.
Here are several interesting statistics related to Europe:
- Revenue in the eCommerce market reaches US$346.250m this year
- Revenue is forecast to have an annual growth rate (CAGR 2018-2022) of 7.5%, which will result in a market volume of US$462.299m by 2022
- Fashion is the largest segment of the market, representing a market volume of US$102.105m this year
- User penetration is 58.2% this year and is anticipated to reach 61.1% by 2022
- The average revenue per user (ARPU) is currently US$881.06
When it comes to online marketplaces, the picture is the following:
- Amazon is the most popular online marketplace in Europe, as a report shows. 25% of all the participants in the survey state they made their last cross-border purchase om Amazon.
- Alibaba’s Ali Express, featuring 14%, comes next.
- eBay and Wish, with 8% each, follow the latter.
European eCommerce: High-Risk Merchant Account UK
Overall, 38% of shoppers choosing eCommerce in Europe ordered from abroad in 2017. Half of them ordered goods or services over the internet from sellers from other EU countries.
What about your online business? Do you need a respectable payment processor to apply for a high-risk merchant account UK? Well, work with a reputable merchant account comparison company in the country to get the best deal for your business.
Make sure to turn to a payment expert that offers free consultation and review of contracts, as well as rates, and fees. Be aware that a true professional in the field will always check each and everyprovider’s integration process. This way, you can be sure to avoid extra payments caused by misleading terminology, hidden costs, and deceptive sales tactics.
Also, make sure the comparison company provides the most honest snapshot of the company at the time of writing.
- Most of the European eCommerce continues to be driven from the Western part
- The UK is still the biggest market, where €178bn is spent each and everyyear
- Next come France, featuring €93.2bn, and Germany (€93bn)
- In the UK, eCommerce turnover made up 7% of GDP
- 78% of shoppers feel comfortable making purchases over the internet
- 5%of UK eCommerce transactions went through Amazon
To enjoy unmatched merchant services for your eCommerce business, work only with a reputable processor in the country.
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, including a high-risk merchant account UK, has helped thousands of business owners save money and time.