yStats.com, a leading desk research firm specialised in E-Commerce & Payments market intelligence, has published a new report, entitled “Europe B2C E-Commerce and Online Payment Market 2019”. The report reveals the key figures for the online retail market in Europe, as well as the payment method preferences of online shoppers across 20 countries of this region.
Europe ranks third in worldwide B2C E-Commerce
The third largest B2C E-Commerce market worldwide, Europe accounts for close to one-fifth of global online retail sales in 2019. Western Europe contributes the lion’s share to Europe’s digital commerce turnover, while Eastern Europe demonstrates a more rapid growth rate. The key market trends driving further growth of B2C E-Commerce sales are mobile and cross-border online shopping, along with social and omnichannel commerce, the yStats.com report reveals.
Clothing is the top product choice of European online shoppers
The leading product purchased by European consumers online is clothing. This category occupied the top position by share of online shoppers in nearly all countries covered in the yStats.com report. Online fashion retailers such as Zalando benefit from this trend, while the top ranks by overall E-Commerce sales are held by mass merchants and marketplaces, including Amazon and selected local players. A fast growing product category is groceries, up at a double-digit rate in 2018 in Germany, Italy and other markets.
Top payment methods preferred by online shoppers in Europe
On the regional level, the top payment methods preferred by online shoppers in Europe are cards and PayPal, according to recent surveys cited by yStats.com. However, the ranking of leading payment means differs from country to country. For example, in Germany, invoice outranks both cards and PayPal by share of online sales. Local banking method iDEAL is the top choice of shoppers in the Netherlands, while in selected countries of Eastern Europe, cash on delivery is still the most preferred payment option for E-Commerce. Overall, the online payments landscape in Europe is evolving, spurred by new payment regulations in the EU, the growing adoption of mobile wallets, and payment innovation trends.