Ecommerce in Ireland to be worth €2.2 billion in 2019
Ecommerce in Ireland is expected to be worth 2.2 billion euros at the end of 2019. The country’s online retail industry is set to increase by 12.9 percent this year, thanks to product differentiation, a growth in the mobile market and online retailers investing in their websites.
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If the predicted revenue mark of 2.2 billion euros will be met this year, it would mean that the ecommerce industry in Ireland has more than doubled since 2010, when online retail sales totaled 1.05 billion euros.
‘Irish ecommerce will be worth 3.8 billion euros in 2024’
The prediction comes from a new report by IbisWorld. This research company also forecasts that the Irish ecommerce industry will grow at a compound annual growth rate of 11.2 percent over the next five years. This would mean ecommerce in Ireland will be worth 3.8 billion euros in 2024.
Mobile helps ecommerce industry grow further
“Growth in the mobile market and product differentiation are expected to support growth over much of the period. The increasing adoption of online shopping into consumers’ habits will further aid the industry”, the report says according to The Irish Times.
More secure payment methods and user-friendly websites
The authors say other key factors that influence the growth of ecommerce in Ireland are payment methods becoming more convenience and secure, and online retailers investing in making their websites more appealing and user-friendly.
Clothing and footwear are the most popular product category in Irish ecommerce. This product segment is even expected to account for approximately 39 percent of the industry’s revenue this year. Consumer electronics are another very popular product category online. This accounts for 33 percent of market share.
Amazon and eBay are the biggest ecommerce players in Ireland
When we look at which ecommerce companies have the biggest market share, it seems that Amazon is the only with a share of over 5 percent (IbisWorld predicts the US ecommerce giant has about 5.6 percent of the local market). The number two on this list is eBay, with a predicted market share of 3.6 percent.