Ant Financial, the Alibaba-owned fintech company, has acquired currency exchange and payments company WorldFirst. By taking over the UK company, Chinese internet giant Alibaba can take a major step into Europe.
The United Kingdom
UK fintech company SumUp, which enables small business to accept card payments via the SumUp device and online, has acquired Shoplo. This is a multi-channel ecommerce platform from Poland. With Shoplo, retailers can easily open their store online.
Consumers in the United Kingdom love to shop online at overseas ecommerce websites. As a matter of fact, UK shoppers buy a higher proportion of goods from foreign online stores than almost any other wealthy country. These are the biggest foreign ecommerce markets for UK shoppers.
Online furniture retailer Made has announced that its sales in the United Kingdom hit the 100 million pound mark for the first time last year. In its home country, sales grew 34 percent, while international figures went up by 40 percent. The company will expand to several countries across Europe this year.
Consumers in the United Kingdom spent the most money online on vehicle-related items. Holidays were also a favorite destination for shoppers looking to spend their money online. And it’s fashion and fast food takeaways that Britons regretted the most buying online in 2018.
Shoppers from the United Kingdom are planning to spend 25 billion pounds, or 28.3 billion euros, using their smartphones this year. That’s an increase of about 66 percent compared to the situation in 2018.
Things don’t look so swell for ecommerce in the United Kingdom. The online retail industry has suffered the worst November growth since 2011. Last month, sales increased with just 8.1 percent year-on-year.
Major UK retailer Asos has issued a profit warning, after it saw a “significant deterioration” in sales growth. After the online fashion retailer has shared this unscheduled trading update, shares dived by almost 40 percent when the market opened.
In the United Kingdom, 53 percent of consumers prefer to shop online using a brand’s app over its website. This is mostly because they experience complex processes for signing in and setting up accounts on the website. Still, 40 percent get frustrated when shopping or paying on a mobile.
Swedish furniture and hardware store Clas Ohlson is changing its business model. The retailer becomes online only in the United Kingdom and Germany and thus shuts down all its physical stores. Well, not all, as the store in Reading will remain open.
Pricing may be more important than ever before, but in the United Kingdom, many retailers underestimate the importance of price and simply don’t monitor prices at all. And when they do, they are spending too much time on this.
In the United Kingdom, commuters spend a lot while they are on the train. The value of on-train commuter commerce reached 2.9 billion euros last year and is predicted to grow by 75 percent to reach 5.2 billion euros by 2022.
Six logistics companies from the United Kingdom have combined to form a new logistics company, which is said to be the largest privately owned logistics company in the country. The newly created company is called EV Cargo.
AO World, a major UK online retailer specialized in electrical goods, is experimenting with delivering non-electrical products on behalf of third-party retailers. The company is focusing continuously on its third-party logistics business.
The ecommerce website of DIY retailer Homebase has finished last in an annual online shops survey. Many customers in the United Kingdom weren’t satisfied with their online shopping experience at Homebase.co.uk over the past six months.