Ecommerce is one of the fastest-growing sectors in the world, and the UK has a booming market. In 2019, the ecommerce UK market was worth US$82,402 million, and it is expected to grow at a compound annual growth rate of 6% through 2023. The market has high penetration, with 82% of British people shopping online at least once in their lifetimes. Most of the revenue comes from fashion, with 34% of the total coming from online sales. The next largest sectors are the Toys, Hobby & DIY sector, followed by Electronics & Media, Furniture / Appliances, and Food & Personal Care.
How to Know E-commerce in the UK
The UK market is one of the most competitive in the world, and e-tailers should focus on making the return process as easy as possible. The returns experience is one of the most important parts of the shopping experience, especially for younger customers. This is because UK online shoppers can get discouraged if they are unhappy with their purchases. With the help of services such as ReturnYourParcel, retailers can avoid the negative returns experience.
When it comes to technology, the UK is a world leader. Ecommerce UK is known to be a mature market with advanced digital technologies. Although Brexit will affect the country’s ecommerce market, it will likely remain stable and robust in the long run. However, the uncertainty surrounding Brexit will affect the power of the UK’s ecommerce market. In the meantime, it is worth considering if ecommerce is a good idea for your business.