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DUBLIN, Sept. 30, 2022 /PRNewswire/ — The “United Kingdom B2C Ecommerce Market Opportunities Databook – 100+ KPIs on Ecommerce Verticals (Shopping, Travel, Food Service, Media & Entertainment, Technology), Market Share by Key Players, Sales Channel Analysis, Payment Instrument, Consumer Demographics – Q2 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
United Kingdom B2C Ecommerce market is expected to grow by 12.24% on annual basis to reach US$285.5 billion in 2022.
The medium to the long-term growth story of the B2C Ecommerce industry in United Kingdom promises to be attractive. The B2C Ecommerce is expected to grow steadily over the forecast period, recording a CAGR of 9.83% during 2022-2026. The country’s B2C Ecommerce Gross Merchandise Value will increase from US$254.4 billion in 2021 to reach US$415.4 billion by 2026.
The e-commerce industry has gained rapid momentum in the United Kingdom as consumers transfer their spending to online channels. Across Europethe United Kingdom The e-commerce market is one of the more advanced and presents new players with an opportunity to test out new businesses and approaches to internet retailing. With double-digit growth over the last three to four years, the e-commerce market in the United Kingdom has significantly contributed to the global growth rate.
Over the next few years, the industry is expected to continue its upward growth trajectory. In 2021, e-commerce transactions accounted for more than one-quarter of all retail sales in the United Kingdom. With the market expected to record further growth, e-commerce transactions will reach nearly one-third of all retail sales by 2024. Amid the growing adoption of digital wallets, alternative payment methods such as buy now, pay later have also gained momentum in the country.
With BNPL becoming one of the fastest-growing online payment methods in the United Kingdome-commerce players cannot ignore the fact that BNPL and digital wallets are growing in prominence among consumers in the country. As more consumers see the benefits offered by innovative payment methods, such as BNPL, e-commerce players have to find innovative ways to create technology-centric strategies to meet their customers’ growing and diversified needs.
Online fashion retailers are increasing their marketing spending to drive growth
Over the next three to four years, the online shopping trends are expected to see further uptrend among consumers. While this offers a growth opportunity for online retailers, there is increasing competition in the industry for market share. Consequently, firms are increasing their marketing spending to gain more market share in the United Kingdom.
- In May 2022Boohoo, one of the leading online fashion retailers in the country, announced that the firm is targeting growth in H2 2022 after increasing its marketing spending, which will help the online retailer to build its newly acquired brands. Notably, the firm has increased its marketing budget by £22 million. Along with the United Kingdomthe firm also has a presence in the United States.
- Notably, the United Kingdom is the largest Boohoo market, accounting for 61% of its revenue. In both the…
Full story available on Benzinga.com
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