“Western Europe B2C E-Commerce & Online Payment Market 2019” is the title of a new publication by Germany-based desk research firm yStats.com. According to the report’s findings, online payments landscape in the EU-5 is evolving amidst the continued growth of digital retail sales.
B2C E-Commerce sales in Western Europe continue to rise
Western Europe is leading the Old Continent by online retail sales as of 2019. The region’s top 5, the UK, Germany, France, Spain and Italy, are seeing an increased share of overall retail sales generated online. In the UK, this share nears 20% in 2019, while in Germany it topped 10% in 2018, according to statistics cited in the yStats.com. Due to this level of maturity, B2C E-Commerce sales in the EU-5 are projected to increase at declining annual growth rates through 2022.
Top E-Commerce & payment trends in Western Europe
Major online shopping trends in Western Europe include the rapid growth of mobile and cross-border E-Commerce sales, along with the emergence of omnichannel services and innovative purchase channels, such as digital voice assistants. The payments landscape in E-Commerce is also evolving amidst the adoption of PSD2 and Strong Customer Authentication (SCA) requirements, along with changing consumer preferences, the yStats.com report reveals.
Online payment method preferences differ by country
Credit and debit cards still held the leading position in terms of E-Commerce payments share in Europe in 2018. However, there is a clear trend towards the rise of alternative payment methods, especially digital wallets. PayPal and similar solutions already occupy the top rank by online shoppers’ preference in some Western European markets including Italy and Spain. Mobile wallets such as Apple Pay and Google Pay have not yet gained much acceptance among Europe’s online shoppers, but their adoption is increasing.