The advanced e-commerce market in the UK
The UK is the world's fifth-largest economy by GDP and the most advanced e-commerce market in Europe.
“Ecommerce in the UK is expected to grow 11%”
By the end of the year, e-commerce in the UK is predicted to reach 222.5 billion euros. This is due to the fact that the UK is number one in Europe for the B2C eCommerce market, with 96% of the population using the Internet for online payments. Following highly developed financial services market available to its population, in the UK consumers are comfortable using bank cards, making it a great place to do eCommerce.
When looking at online purchases in the UK, there has been a significant increase in consumers preferring to use online rather than offline services. In 2019, 82% of UK households made online purchases within the preceding 12 months, making this the highest online purchase penetration rate in the country in the past 11 years. The main drives of such behavior can be explained from the preference of the UK population of better prices and choices offered online. Furthermore, according to a study on the payment patterns of online shoppers, PayPal was the most used method to make online payments, followed by debit/credit cards and digital wallets.
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