A new report from Finaria, an Italian provider of financial information, European eCommerce revenue is expected to reach $465B in 2021, a 30% increase from 2019.
A Growing Industry
eCommerce has been steadily growing as technology has advanced to make it easier than ever. But during the pandemic, it skyrocketed — why? The answer, of course, is because of the multiple countrywide lockdowns, which closed down in-person retail stores and made online stores the only option.
Now that the vaccines are rolling out and the pandemic is waning (at least, expected to wane), the big question is, will eCommerce keep up its momentum and continue to grow? While the rate of its growth might not be the same, growth is definitely expected in 2021. In fact, industry experts predict a 9.5% increase in 2021 compared to 2020.
There are two main reasons for this: first, many people are still scared to go to public places, and two, once people started shopping online in 2020, it will be hard to stop.
Why will it be hard to stop? Because shopping online is extremely convenient. It also allows you to purchase things from stores that aren’t close to you and get access to lots of sales and coupons that aren’t available in stores. You can do it easily from home or on-the-go, at any time or day or night. It’s easy to see why consumers who began shopping online during the pandemic won’t want to stop.
The Largest eCommerce Sectors
Fashion, media, and electronics are the largest sectors of online shopping, posting multi-billion dollar revenue that is only expected to grow. The online fashion industry is expected to reach $143.5 billion in 2021 and $176.5 billion by the end of 2025.
Media and electronics are expected to reach $103.5 billion in revenue at the end of the year, $8 million more than it generated in 2019.
European Market Leaders by Country
In 2017, nearly 395 million European online shoppers — by 2020, that number climbed to about 480 million. The number is expected to grow to 506 million by the end of this year and a staggering 570 million people by 2025.
The United Kingdom will shoulder the bulk of the industry as the market leader, and it’s expected to bring in $104 billion by the close of this year. Germany also has a substantial eCommerce market and is expected to close the year with $95 billion in revenue. France and Spain have smaller but significant market values and hope to reach $88 billion and $24 billion, respectively.
As for individuals, experts predict that the average revenue per consumer will reach $918 by the end of the year, a significant increase from 2019’s $777. Over the next 4 years, online spending per individual is expected to reach $1000.