E-commerce in Europe: top & fastest-growing markets

The Czech Republic is the fastest-growing e-commerce market in Europe

E-commerce in Europe: top & fastest-growing markets. Source: shutterstock.com

According to Ecommerce News, most growth of a European country’s e-commerce market can be expected in the Czech Republic, where it’s predicted the online retail industry will grow 16% between now and 2021. That’s more than in other European markets.

E-commerce in Europe is still growing strong, although it’s developing less hard in more mature markets, such as the United Kingdom, France, and Germany. But research from J.P. Morgan shows that in 10 countries across Europe double-digit growth is expected between now and 2021. The Czech Republic is expected to grow 16%, while Italy (14%) and Spain (13.5%) are other fast-growing ecommerce markets.

The compound annual growth rate of e-commerce in Europe

Country Ecommerce market size Ecommerce CAGR (2017-2021)
UK €178.5 billion 9%
France €81.7 billion 10.5%
Germany €73 billion 7.3%
Spain €30.4 billion 13.5%
The Netherlands €22.5 billion 11%
Italy €21.2 billion 14%
Denmark €15.4 billion 10.5%
Sweden €12 billion 9%
Norway €10.9 billion 13%
Switzerland €10.1 billion 7.5%
Belgium €10.1 billion 8.5%
Poland €9.9 billion 10%
Austria €9.2 billion 8%
Finland €8.5 billion 11%
Ireland €7 billion 8.6%
Czech Republic €4.4 billion 16%
Portugal €4.3 billion 12%
Luxembourg €0.7 billion 8%

According to J.P. Morgan, it’s mobile commerce that is the main driver of growth in Europe. In the United Kingdom and the Czech Republic, for example, mobile devices are currently the most preferred device for shopping online. And in Ireland, Norway, and Sweden the smartphone as shopping device is also very popular among consumers.

Country Total e-commerce as a percentage completed on a mobile device
Czech Republic

54%

United Kingdom

51%

Ireland

42%

Sweden

41%

Norway

39%

Spain

38%

Italy

33%

Denmark

32%

Finland

31%

Germany

27%

Switzerland

27%

France

21%

The Netherlands

20%

Luxembourg

19%

Belgium

15%

Poland

11%

Portugal

10%

Austria

8%

The research shows that cards are still the most used payment method in Europe (in 11 out of 18 countries cards were the number one payment method), but other methods such as digital wallets are growing fast. Card payments are especially popular in Denmark (accounting for 63.4% of e-commerce payments), Ireland (60%) and the United Kingdom (53%).

In countries such as Finland, Switzerland and the Netherlands bank transfers are a very popular payment method. Open invoicing, where consumers pay once the goods have been received, and direct debit payments account for 40% of online sales. And in Italy, almost a third of online purchases are done using digital wallets.

SEE ALSO: 10 largest e-commerce markets in the world

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