The COVID-19-led boom in online sales has caused an impressive growth of the European eCommerce market, both in terms of revenue and the number of users. As millions of people continue switching from brick-and-mortar shops to webshops, Europe’s eCommerce revenue is set to reach a new record.
According to data presented by Finaria.it, the revenue of the European eCommerce market is expected to hit US$465bn this year, 30% more than before the pandemic struck.
Even before the pandemic, the European eCommerce market has witnessed impressive growth. In 2018, revenues grew by US$24.8bn YoY and hit US$320.6bn, revealed the Statista survey. By the end of the following year, this figure jumped by another US$33.6bn reaching US$354.1bn.
However, 2020 saw the biggest revenue growth so far, as millions of consumers turned to online shopping amid the COVID-19 lockdown. Statistics show that European eCommerce revenues hit US$425.2bn last year, an US$71bn increase YoY.
The strong upward trend is expected to continue in 2021, with the entire market growing by another 9.5% YoY. By 2025, Europe’s eCommerce segment is forecast to reach almost US$570bn value.
As the market’s largest segment, fashion is forecast to hit a market volume of US$143.5bn in 2021, or 32% more than before the pandemic. By 2025, this figure is expected to hit US$176.5bn.
The electronics and media segment is expected to generate US$103.5bn in revenue this year, up from US$95.5bn in 2019. Furniture and appliances and food and personal care follow with US$68bn and US$63.6bn, respectively.
The Statista survey also revealed the average revenue per user is expected to hit US$918 this year, up from US$777.4 in 2019. In the next four years, this figure is set to reach almost US$1,000.
More than half a billion Europeans to shop online this year
In 2017, almost 395 million Europeans were shopping online. In the next twelve months, the number of eCommerce users rose to 424.5 million.
Statistics show that 2019 witnessed the most impressive year-over-year growth, with the number of online shoppers in Europe rising by 31 million YoY and reaching 455.5 million.
The strong upward trend continued in 2020, with the number of eCommerce users growing by another 25 million. Statistics show the number of Europeans shopping online is set to reach 506 million this year, with a user penetration of almost 60%. By 2025, this figure is forecast to hit nearly 570 million.
As the largest European eCommerce market, the United Kingdom is expected to generate close to US$104bn in revenue in 2021, a 7% increase in a year.
Germany, the second-largest eCommerce market in Europe, is set to reach US$95bn value this year, up from US$87.6bn in 2020. France and Spain follow with US$58.9bn and US$23.8bn in eCommerce revenues, respectively.