Despite the news that the UK retail sector continues to struggle, European cross-border shopping figures show consumer confidence in purchasing goods and products internationally has grown.
Figures from PPRO and Edgar Dunn & Company show a 90% growth in 2018 in this year’s annual Payment Almanac. Within Europe, Hungary came out on top with 11% growth from 2017 to 2018, among local consumers shopping cross-border.
The country is closely followed by Denmark and Sweden which both boast a 9% growth year-on-year, while the UK continues to struggle to embrace cross-border shopping. However, Britain lags behind with just 6% growth. These findings reveal a number of unexpected markets rising to the fore more than ever before, demonstrating increasing willingness from consumers to shop further afield to get the goods they desire, driving e-commerce growth across Europe.
“The growth of consumers’ cross-border shopping across Europe shows that merchants and Payment Service Providers (PSPs) have placed a strong emphasis on personalizing the online shopping journey for each region,’’ says James Booth, VP of EMEA at PPRO. “While there are many aspects to this, it is crucial that local payment methods (LPMs) are provided at the payment page. This is a stage where many online merchants see the majority of their transactions abandoned, due to a poor mix of payment options that international consumers don’t recognize."