The COVID-19-led boom in online sales has caused an impressive growth of the European e-commerce market, both in terms of revenue and the number of users. As millions of people continue switching from brick-and-mortar shops to webshops, Europe’s e-commerce revenue is set to reach a new record.
Fashion, Electronics, and Media to Generate Half the Revenues in 2021
Even before the pandemic, the European e-commerce market has witnessed impressive growth. In 2018, revenues grew by $24.8bn YoY and hit $320.6bn, revealed the Statista survey. By the end of the following year, this figure jumped by another $33.6bn reaching $354.1bn.
However, 2020 saw the biggest revenue growth so far, as millions of consumers turned to online shopping amid the COVID-19 lockdown. Statistics show that European e-commerce revenues hit $425.2bn last year, an $71bn increase YoY.
The strong upward trend is expected to continue in 2021, with the entire market growing by another 9.5% YoY. By 2025, Europe’s e-commerce segment is forecast to reach almost $570bn value.
As the market’s largest segment, fashion is forecast to hit a market volume of $143.5bn in 2021, or 32% more than before the pandemic. By 2025, this figure is expected to hit $176.5bn.
The electronics and media segment is expected to generate $103.5bn in revenue this year, up from $95.5bn in 2019. Furniture and appliances and food and personal care follow with $68bn and $63.6bn, respectively.
The Statista survey also revealed the average revenue per user is expected to hit $918 this year, up from $777.4 in 2019. In the next four years, this figure is set to reach almost $1,000.
More than Half a Billion Europeans to Shop Online This Year
In 2017, almost 395 million Europeans were shopping online. In the next twelve months, the number of e-commerce users rose to 424.5 million.
Statistics show that 2019 witnessed the most impressive year-over-year growth, with the number of online shoppers in Europe rising by 31 million YoY and reaching 455.5 million.
The strong upward trend continued in 2020, with the number of e-commerce users growing by another 25 million. Statistics show the number of Europeans shopping online is set to reach 506 million this year, with a user penetration of almost 60%. By 2025, this figure is forecast to hit nearly 570 million.
As the largest European e-commerce market, the United Kingdom is expected to generate close to $104bn in revenue in 2021, a 7% increase in a year.
Germany, the second-largest e-commerce market in Europe, is set to reach $95bn value this year, up from $87.6bn in 2020. France and Spain follow with $58.9bn and $23.8bn in e-commerce revenues, respectively.