Leading research firm yStats.com has released a new report titled “Europe B2C E-Commerce Market 2023,” providing comprehensive insights into the B2C E-Commerce landscape. The report focuses on global trends, developments, and projections within Europe, shedding light on the dynamic evolution of the digital retail sector.
Online payments continue to dominate B2C E-Commerce transactions globally
As digitalization continues to reshape industries, a range of advanced technologies including augmented reality, AI-driven recommendation engines, drones, and AI robots are significantly impacting the B2C E-Commerce experience. Notable trends also encompass AI-generated content marketing, ethical and sustainable considerations, as well as the integration of AR and VR to create personalized shopping experiences. Additionally, the trend of social commerce, originating from China, has gained momentum in Western markets, providing a seamless shopping experience that benefits consumers and brands, albeit with concerns arising over its growth pace and regulatory alignment.
In the realm of popular payment methods for global B2C E-Commerce transactions, online payment methods maintain their dominance, with projections suggesting that this segment’s value will surpass EUR 7 trillion by 2026. Moreover, as of 2023, online payment methods constitute a substantial 95% of total payments within the global B2C E-Commerce landscape.
Western Europe is poised to witness substantial growth in retail E-Commerce sales
Anticipated to surpass the EUR 700 billion milestone by 2026, Western Europe’s retail E-Commerce sales are projected to account for over 16% of total retail sales. Moreover, approximately three-quarters of Europe’s Internet users participated in online shopping activities during 2022. Notably, Norway stood as the frontrunner, with 92% of respondents having engaged in online shopping within the preceding 12 months. Online shopping preferences exhibited a correlation with age and education, with the 25-34 age group leading the trend. Education level also played a role, as 88% of individuals with a higher formal education actively participated in online shopping, compared to 56% among those with low or no formal education.
In terms of product categories, ‘Clothes (including shoes and accessories)’ emerged as the most sought-after, followed by ‘Deliveries from restaurants, fast food, and catering services’, and ‘Cosmetic, beauty, and wellness products’ in the year 2022.
