EUROPE E-COMMERCE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 From 2022 to 2027, the European e-commerce industry is anticipated to grow at a CAGR of 13.84 percent. The European market will continue to see higher levels of e-commerce penetration. Online sales grew by 43% yearly in the UK market. There has been a considerable shift towards online outlets since the UK shutdown started, and sales in the nation have been maintained. Additionally, it has sped up digitalization of German retail at every level.

Due of its convenience, shipping, and affordable costs, Amazon saw an increase in the number of European customers during the lockdown. The six main Amazon sites in Europe have close to 300 million unique visitors each month. Every European market saw a rise in platform traffic in 2020, with visits to the site rising by 17% in the UK and 9% in Germany between March and August of that year. According to estimates, Amazon holds 30% of the UK and German e-commerce markets.

Online shopping is taking up more of their time in Europe. Due to this, the rates of e-commerce penetration are highest in Western (83%) and Northern Europe (79%), while more consumers are experimenting with online shopping in Eastern and Southern Europe, particularly in Spain and Italy.

Mobile commerce is the main engine of growth in Europe, according to J.P. Morgan. In the UK and the Czech Republic, mobile devices are currently the most popular choice for online shopping. Smartphone use as a shopping tool is also common in Sweden, Norway, and Ireland.

The majority of Europeans use the internet every day, with 71% doing so according to the most recent data on internet penetration in the EU. 

Major Players: Amazon.com, Inc., eBay Inc.

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