Over 500 million ecommerce users in Europe in 2021
Ecommerce in Europe is set to cross a major milestone in 2021, as the number of ecommerce users will probably pass 500 million. The penetration rate is also projected to reach almost 60 percent.
Ecommerce in Europe is becoming more and more popular across the continent and the rest of the world. Data presented by TradingPlatforms shows that there were 480.9 million digital commerce users in Europe last year. And this number is predicted to grow to 506.9 million euros by the end of this year.
Digital commerce in Europe defined
TradingPlatforms defines digital commerce as all consumer transactions that are made via the internet and directly relate to online shopping for products and services. “Payments can be made through debit cards or credit cards but also through online payment service providers such as PayPal. Transactions between private individuals and between businesses are notably excluded from calculations.”
The penetration rate of ecommerce users in Europe is expected to reach 59.7 percent.
This year, ecommerce in Europe is projected to surpass the 500 million mark for the first team and even reach almost 507 million euros. At the same time, the penetration rate is expected to reach 59.7 percent. This rate breached the 50 percent mark three years ago and is now expected to reach 67.1 percent by 2025.
This year higher transaction value than in 2019
According to TradingPlatforms, the total transaction value of all digital commerce activity in Europe experienced a contraction of 12.18 percent last year and recorded a total value of about 573 billion euros. This year, the online retail industry is expected to bounce back by growing 22.15 percent year-on-year, reaching almost 700 billion euros, which would be higher than the total transaction value in 2019.
“Technological advancements in the past couple of decades have given digital commerce a much bigger influence than ever before”, editor Rex Pascual comments. “Its importance was further highlighted during the lockdowns of 2020 when it allowed companies, big and small, to survive despite the hardships imposed by the pandemic. The strength of the segment and its still bright future is clear to see with projections for 2021 already showing a promising rebound.”